More on United Tech Q1: Net profit slips 4%; upgrades FY EPS guidance

|By:, SA News Editor

United Tech (UTX) net profit -4% to $1.2B, or $1.32 a share, including $0.09 a share of restructuring costs.

Segment operating profit +4%.

Sales breakdown: Otis $3B vs $2.81B a year earlier; Climate, Controls & Security $3.85B vs $3.84B; Pratt & Whitney $3.33B vs $3.4B; Aerospace Systems $3.45B vs $3.26B; Sikorsky $1.36B vs $1.25B.

To increase restructuring spending to $375M from $300M.

Increases lower end of 2014 EPS outlook and now expects $6.65-6.85 vs $6.55-6.85 previously and consensus of $6.83.

"Continued organic growth and orders strength give us confidence in our sales expectation of $64B for 2014," says CEO Louis Chenevert. (PR)