Investing.com - U.S. multinational conglomerate United Technologies (NYSE:UTX) reported better-than-expected first quarter earnings ahead of Tuesday’s opening bell, despite missing slightly on revenue figures.
United Technologies said earnings per share came in at $1.51, surpassing expectations for earnings of $1.45 per share.
Results for the current quarter include favorable one-time items of 7 cents per share net of restructuring costs. Foreign currency had an unfavorable impact of 7 cents.
The company’s revenue totaled $14.54 billion in the three months ending March 31, missing forecasts for revenue of $14.89 billion, reflecting the impact of adverse foreign exchange.
"We had a good start to the year, despite headwinds from a stronger U.S. dollar," said Gregory Hayes, UTC President and Chief Executive Officer.
"The fundamentals of all of our businesses remained solid, continuing to drive strong organic sales growth and allowing us to increase EPS by 13% on a constant currency basis, excluding the impact of gains and restructuring," he added.
Immediately after the earnings announcement, UTX shares rose 0.51% in trading prior to the opening bell to hit $117.10 compared to a closing price of $116.51 on Monday.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow futures pointed to a gain of 0.3% at the open, the S&P 500 futures indicated a rise of 0.35%, while the Nasdaq 100 futures signaled an increase of 0.4%.