United Technologies (UTC) has reported a "strong start" to its 2019 financial results after it posted sales up 20% on the corresponding period last year.
UTC's first quarter sales came in at $18.4 billion exceeding expectations. Net income also saw a rise in the quarter coming in at $1.3 billion, while cash flow from operations was $1.5 billion and capital expenditures were $363 million, resulting in free cash flow of $1.1 billion.
"United Technologies is off to a strong start in 2019," said UTC chairman and chief executive officer Gregory Hayes. "We made significant progress this quarter on the integration of Rockwell Collins and saw excellent performance from the combined Collins Aerospace business. Preparations for our portfolio separation are progressing well, and we remain on track to establish Otis and Carrier as independent companies in the first half of 2020.