Cost cutting helped Hartford’s United Technologies Corp. grow first-quarter profits by 18 percent, despite lower sales, the aerospace-industrial manufacturer reported Tuesday.
UTC reported $1.43 billion in net income, or $1.58 per diluted share, up from $1.21 billion, or $1.32, in the first quarter of 2014.
Net sales decreased by $210 million, or 1.4 percent, to $15.54 billion, which the company attributed to the headwinds from a stronger U.S. dollar.
UTC business segments that contributed to the sales drop were Otis and Sikorsky. UTC is weighing whether to spin off or sell Sikorsky, which again had the lowest adjusted operating profit margin among the company’s segments in the first quarter, at 7.3 percent. Otis again had the highest, at 19.4 percent.
UTC overcame the sales drop with lower costs and expenses, which were down $222 million, or 1.7 percent. Interest and income tax expenses were also down from a year ago.
The company intends to move its headquarters to Farmington this year.
