UPDATE: United Technologies Posts Upbeat Q1 Profit

United Technologies

reported better-than-expected first-quarter profit. United Technologies' quarterly net profit dropped 4% to $1.2 billion, or $1.32 per share. Its sales climbed 2% to $14.75 billion. However, analysts were expecting earnings of $1.27 per share on revenue of $14.69 billion. United Technologies now projects full year earnings of $6.65 to $6.85 per share, versus its earlier forecast of $6.55 to $6.85 per share. United Technologies shares closed at $118.30 yesterday.