United Technologies Corporation UTX reported first-quarter 2016 adjusted net income (from continuing operations) of $1,222 million or $1.47 per share compared with $1,301 million or $1.44 per share in the year-ago quarter. The year-over-year increase in earnings per share was primarily due to restructuring charges in the prior-year quarter. Adjusted earnings for the reported quarter comfortably beat the Zacks Consensus Estimate of $1.39.GAAP net income (from continuing operations) decreased to $1,191 million or $1.42 per share from $1,426 million or $1.51 per share in the year-ago quarter due to higher operating expenses.Net sales for first-quarter 2016 slightly improved to $13,357 million from $13,320 million in the year-earlier quarter. The marginal increase in revenues was primarily due to 2% organic growth during the quarter. Revenues beat the Zacks Consensus Estimate of $13,034 million. New equipment orders at Otis were up 1% from the year-earlier quarter at constant currency. UTC Climate, Controls & Security equipment orders decreased 8% due to a decline in the refrigeration business. Commercial aerospace aftermarket sales rose 1% at UTC Aerospace Systems and increased 19% at Pratt & Whitney.Segment ResultsVolatility in foreign currency adversely impacted the revenues of most of the company's segments during the reported quarter. Otis recorded net sales of $2,715 million, down from $2,745 million in the year-earlier quarter. Revenues at UTC Climate Controls & Security were $3,728 million compared with $3,852 million in the year-ago quarter. Pratt & Whitney revenues increased to $3,588 million from $3,332 million in the year-ago quarter. UTC Aerospace Systems’ sales declined to $3,505 million from $3,548 million in the first-quarter 2015.Operating profit at Otis significantly declined to $466 million in the reported quarter from $527 million in the prior-year quarter. Operating profit at UTC Climate Controls & Security decreased to $606 million from $729 million in the year-ago period. Pratt & Whitney’s operating profit decreased to $410 million from $419 million in the year-earlier period, while UTC Aerospace Systems’ operating profit dropped to $538 million from $569 million.United Technologies’ consolidated operating profit in the reported quarter was $1,945 million compared with $2,182 million in the prior-year period. Operating profit margin was 14.9% in first-quarter 2016, down from 16.7% in the year-earlier quarter.Balance Sheet and Cash FlowAs of Mar 31, 2016, cash and cash equivalents were $7,215 million compared with $7,075 million as of Dec, 31, 2015. Long-term debt was $21,688 million at quarter end compared with $19,320 million as of Dec 31, 2015. The company had a debt-to-capital ratio of 44%.Cash flow from operations aggregated $795 million for the quarter compared with $1,646 million in the year-ago quarter. Capital expenditures were $286 million in the reported quarter, down from $323 million in first-quarter 2015.OutlookDespite a soft economic scenario across the globe, United Technologies reaffirmed its 2016 guidance. For 2016, the company expects adjusted earnings to be in the range of $6.30 to $6.60 per share on revenues of $56 billion to $58 billion with organic growth of 1–3%. The company expects acquisitions of $1-$2 billion and free cash flow in the range of 90–100%. The company plans to repurchase shares worth $3 billion in 2016.United Technologies currently has a Zacks Rank #4 (Sell). Some stocks that look promising in the industry include 3M Company MMM, CLARCOR Inc. CLC and Carlisle Companies Incorporated CSL. All three carry a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report 3M CO (MMM): Free Stock Analysis Report UTD TECHS CORP (UTX): Free Stock Analysis Report CLARCOR INC (CLC): Free Stock Analysis Report CARLISLE COS IN (CSL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research