United Technologies reported earnings of $127.6 million for the first quarter on revenues of $3.5 billion, down 25.5% from a year earlier. During the 1985 quarter, the company sold Inmont, a manufacturer of automotive paints and printing inks, finalized sale of assets of its telecommunications business and sold substantially all the assets of Mostek, its semiconductor subsidiary. The company also noted that Pratt & Whitney's profits were below last year's first-quarter period.
Citing sluggish market conditions, Boise Cascade reported net income down 24.9% from the same period a year earlier. Revenues were down about 4%. John B. Fery, chairman and chief executive, said that first-quarter results were aided by rigorous cost-reduction efforts. Income from the company's paper manufacturing operation was substantially below that of the same period in 1985.