FARMINGTON, Conn. (AP) -- United Technologies Corp. on Tuesday reported first quarter profit of $1.35 billion.
The Farmington, Connecticut-based company said it had net income of $1.56 per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to $1.91 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.75 per share.
The maker of elevators, jet engines and other products posted revenue of $18.36 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $18.07 billion.
United Technologies expects full-year earnings in the range of $7.80 to $8 per share, with revenue in the range of $75.5 billion to $77 billion.
United Technologies shares have increased 29% since the beginning of the year, while the Standard & Poor's 500 index has increased 16%. The stock has climbed 11% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UTX at https://www.zacks.com/ap/UTX