UTC Reports 16-Percent Increase in First-Quarter Diluted Earnings

May 10, 2001 by Jeff Shepard

United Technologies Corp. (UTC, Hartford, CT) reported a 16-percent increase in first-quarter diluted earnings per share to $0.86, versus $0.74 in the prior year. Net income was $440 million, 17 percent above the $377 million reported in the first quarter of 2000. Revenues for the quarter were $6.7 billion, four percent higher than the prior year.

George David, chairman and CEO, commented, “The 2001 first quarter again reflected consistent and solid performance for UTC. We reaffirm confidence in our previously reported outlook for the year for earnings per share up 15 percent and available cash flow about equal to net income."