United Technologies Corp.'s first-quarter profit jumped 20% despite lower sales as cost-cutting led to higher margins.

“Continued focus on cost reduction and productivity, as well as savings from restructuring actions, led to margin expansion across each of our businesses,” Chairman and Chief Executive Louis Chenevert said.
The company raised the low end of its 2010 earnings forecast as rising new equipment orders rose 9% in the first quarter, helped by the weaker dollar. It now expects 2010 earnings of $4.50 to $4.65 a share while again reiterating its revenue target.
The maker of Otis elevators and Sikorsky helicopters expects steady earnings growth in 2010 after cutting costs and laying off 18,000 employees last year.
Industrial conglomerates such as Eaton Corp., Parker Hannifin Corp. and Illinois Tool Works Inc. reported higher profits than analysts expected this week, citing an improving economy.
United Technologies' profit for the period climbed to $866 million, or 93 cents a share, from $722 million, or 78 cents a share, a year earlier. The results included 5 cents and 9 cents, respectively in restructuring costs.
(Source: The WSJ)