United Technologies Corp. said Wednesday it had net income of $1.19 billion, or $1.42 a share, in the first quarter, down from $1.43 billion, or $1.53 a share, in the year-earlier quarter. Adjusted per-share earnings to exclude restructuring charges came to $1.47, ahead of the FactSet consensus of $1.39. Sales rose to $13.4 billion from $13.3 billion, also ahead of the FactSet consensus of $13.2 billion. Looking ahead, the company said it still expects full-year adjusted EPS of $6.60 to $6.80, on sales of $56 billion to $58 billion. The FactSet consensus is for full-year EPS of $6.50 and sales of $57 billion. United Tech said it will buy back $3 billion of shares in 2016, beyond the repurchases to be completed under a previously announced $6 billion accelerated buyback program. The company has set aside $1 billion to $2 billion for acquisitions. Shares were not yet active in premarket trade, but are up 9% in the year so far, while the Dow Jones Industrial Average has gained just 3%.
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