NEW YORK (CNN/Money) - United Technologies Corp.'s first-quarter profit came in higher than a year earlier Wednesday, beating Wall Street expectations, as the aerospace products company continued to cut costs after the September terrorist attacks.

The maker of Pratt & Whitney aircraft engines said earnings for the quarter increased to $467 million, or 92 cents a share, from $440 million, or 86 cents a share, a year earlier. Analysts on average anticipated a profit of 90 cents a share, according to earnings tracker First Call.

The results exclude the effect of an accounting change.

First quarter revenue fell to $6.4 billion from $6.7 billion

United Technologies also reaffirmed its 2002 earnings forecast of $4.32 a share, which is in line with Wall Street expectations.

United Technologies (UTX: Research, Estimates) shares added $1.23 to $73.08 in Tuesday trading.