Exhibit 99.1

UTC REPORTS 6 PERCENT SECOND QUARTER EPS GROWTH TO $1.16; RAISES 2007

REVENUES AND EARNINGS ESTIMATES

HARTFORD, Conn., July 18, 2007 – United Technologies Corp. (NYSE:UTX) today reported second quarter 2007 earnings per share of $1.16 and net income of $1.15 billion, up 6 percent and 4 percent, respectively, over the year ago quarter. In 2006, results included gains in excess of restructuring of $0.07 per share. Cash flow from operations was $1.45 billion and, after capital expenditures of $251 million, exceeded net income.

Second quarter revenues increased 13 percent to $13.9 billion, on 10 percent organic growth with continuing strength in commercial aerospace and commercial construction markets as well as accelerating shipments at Sikorsky. Foreign currency translation accounted for three points of the revenue growth and $0.03 of earnings per share. The current period also included $0.02 per share of restructuring costs and no offsetting gains. Excluding restructuring/gains in both periods, earnings per share grew 16% year over year.

“This was yet another strong quarter for UTC,” said George David, UTC’s Chairman and CEO. “Organic revenue growth for the Corporation has been 7 percent or greater in each of the last four years and higher recently with 9 percent in 2006 and 10 percent year to date in 2007. Solid markets worldwide in commercial aviation and commercial construction coupled with the successes of a wide range of new UTC products are doing this, and we see these conditions continuing over the balance of the year and into 2008. Accordingly, we are raising UTC revenues guidance for the year to $53 billion from $51 billion and earnings per share guidance to a range of $4.15-4.25 from $4.05-4.20. Earnings per share growth at revised guidance is 12-15 percent.

“The single soft spot in our markets remains the North American Residential HVAC business, reflecting the continuing U.S. housing downturn. Profitability at Carrier’s North American Residential business accordingly was down in the quarter. However, balance works at Carrier as at UTC overall, and strength in commercial markets worldwide and residential markets internationally drove a solid double digit increase in Carrier’s operating income in the quarter. Other notable operating performance in the quarter included Sikorsky shipments of 49 large helicopters and operating income of $87 million, increasing our confidence in Sikorsky’s full year guidance.

“Cash flow from operations less capital expenditures in the quarter was 104 percent of net income, reflecting primarily improved collections and customer advances. For the full year, we continue to expect cash flow from operations less capital expenditures to exceed net income, UTC’s usual standard,” David added.

Share repurchase in the quarter was $500 million, with year to date repurchases equaling $1 billion. Acquisition guidance remains unchanged at $2 billion for the year.

The accompanying tables include information integral to assessing the company’s financial position, operating performance, and cash flow.

United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries. Additional information as well as a Web cast is available on the Internet at http://www.utc.com.

This release includes “forward-looking statements” concerning anticipated future financial performance, including expected revenues, earnings, cash flow, acquisitions and share repurchase amounts. These statements often contain words such as “expect”, “anticipate”, “plan”, “estimate”, “believe”, “will”, “see”, “guidance” and similar terms. These matters are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include the health of the global economy; strength of end market demand in building construction and in both the commercial and defense segments of the aerospace industry; fluctuation in commodity prices, interest rates, foreign currency exchange rates, and the impact of weather conditions; and company-specific factors including the availability and impact of acquisitions; the rate and ability to effectively integrate these acquired businesses; the ability to achieve cost reductions at planned levels; challenges in the design, development, production and support of advanced technologies and new products and services; delays and disruption in delivery of materials and services from suppliers; labor disputes; and the outcome of legal proceedings. The level of share repurchases may vary depending on the level of other investing activities. For information identifying other important economic, political, regulatory, legal, technological, competitive and other

uncertainties, see UTC’s SEC filings as submitted from time to time, including but not limited to, the information included in UTC’s 10-K and 10-Q Reports under the headings “Business,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Cautionary Note Concerning Factors that May Affect Future Results,” as well as the information included in UTC’s Current Reports on Form 8-K.

UTC-IR

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United Technologies Corporation

Condensed Consolidated Statement of Operations

(Millions, except per share amounts)	Quarter Ended June 30, (Unaudited)						Six Months Ended June 30, (Unaudited)
	2007			2006			2007			2006
Revenues	$	13,904		$	12,264		$	26,182		$	22,879
Cost and Expenses
Cost of goods and services sold		10,129			8,775			19,125			16,425
Research and development		416			370			798			739
Selling, general and administrative		1,494			1,378			2,890			2,692
Operating Profit		1,865			1,741			3,369			3,023
Interest expense		163			155			313			297
Income before income taxes and minority interests		1,702			1,586			3,056			2,726
Income taxes		(479	)		(415	)		(921	)		(734	)
Minority interests		(75	)		(68	)		(168	)		(121	)
Net Income	$	1,148		$	1,103		$	1,967		$	1,871
Earnings Per Share of Common Stock
Basic	$	1.19		$	1.12		$	2.03		$	1.90
Diluted	$	1.16		$	1.09		$	1.98		$	1.85
Average Shares
Basic		966			983			967			984
Diluted		990			1,009			991			1,009

As described on the following pages, consolidated results for the quarters and six months ended June 30, 2007 and 2006 include restructuring and related charges and non-recurring items.

