General Telephone & Electronics Corp. said Monday that increased phone revenues helped push first quarter profits to a record $138.8 million (89 cents a share) from $87 million (60 cents) a year ago. Sales rose from $1.6 billion to $1.8 billion.

GTE chairman Theodore F. Brophy said, the record reflected "continued strong growth in revenues and new income from telephone operations, together with further susbtantial improvement in sales and earnings from our worldwide products group."

Dow Chemical Co. earned 82 cents a share in the first quarter, up from 76 cents a year ago as sales rose to a record $1.53 billion from $1.37 billion.

Net income climbed to $152.2 million from $141.6 million.

President Zolton Merszei said stabilization of foreign currencies helped achieve the gains but that increased domestic and foreign sales were the main factor. He predicted continuing gains for the rest of 1977.

Merszei also said he was pleased by the signs of a general economic recovery in the United States.

Monsanto Co. reported higher sales but lower earnings for the first quarter of 1977, its second consecutive quarter of profits below those of a year earlier.

The company attributed the first quarter earnings dip to a higher projected effective tax rate, pointing out that operating income was about equal with that of a year ago.

For the three months ended March 1, Monsanto earned $147.9 million, a decline of 5.7 cent from first-quarter 1978 of $156.9 million. On a fully diluted basis, earnings per common share equaled $3.95 in the 1977 quarter compared with $4.19 in 1976.

Sales for the first quarter were $1.306 billion, up 11.3 per cent over first-quarter 1976 sales of $1.74 billion.

Honeywell, Inc., yesterday said that gains in all major segments of its business combined to produce increased revenues, net income and earnings per share in the first quarter of 1977 compared witht the comparable quarter a year ago.

Worldwide sales, rental and service revenues in the first quarter this year were $662.8 million compared with $534.2 million last year. Net income for the quarter was $30.9 million compared with $13.6 million. Earnings per share for the first quarter of 1977 were $1.47 compared with 63 cents in the first quarter of 1976.

Republic Steel Corp. lost $6.15 million during the first quarter because problems stemming from a winter of record severity, the firm reported yesterday.

The loss was the equivalent of 38 cents a share on sales of $643.5 million compared with new earnings of $13.59 million (84 cents a share) on sales of $604.95 million on year tarlier, the company said.

Uniroyal, Inc.'s, profits in the first quarter doubled over a year ago, the chairman of the rubber and chemical company told the annual meeting in New York City yesterday.

David Beretta said this year's first quarter profits are estimated at $13 million (44 cents a share) compared with $6.5 million (20 cents) in the first quarter of 1976.

Estimated first-quarter sales were $647 million compared with $572 million a year.

Marine Midland Banks, Inc., reported a turnaround in the first quarter, earning $3.69 million in contrast with a loss of $646,000 a year ago.

The operating profit was equal to 29 cnets a share, and profits on securities transactions increased net income to $50.39 million (40 cents a share) against $1.26 million (10 cents) a year earlier.

The 1977 first-quarter profit included a tax credit of $1.4 million against a similiar tax credit of $6.97 million a year earlier.

Loans on which interest is not being accrued dropped during the quarter to $297 million from $374 million a year earlier.