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United Technologies Q1 Profit From Cont. Ops. Up; Backs 2012 View - Quick Facts

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4/24/2012 6:45 AM ET

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

For comments and feedback: editorial@rttnews.com

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Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
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