In publishing its Q1 results, United Technologies (UTC) revealed that sales fell by one per cent year on year to $14.5bn with growth unable to offset the impact of the strong dollar.
Despite the fall in sales revenue, the group saw operating profits increase by eight per cent compared with Q1 2014 and an organic growth rate of three percent.
In the aftermarket sector sales grew two per cent at Pratt & Whitney and four per cent at UTC Aerospace Systems.
Gregory Hayes, UTC president and CEO, confirmed: “Commercial aerospace aftermarket growth was slower in the quarter than we anticipate for the year.”
However, he remained bullish in the outlook for the rest of the year, saying: “The commercial building business in the US is looking better and I’m encouraged by the signs of growth that we’re seeing in Europe. We remain confident in our expectations of three to five per cent organic top line growth and sales of $65bn–$66bn in 2015.”