Profits surge at UTC

Hartford-based aerospace and industrial conglomerate United Technologies Corp. posted a first quarter profit gain of nearly 7 percent, as earning jumped to $819 million, up from $768 million in the first quarter of last year. Earnings per share for the quarter grew 6 cents to 82 cents per share. Revenue climbed 16 percent to $12.3 billion, up from $10.6 billion at the same time last year. The elevated profits come despite $295.8 million dollar fine levied on UTC’s Otis elevator unit by several European countries for operating cartels in elevator installation and service. UTC confirmed earnings per share guidance of $4.05 to $4.20 for the year.