United Technologies quarterly profit rises 17.8 percent

Key Points
  • United Technologies posted better-than-expected quarterly earnings and revenue.
  • The company reaffirmed 2017 expectations for adjusted EPS of $6.30 to $6.60 on sales of $57.5 billion to $59 billion.
  • Shares of United Technologies rose nearly 1 percent immediately following the report.
An attendee looks at an aircraft engine from Pratt & Whitney, a unit of United Technologies, on display during the China International Aviation & Aerospace Exhibition in Zhuhai, China.
Brent Lewin | Bloomberg | Getty Images

United Technologies, the maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, beat analyst expectations with a 17.8 percent rise in first-quarter profit, helped by higher sales in all four of its business units.

United Tech's net income attributable to common shareholders rose to $1.39 billion in the first quarter ended March 31, from $1.18 billion a year earlier. The company affirmed its earnings forecast for the full-year.

Earnings per share attributable to common shareholders rose to $1.73 from $1.42, including a one-time gain of 25 cents.

Excluding the gain, earnings rose to $1.48 a share, compared with analyst consensus estimates of $1.39 a share, according to Thomson Reuters I/B/E/S.

The company's net sales rose 3.4 percent to $13.82 billion.

United Tech's shares were up 0.8 percent at $117.80 in premarket trading.