Diversified U.S. manufacturer United Technologies Corp reported a 27.8 percent fall in quarterly profit as a slumping economy crimped demand for its jet engines and air conditioners.

The company, which also makes Black Hawk helicopters and Otis elevators, said on Tuesday it earned $722 million, or 78 cents per share, in the first quarter. That is down from $1 billion, or $1.03 per share, a year earlier.

Revenue fell 12.2 percent.

The Hartford, Connecticut-based company stood by its full-year profit forecast, which was revised in March. It expects earnings to fall 8 to 18 percent.

United Tech shares are down 14.5 percent so far this year, compared with a 10.7 percent decline in the Dow Jones industrial average <.DJI>.

(Reporting by Scott Malone; editing by John Wallace)

Fall