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United Technologies Corp., parent company of Carrier, said its first-quarter profit fell 28%. The company's net income fell to $722 million. Revenue fell to $12.2 billion from $14 billion.
The company said the declines in profit and revenue were driven by a drop in orders for Otis elevators and Carrier HVAC, as well as the strength of the dollar.
Quarterly operating profit at Carrier fell to $22 million from $248 million.
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