S&P 500 (NYSE:SPY) component United Technologies Corporation (NYSE:UTX) reported its results for the first quarter. United Technologies provides high technology products and services to the building systems and aerospace industries worldwide.
United Technologies Earnings Cheat Sheet for the First Quarter
Results: Net income for United Technologies Corporation rose to $1.1 billion ($1.11/share) vs. $866 million (93 cents/share) YoY. A rise of 27.1% from the year earlier quarter.
Revenue: Rose 10.8% to $13.34 billion YoY.
Actual vs. Wall St. Expectations: UTX beat the mean analyst estimate of $1.07/share. Estimates ranged from $1.04 per share to $1.16 per share.
Quoting Management: “This was another solid quarter for UTC with broad-based acceleration in organic growth, as well as strong earnings momentum and cash generation,” said Louis Chênevert, UTC Chairman & Chief Executive Officer. “Nearly 20 percent growth in earnings per share reflects excellent conversion, especially as we continued to increase our investments in game changing products and technologies.”
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 11.7% and in the third quarter of the last fiscal year, the figure rose 13.2%.
Over the last five quarters, revenue has increased 5% on average year over year. The biggest increase came in the most recent quarter, when revenue rose 10.8% from the year earlier quarter.
Today’s Performance: Shares of UTX are trading up over 4%.