Business Services Industry
United Technologies Beats Street, but Investors Send Defense Stock Tumbling.
Knight Ridder/Tribune Business News, April, 2004
By Stacy Wong, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Apr. 22--United Technologies Corp. said Wednesday its first-quarter earnings increased 15 percent over the previous year, beating analyst estimates -- but not enough to staunch a decline in the company's share price.
The company reported net income for the quarter ended March 31 was $579 million, or $1.14 a share, compared to $502 million, or $1 a share, for the first quarter of 2003.
A consensus of 17 analysts polled by Thomson Financial/First Call had forecast $1.12 a share.
Revenues rose 29 percent to $8.6 billion, reflecting the addition of Chubb PLC, a provider of electronic security services that UTC bought last year, as well as 8 percent in...
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