BOSTON (Reuters) - Diversified manufacturer United Technologies Corp <UTX.N> said on Thursday quarterly profit rose 22 percent, topping analysts' forecasts, lifted by strong demand for aviation equipment and continued investment in infrastructure projects in developing markets.
The maker of products ranging from Otis elevators to Black Hawk military helicopters reported first-quarter profit of $1 billion, or $1.03 per share, compared with $819 million, or 82 cents a share, a year earlier.
Factoring out 2 cents per share of restructuring charges, profit would have been $1.05 per share. On that basis, Wall Street had looked for $1.01 per share, according to Reuters Estimates.
Revenue rose 11.6 percent to $13.7 billion.
The Hartford, Connecticut-based company confirmed its full-year profit forecast of $4.65 to $4.85 per share, despite what it called "early signs of moderating growth" in the United States and Europe.
"As we look to the back half of the year, we continue to adjust our operations in anticipation of the uncertain economic environment," Louis Chenevert, who last week succeeded George David as chief executive, said in a statement.
United Tech, which is the world's largest maker of elevators and air conditioners and produces jet engines, has benefited from strong nonresidential building activity, particularly in emerging markets. The company generates about 60 percent of its sales outside the United States.
Its shares are down about 5 percent so far this year, roughly in line with the Dow Jones industrial average <.DJI>, of which it is a component.
United Tech in March made a $2.64 billion offer to acquire Diebold Inc <DBD.N>, which the world's No. 2 maker of automated teller machines subsequently brushed off as "opportunistic" and too low a price.
United Tech has since disclosed that it has taken a 3.5 percent stake in Diebold, and indicated that it was interested in buying more shares.
(Reporting by Scott Malone; Editing by Lisa Von Ahn and Maureen Bavdek)
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