Industrial conglomerate United Technologies Corp. says its first quarter profit jumped 20 percent, saying its efforts to cut costs and boost productivity lifted margins in each of its business.
The Hartford company raised the lower end of its 2010 profit guidance to $4.50 per share from $4.40 per share.
CEO Louis Chenevert says the company is positioned to outperform as the global economy recovers.
The parent company of jet engine manufacturer Pratt & Whitney, Otis elevators and Sikorsky Aircraft earned $866 million, or 93 cents per share, in the January-March period. That's up from $722 million, or 78 cents per share, a year ago. Analysts expected 90 cents per share.
The company says it revenue slipped to $12.1 billion — just below analysts' forecast of $12.26 billion.
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