United Technologies Corp. (South Windsor, CT) reported that first-quarter net income rose 15 percent on sales in Asia and contributions from the Chubb security business, which it bought last year. Net income rose to $579 million, or $1.14 a share, from $502 million, or $1 a share, a year earlier. However, shares fell 2.6 percent after the company failed to raise its 2004 profit forecast.
Total revenue increased 29 percent to $8.64 billion, reflecting the addition of Chubb, organic growth of 8 percent, and the effects of the weak dollar. Cash flow from operations was $790 million, and capital expenditures were $123 million. Chairman and Chief Executive George David backed the company's 2004 earnings forecast of $5 to $5.30 per share. The company said it was comfortable with the average analysts' estimate of $5.22 a share.