United Technologies Corp. (NYSE:UTX) reported a rise in quarterly earnings from continuing operations and the industrial conglomerate backed its 2012 forecast.
The parent company of Otis elevator, Sikorksy Aircraft posted earnings from continuing operations, including items, of $1.26 billion or $1.31 per share for the first quarter, up from $1.05 billion or $1.06 per share in the year-ago quarter.
Excluding items, EPS grew 2 percent. Wall Street analysts' expected EPS of $1.20.
Sales declined 2 percent to $12.42 billion, versus market expectations of $12.71 billion.
New equipment orders at Otis dropped 9 percent, hurt by the expected slow start to the year in China, UTX noted. North American Residential HVAC new equipment orders at UTC Climate, Controls & Security advanced 10 percent. Commercial spares orders at Pratt & Whitney's large engine business fell 3 percent.
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Adjusted consolidated segment operating profit margin shrank to 14.6 percent from 14.7 percent.
Looking ahead for the full year, the Hartford, Connecticut-based company still expects EPS in the range of $5.30 to $5.50 on sales between $61 billion and $ 62 billion. Analysts expect EPS of $5.53 on sales of $62.22 billion.
Last month, UTX announced its intent to sell its rocket engine and wind power businesses to help fund its $16.5 billion acquisition of aerospace supplier Goodrich Corp. (NYSE: GR). It expects to raise $3 billion from the sale of Rocketdyne, Clipper Wind and three Hamilton Sundstrand industrial businesses.
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The stock, which has been trading in the 52-week range between $66.87 and $91.83, ended Monday's regular trading at $79.75.