United Tech posts profit ahead of Street, more bullish on 2014

Written by Reuters | Updated: Apr 23 2014, 02:05am hrs
United Technologies Corp reported a lower quarterly net profit on Tuesday, weighed down by restructuring costs, but the diversified manufacturer's profit and revenue topped Wall Street's forecast.

United Tech, a large manufacturer of elevators, jet engines and climate control systems, also lifted the low end of its 2014 earnings forecast.

First-quarter net income fell 4 percent to $1.21 billion, or $1.32 per share, from a year earlier, when the company received some one-time benefits.

But profit topped the average analyst estimate by 5 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 2.4 percent to $14.75 billion, just ahead of analyst estimates.

United Tech projected full-year earnings of $6.65 to $6.85 per share, raising the low end from $6.55.

Through Monday, United Tech shares had climbed 4 percent this year, ahead of the broader U.S. markets.