United Technologies Posts Upbeat Q1 Profit, Revenue Misses Expectations

reported stronger-than-expected earnings for the first quarter on Tuesday, but the company's revenue missed analysts' expectations. The Hartford, Connecticut-based company posted a quarterly net profit of $1.43 billion, or $1.58 per share, versus a year-ago profit of $1.21 billion, or $1.32 per share. Excluding non-recurring items, the company's adjusted earnings came in at $1.51 per share. Its revenue declined 1 percent to $14.5 billion. However, analysts were expecting earnings of $1.45 per share on revenue of $14.88 billion. In the quarter, cash flow from operations was $1.3 billion, while capital expenditures were $348 million. The average estimate among 9 Estimize users was for earnings of $1.46 per share and revenue of $14.96 billion. "We had a good start to the year, despite headwinds from a stronger U.S. dollar," said Gregory Hayes, UTC President and Chief Executive Officer. "The fundamentals of all of our businesses remained solid, continuing to drive strong organic sales growth and allowing us to increase EPS by 13 percent on a constant currency basis, excluding the impact of gains and restructuring." For 2015, United Technologies affirmed earnings forecast of $6.85 to $7.05 per share on sales of $65 billion to $66 billion. United Technologies shares gained 1.22 percent to close at $116.51 yesterday.