United Technologies (UTX), a member of the Dow Jones industrial average, reported first-quarter results that topped estimates Wednesday, as all of its business segments saw gains.
Adjusted EPS for the company — which makes jet engines, elevators and climate control systems — rose 1% to $1.48, above forecasts for $1.39. Sales increased 3% to $13.82 billion, beating views for $13.49 billion.
Otis elevator revenue rose 3.3% to $2.8 billion. Climate, control and security revenue climbed 4.4% to $3.89 billion. Pratt & Whitney revenue grew 4.7% to $3.76 billion. Aerospace system sales increased 3% to $3.61 billion.
"United Technologies is off to a great start in 2017 as all four businesses delivered strong top-line growth," said Chairman and CEO Gregory Hayes in a statement.
Shares rose 1.2% to 118.27 on the stock market today, after clearing a 114.54 entry on Friday. United Tech is at a 23-month high.
Defense giant Lockheed Martin (LMT), whose F-35s use engines from United Technologies' Pratt & Whitney segment, reported mixed first-quarter results on Tuesday. Lockheed said it sees more orders internationally for the F-35s.
Meanwhile, industrial peer General Electric (GE) last week reported results that beat forecasts, but the stock fell on concerns about the fellow Dow stock's industrial cash flow from operating activities. Honeywell (HON) also reported results that topped views. Honeywell shares jumped on Friday and hit a buy point on Monday.
Lockheed rose 0.1% to 270.33. On Tuesday, shares fell 2.2% to 270.02, but closed just above a retaken 270 buy point.
General Electric shares fell 0.65% to 29.26, hitting 2017 lows. Honeywell rose 0.6% to 130.10, near Tuesday's intraday all-time high.
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