The Dow Jones industrial average has surged by 13.79% this year to 26,543.33, which puts it in all-time record territory. Far outpacing that rate of increase, United Technologies Corp. (NYSE: UTX) is the number one Dow stock of 2019, up 32.21% to $140.78.

The primary trigger of the rise is strong earnings, which were above expectations. United Technologies also increased its forecast for the balance of the year.

The company announced its first-quarter earnings on April 23:

Continued organic sales growth momentum across all four business units; Performance of recently acquired Rockwell Collins exceeds expectations; Raises adjusted EPS and reaffirms sales and free cash flow outlook for 2019

– Sales of $18.4 billion, up 20 percent versus prior year including 8 percent organic growth

– GAAP EPS of $1.56, down 4 percent versus prior year including 10 percentage points of headwind from a Rockwell Collins inventory step-up amortization charge

– Adjusted EPS of $1.91, up 8 percent versus prior year

Its new forecast for the balance of the year:

Adjusted EPS of $7.80 to $8.00, up from $7.70 to $8.00;*

There is no change in the Company’s previously provided 2019 expectations for sales of $75.5 to $77.0 billion, including organic sales growth of 3 to 5 percent and free cash flow of $4.5 to $5.0 billion, including $1.5 billion of one-time cash payments related to the portfolio separation.*

*Note: When we provide expectations for adjusted EPS, the adjusted effective tax rate, organic sales and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information.

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