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Louis Chenevert

United Technologies Tops Estimates, Ups 2014 Outlook

United Technologies Corp. said net profit fell 4% to $1.2 billion, or $1.32 a share, in the first quarter, as restructuring costs shaved $0.09 off earnings. Sales rose 2% to $14.75 billion, as organic growth offset the impact of divestitures and exchange-rate fluctuations. The FactSet consensus was for EPS of $1.27 and revenue of $14.69 billion. "All five of the segments contributed to UTC's organic sales growth in the quarter," CEO Louis Chenevert said in a statement. The CEO said the company is planning to increase restructuring spending to $375 million from $300 million, which it expects will be offset by one-time gains. As a result, the company is now expecting full year earnings per share of $6.65 to $6.85, up from its previous estimate of $6.55 to $6.85.Copyright © 2014 MarketWatch, Inc....

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