got a lift from elevator sales, as part of a broad-based jump in first-quarter revenue.
The Connecticut-based company had net income of $579 million, or $1.14 a share, vs. $502 million, or $1 a share, a year ago. Analysts expected the company to earn $1.12 a share,
Revenue jumped from $6.70 billion to $8.65 billion. The company had double-digit growth at its Otis elevators and Carrier air conditioning units, while seeing improvement in its aerospace business. Results were also helped by the acquisition of Chubb security.
The company also pegged its 2004 EPS outlook at $5.00 to $5.30 a share, which compares favorably with the consensus view of $5.22 a share, based on Thomson First Call data.
In terms of units, Otis sales rose to $2.11 billion from $1.82 billion a year ago. Carrier sales rose to $2.23 billion from $1.96 billion. Sales at its Pratt & Whitney engine group rose to $1.94 billion from $1.73 billion.