United Technologies Beats Profit Expectations, But Sales Miss

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United Technologies reported on Tuesday a first-quarter net profit that rose to $1.43 billion, or $1.58 a share, from $1.21 billion, or $1.32 a share, in the same period a year ago. Excluding non-recurring items, such as a one-time benefit from restructuring, adjusted earnings per share were $1.51, beating the FactSet consensus of $1.45. The industrial conglomerate said revenue fell 1% to $14.5 billion, missing the FactSet consensus of $14.89 billion, as the unfavorable currency movements reduced sales by four percentage points. "Although commercial aerospace aftermarket growth was slower in the quarter than we anticipate for the year, the commercial building business in the U.S. is looking better and I'm encouraged by the signs of growth that we're seeing in Europe," said Chief Executive Gregory Hayes. He affirmed his 2015 sales target of $65 billion to $66 billion and the EPS guidance of $6.85 to $7.05. The stock, a component of the Dow Jones Industrial Average , rose 1% in light premarket trade. It has gained 1.3% year to date through Monday, while the Dow has advanced 1.2%.

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