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UTC Reports Solid First Quarter Financial Results

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By Calvin Biesecker United Technologies Corp. [UTX] yesterday posted solid first quarter financial results and affirmed its forecast for higher sales and earnings this year despite weakness in some areas of its commercial businesses. Net income increased 22 percent to $1 billion, $1.03 earnings per share (EPS), from $819 million (82 cents EPS) a year ago, beating consensus estimates by two cents. Free cash flow was $651 million. Sales increased 12 percent to $13.7 billion from $12.3 billion a year…

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