UTX United Technologies Corporation

By Thomas Gryta 

United Technologies Corp. said its profit rose 3.7% in the first quarter and the industrial conglomerate boosted its earnings projections for 2019, citing better-than-expected results from its recent acquisition of airline-parts maker Rockwell Collins Inc.

The Farmington, Conn.-based company reiterated its revenue and cash-flow guidance for the year and said it remains on track to split into three companies by mid-2020.

In the first quarter, the company reported net income of $1.35 billion, or $1.56 a share, up from $1.3 billion, or $1.62 a year ago. Adjusted earnings of $1.91 a share were above the $1.71 a share projected by analysts polled by Refinitiv.

Revenue of $18.37 billion in the quarter also exceeded analysts' average estimate of $17.99 billion.

United Technologies said it now expect 2019 adjusted earnings of $7.80 to $8 a share, up from a previous range of $7.70 to $8. Analysts had already expected the results to be near the top end of the company's projection with an average estimate of $7.91 a share.

Under the breakup plan, disclosed in November, UTC will combine its Pratt & Whitney jet engine unit, aviation services business and Rockwell Collins, which it purchased for $23 billion late last year. The Otis elevator and Carrier building-systems businesses will each become separate companies.

Write to Thomas Gryta at thomas.gryta@wsj.com

(END) Dow Jones Newswires

April 23, 2019 07:40 ET (11:40 GMT)

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