United Technologies Corp's quarterly profit topped analysts' estimate on Tuesday on higher demand for its spare parts and services from airlines, and the company raised its full-year earnings and revenue forecasts.
The maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, forecast 2018 adjusted earnings per share in a range of US$6.95-7.15, up from US$6.85-$7.10 previously.
The company said it now expects full-year sales of US$63 billion to US$64.5 billion, up from US$62.5 billion to US$64.0 billion.
United Tech is benefiting from strong demand for commercial air travel, and is speeding up production of its fuel-saving turbofan engines that power Airbus' newest narrow-body jet, A320neo, and Bombardier's CSeries aircraft.
The company's net income attributable to shareholders fell to US$1.30 billion in the first quarter ended March 31 from US$1.39 billion. The year-earlier period included a one-time gain of 25 cents per share.
On a per share basis, net income attributable to shareholders was US$1.62 per share in the latest reported quarter. On an adjusted basis, the company earned US$1.77 per share.
Net sales rose to US$15.24 billion from US$13.82 billion.US
Analysts on average had expected earnings of US$1.52 per share and revenue of US$14.64 billion, according to Thomson Reuters I/B/E/S.