United Tech profit rises 17%, raises forecast

Diversified U.S. manufacturer United Technologies Corp. (UTX-N) posted a 16.9-percent rise in quarterly profit and raised its outlook for the year, boosted by strong demand for its Carrier air conditioners.

The world's biggest maker of air conditioners and elevators said first-quarter profit attributable to common stockholders came to $1.01 billion US, or $1.11 per share, compared with earnings of $866 million, or 93 cents per share, a year earlier. Analysts had forecast a profit of $1.07 per share, according to Thomson Reuters I/B/E/S.

The company now looks for a full-year profit of $5.25 to $5.40 per share, up 5 cents from the range it set in March.