United Technologies Corp. (UTX: Quote) reported first-quarter net income attributable to common shareowners of $330 million, lower than $1.01 billion last year.
Net income attributable to common shareowners from contnuing operations rose to $1.18 billion from last year's $967 million. Earnings per share from continuing operations were $1.31, up from $1.06 in the same quarter a year ago.
Earnings per share from discontinued operations were a loss of $0.94 in the quarter, reflecting the previously disclosed goodwill impairment charges for Rocketdyne and Clipper, as well as tax adjustments associated with the planned divestiture of the Hamilton Sundstrand Industrial businesses.
Results for the current quarter include $0.30 per share of net favorable one-time items, partially offset by $0.09 of restructuring costs. Earnings per share in the year ago quarter included $0.02 of restructuring costs. Net foreign currency translation and hedges at Pratt & Whitney Canada had an adverse impact of $0.02 in the quarter.
Excluding items, earnings per share were up 2 percent year over year.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $1.20 per share. Analysts' estimates typically exclude special items.
Sales for the quarter reached $12.42 billion, down 2 percent from the prior year, reflecting net divestitures of 2 points and adverse foreign currency translation of 1 point. Analysts estimated revenues of $12.71 billion.
Organic sales increased 1 percent from the year ago quarter.
Including Goodrich, the company still expects earnings from continuing operations in 2012 of $5.30 to $5.50 per share, up 0 to 4 percent. On the same basis, the company continues to expect sales of $61 billion to $62 billion. Analysts expect the company to earn $5.53 per share, on revenues of $62.22 billion.
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by RTT Staff Writer
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