United Technologies' Stock Climbs As Profit And Sales Rise Above Expectations

By Tomi Kilgore Markets MarketWatch Pulse

Shares of United Technologies Corp. rose 0.8% in premarket trade Wednesday, after the diversified industrial company reported first-quarter profit and sales that beat expectations. Net earnings increased to $1.39 billion, or $1.73 a share, from $1.18 billion, or $1.42 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.48, above the FactSet consensus of $1.39. Revenue rose 3% to $13.82 billion from $13.36 billion, beating the FactSet consensus of $13.49 billion, as sales from its Otis, Pratt & Whitney and climate, controls and security businesses all topped forecasts. The company affirmed its 2017 outlook for adjusted EPS of $6.30 to $6.60, which surrounds the FactSet consensus of $6.54, and sales guidance of $57.5 billion to $59 billion. The stock has rallied 6.6% year to date through Tuesday, while the Dow Jones Industrial Average has gained 6.2%.

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