United Technologies (UTX) Q1 2012 Earnings Call April 24, 2012 8:00 am ET Executives Gregory J. Hayes - Chief Financial Officer and Senior Vice President Unknown Executive - Analysts Jeffrey T. Sprague - Vertical Research Partners Inc. Joseph Nadol - JP Morgan Chase & Co, Research Division Myles A. Walton - Deutsche Bank AG, Research Division Cai Von Rumohr - Cowen and Company, LLC, Research Division Carter Copeland - Barclays Capital, Research Division Shannon O'Callaghan - Nomura Securities Co. Ltd., Research Division David E. Strauss - UBS Investment Bank, Research Division Terry Darling - Goldman Sachs Group Inc., Research Division Howard A. Rubel - Jefferies & Company, Inc., Research Division Samuel J. Pearlstein - Wells Fargo Securities, LLC, Research Division George Shapiro Douglas S. Harned - Sanford C. Bernstein & Co., LLC., Research Division Deane M. Dray - Citigroup Inc, Research Division PresentationOperator
Good morning, and welcome to the United Technologies First Quarter Conference Call. On the call today are Greg Hayes, Senior Vice President and Chief Financial Officer; and Maria Lee [ph], Director, Investor Relations. This call is being carried live on the Internet and there is a presentation available for download from UTC's website at www.utc.com. Please note the company will speak to results from continuing operations except where otherwise noted. They will also speak to segment results adjusted for restructuring and onetime items as they usually do. The company also reminds listeners that the earnings and cash flow expectation, and any other forward-looking statements provided in this call are subject to risks and uncertainties. UTC's SEC filings, including its 10-Q and 10-K reports, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. [Operator Instructions] Please go ahead, Mr. Hayes. Gregory J. Hayes Okay, thank you, Stephanie, and good morning to everyone. You just saw in the press release this morning first quarter earnings per share were up 24% year-over-year to $1.31. That includes $0.21 of gain in excess of restructuring. Excluding these items for both years, earnings per share grew 2% to $1.10, which is a little better than we expected back in March. Keep in mind, these results include $0.13 per share of headwind from higher pension costs, higher E&D and negative FX.