United Technologies releases first-quarter 2012 results

United Technologies Corp has released its first-quarter 2012 results, noting that sales are down two per cent on a year-on-year basis.

In a statement, the company said earnings per share of $1.31 (£0.80) and net income attributable to common shareowners of $1.2bn were up 24 per cent and 22 per cent respectively over its first-quarter 2011 results.

Results for the current quarter include $0.30 per share of net favourable one-time items, partially offset by $0.09 of restructuring costs.

Earnings per share in the year ago quarter included $0.02 of restructuring costs. Before these items, earnings per share increased two per cent year over year.

Net foreign currency translation and hedges at Pratt & Whitney Canada had an adverse impact of $0.02 in the quarter.

Sales for the quarter of $12.4bn were two per cent below the prior year, reflecting net divestitures of two points and adverse foreign currency translation of one point.

Organic sales increased one per cent over the year ago quarter. First-quarter segment operating margin at 14.6 per cent was 20 basis points higher than the previous year.

Adjusted for restructuring costs and net one-time items, segment operating margin at 14.6 per cent was 10 basis points lower than the previous year.

Research and development costs increased year over year by $77m to $547m.