See accompanying Notes to Condensed Consolidated Financial Statements.

United Technologies Corporation

Segment Revenues and Operating Profit

(Millions)	Quarter Ended June 30, (Unaudited)						Six Months Ended June 30, (Unaudited)
	2007			2006			2007			2006
Revenues
Otis	$	2,858		$	2,529		$	5,586		$	4,877
Carrier		4,055			3,751			7,185			6,655
UTC Fire & Security		1,349			1,167			2,595			2,279
Pratt & Whitney		3,108			2,727			5,875			5,295
Hamilton Sundstrand		1,404			1,281			2,717			2,445
Sikorsky		1,198			767			2,204			1,279
Segment Revenues		13,972			12,222			26,162			22,830
Eliminations and other		(68	)		42			20			49
Consolidated Revenues	$	13,904		$	12,264		$	26,182		$	22,879
Operating Profit
Otis	$	532		$	472		$	1,106		$	911
Carrier		489			410			702			614
UTC Fire & Security		101			65			187			130
Pratt & Whitney		522			535			1,012			965
Hamilton Sundstrand		246			212			464			393
Sikorsky		87			42			160			45
Segment Operating Profit		1,977			1,736			3,631			3,058
Eliminations and other		(20	)		84			(83	)		129
General corporate expenses		(92	)		(79	)		(179	)		(164	)
Consolidated Operating Profit	$	1,865		$	1,741		$	3,369		$	3,023

As described on the following pages, consolidated results for the quarters and six months ended June 30, 2007 and 2006 include restructuring and related charges and non-recurring items.

United Technologies Corporation

Restructuring and Related Charges

Consolidated operating profit for the quarters and six months ended June 30, 2007 and 2006 includes restructuring and related charges as follows:

	Quarter Ended June 30, (Unaudited)				Six Months Ended June 30, (Unaudited)
	2007		2006		2007			2006
Restructuring and Related Charges
Otis	$	7	$	6	$	5		$	8
Carrier		1		25		13			32
UTC Fire & Security		4		12		6			14
Pratt & Whitney		7		11		27			23
Hamilton Sundstrand		6		9		12			17
Sikorsky		—		19		(3	)		19
Segment Restructuring and Related Charges		25		82		60			113
Eliminations and other		—		—		—			—
General corporate expenses		—		—		—			—
Consolidated Restructuring and Related Charges	$	25	$	82	$	60		$	113

Consolidated results for the quarters and six months ended June 30, 2007 and 2006 include the following non-recurring items:

Q1—2007

• Otis: Otis segment results include an $84 million gain from the sale of land. The Consolidated operating results include taxes related to the gain of approximately $29 million in addition to an approximately $27 million charge for the minority partner’s interest in the gain. The resulting impact to consolidated net income is approximately $28 million.

• Pratt & Whitney: Approximately $40 million gain at Pratt & Whitney from a contract termination.

• Eliminations and Other: A $216 million loss recorded in connection with the European Union commission fine.

• Eliminations and Other: A $151 million gain from the sale of marketable securities.

In the first quarter, the net impact of the above items ($0.05 per share), together with $35 million of pre-tax restructuring and related charges ($0.02 per share), had a $0.07 adverse impact to earnings per share.

Q2—2006

• Pratt & Whitney: Approximately $80 million pretax gain related to the settlement of a claim by the Department of Defense (DoD) regarding Pratt & Whitney’s cost accounting practices for engine parts on commercial engine collaboration programs.

• Eliminations and Other: Approximately $60 million pretax interest income related to the final determination by the U.S. Congress Joint Committee on Taxation on a disputed issue in the Internal Revenue Service (IRS) examination of tax years 1994 through 1999.

• Income Taxes: Favorable income tax adjustment of approximately $35 million, related to a determination by the U.S. Congress Joint Committee on Taxation on a disputed issue in the Internal Revenue Service (IRS) examination of tax years 1994 through 1999.

In the second quarter, the net impact of the above favorable items ($0.13 per share), together with approximately $80 million of pre-tax restructuring and related charges ($0.06 per share), contributed $0.07 to earnings per share.

Q1—2006

• Pratt & Whitney: Approximately $25 million gain realized on the sale of a partnership interest in an engine program at Pratt Canada.

• Eliminations and Other: Approximately $25 million gain from the sale of marketable securities.

