UTX - Pershing Square Holdings - United Technologies
The following segment was excerpted from this fund letter.
United Technologies' (UTX) first quarter earnings demonstrated strong growth across its businesses as organic revenue grew 8%. Results were particularly strong in the aerospace businesses with 11% organic revenue growth and 12% pro forma operating income growth (including Rockwell Collins' results in both years). The Rockwell Collins acquisition is off to an excellent start with performance and integration ahead of management's expectations. While organic revenue growth in the commercial businesses was reasonably strong at 5%, pre-tax operating profit was muted due to cost pressures at