Cost cutting at United Technologies has allowed the Hartford-based conglomerate to boost first quarter earnings by 20%. WNPR’s Harriet Jones reports.
UTC, which is the parent of Sikorsky, Pratt & Whitney, Otis Elevator, Carrier and other says boosting productivity and cutting expenses improved profit margins at all of its businesses in the first quarter. The company earned $866 million, or 93 cents a share, up from 78 cents a share in the same quarter of 2009. The results beat analysts’ expectations.
Revenues were down just more than 1%, emphasizing how vital cost cutting has been. On the strength of the earnings, UTC has improved its outlook for the full year slightly. CEO Louis Chenevert has described the business as poised to outperform as the global economy continues to recover. UTC says demand is rising faster in its markets outside of the United States.
For WNPR, I'm Harriet Jones.