HARTFORD, CT – United Technologies Corp. reported first-quarter revenue dropped 12% from last year to $12.25 billion. Profit fell 28% for the quarter.
 
The company blames restructuring charges and a decrease in orders for the decline.

Earnings for the quarter fell to $722 million, compared to $1 billion last year, and net income dropped from $1.08 billion to $799 million.
 
In March, the company started a $600 million restructuring plan that calls for a 5% reduction to its workforce, 11,600 jobs, and an increase in efficiency from its suppliers.
 
Despite the poor start, the company expects to meet its full-year revenue and earnings guidance and plans $2 billion in acquisitions for the year.