United Technologies Corp. (UTX) reported that its first-quarter income from continuing operations attributable to common shareowners increased to $1.270 billion from last year's $1.189 billion, with earnings per share from continuing operations rising to $1.39 from the previous year's $1.31. Analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the latest-quarter include $0.11 per share of favorable one-time items net of restructuring costs. Earnings per share in the year ago quarter included a $0.21 benefit from one-time items net of restructuring costs.
Net income attributable to common shareowners for the quarter jumped to $1.266 billion from $330 million last year.
Sales for the quarter of $14.4 billion were 16 percent above prior year driven by the benefit of net acquisitions. Eighteen analysts had consensus revenue estimate of $14.94 billion for the quarter.
The company continues to expect 2013 earnings per share of $5.85 to $6.15 on sales of $64 billion to $65 billion. Analysts expect the company to report earnings of $6.10 per share on revenues of $65.10 billion for fiscal 2013.
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