United Technologies Corporation

Condensed Consolidated Balance Sheet

	June 30, 2007			December 31, 2006
(Millions)	(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	3,292		$	2,546
Accounts receivable, net		8,428			7,679
Inventories and contracts in progress, net		7,974			6,657
Other current assets		2,018			1,962
Total Current Assets		21,712			18,844
Fixed assets, net		5,875			5,725
Goodwill, net		14,610			14,146
Intangible assets, net		3,284			3,216
Other assets		5,076			5,210
Total Assets	$	50,557		$	47,141
Liabilities and Shareowners’ Equity
Short-term debt	$	1,548		$	894
Accounts payable		5,100			4,263
Accrued liabilities		10,323			10,051
Total Current Liabilities		16,971			15,208
Long-term debt		7,045			7,037
Other liabilities		6,461			6,763
Total Liabilities		30,477			29,008
Minority interest in subsidiary companies		885			836
Shareowners’ Equity:
Common Stock		9,986			9,395
Treasury Stock		(10,343	)		(9,413	)
Retained Earnings		20,123			18,754
Accumulated other non-shareowners’ changes in equity		(571	)		(1,439	)
		19,195			17,297
Total Liabilities and Shareowners’ Equity	$	50,557		$	47,141
Debt Ratios:
Debt to total capitalization		31	%		31	%
Net debt to net capitalization		22	%		24	%

United Technologies Corporation

Condensed Consolidated Statement of Cash Flows

	Quarter Ended June 30,						Six Months Ended June 30,
(Millions)	(Unaudited)						(Unaudited)
	2007			2006			2007			2006
Operating Activities
Net Income	$	1,148		$	1,103		$	1,967		$	1,871
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization		277			256			555			520
Deferred income taxes and minority interest		65			88			8			120
Stock compensation cost		43			47			97			91
Changes in working capital		(118	)		(567	)		(395	)		(741	)
Other, net		34			(115	)		(330	)		(74	)
Net Cash Provided by Operating Activities		1,449			812			1,902			1,787
Investing Activities
Capital expenditures		(251	)		(218	)		(459	)		(419	)
Acquisitions and disposal of businesses, net		(98	)		(67	)		(208	)		(157	)
Other, net		(28	)		(48	)		130			(84	)
Net Cash Used in Investing Activities		(377	)		(333	)		(537	)		(660	)
Financing Activities
Increase in borrowings, net		308			461			594			447
Dividends paid on Common Stock		(245	)		(249	)		(490	)		(456	)
Repurchase of Common Stock		(500	)		(375	)		(1,000	)		(750	)
Other, net		123			126			205			238
Net Cash Used in Financing Activities		(314	)		(37	)		(691	)		(521	)
Effect of foreign exchange rates		53			24			72			30
Net increase in cash and cash equivalents		811			466			746			636
Cash and cash equivalents—beginning of period		2,481			2,417			2,546			2,247
Cash and cash equivalents—end of period	$	3,292		$	2,883		$	3,292		$	2,883

United Technologies Corporation

Free Cash Flow Reconciliation

(Millions)	Quarter Ended
	June 30, 2007					June 30, 2006
Net income	$	1,148				$	1,103
Depreciation and amortization		277					256
Change in working capital		(118	)				(567	)
Other		142					20
Cash flow from operating activities		1,449					812
Cash flow from operating activities as a percentage of net income				126	%				74	%
Capital expenditures		(251	)				(218	)
Capital expenditures as a percentage of net income				(22	%)				(20	%)
Free cash flow	$	1,198				$	594
Free cash flow as a percentage of net income				104	%				54	%

Free cash flow, which represents cash flow from operations less capital expenditures, is the principal cash performance measure used by the Company. Management believes free cash flow provides a relevant measure of liquidity and a useful basis for assessing the Corporation’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of the Corporation’s Common Stock and distribution of earnings to shareholders. Others that use the term free cash flow may calculate it differently. The reconciliation of net cash flow provided by operating activities prepared in accordance with Generally Accepted Accounting Principles to free cash flow is above.

United Technologies Corporation

Notes to Condensed Consolidated Financial Statements

(1) Debt to total capitalization equals total debt divided by total debt plus equity. Net debt to net capitalization equals total debt less cash and cash equivalents divided by total debt plus equity less cash and cash equivalents.

(2) Organic growth represents the total reported increase within the Corporation’s ongoing businesses less the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and significant non-recurring items. Non-recurring items that are not included in organic growth in 2007 include an $84 million gain at Otis from the sale of land (See Note 3 below), a $40 million gain at Pratt & Whitney from a contract termination, and $151 million from the sale of marketable securities, all of which were partially offset by the $216 million loss recorded in connection with the EU commission fine during the first quarter. Non-recurring revenues that are not included in organic growth in 2006 include approximately $25 million from the sale of marketable securities, approximately $80 million from the settlement of Pratt collaboration programs, and approximately $60 million of interest income related to the final ruling on the 1994 – 1999 U.S. federal tax audits.

(3) Otis segment results include an $84 million gain from the sale of land. The consolidated operating results include taxes related to the gain of approximately $29 million in addition to an approximately $27 million charge for the minority partner’s interest in the gain. The resulting impact to consolidated net income is approximately $28 million.