📊 Q3 Earnings are here! Plan ahead with key data on upcoming stock reports - all in 1 placeSee list

Raytheon Technologies tops earnings, misses revenue expectations - announces realignment plans

Published 2023/01/24, 16:17
© Reuters.
RTX
-

By Sam Boughedda

Raytheon Technologies (NYSE:RTX) shares slipped slightly premarket after it reported results for its latest quarter, topping earnings estimates but missing revenue expectations.

The aerospace and defense firm reported fourth-quarter earnings of $1.27 per share, $0.03 better than the analyst estimate of $1.24, while revenue for the quarter came in at $18.09 billion versus the consensus estimate of $18.19B.

"Raytheon Technologies delivered solid full-year results with strong free cash flow that exceeded our expectations," said Raytheon Technologies chairman and CEO Greg Hayes.

Looking forward, the company sees full-year 2023 sales between $72B and $73B, with adjusted earnings per share from $4.90 to $5.05.

"Our portfolio is well positioned to capture growing demand and we expect to deliver sales growth and margin expansion, along with strong free cash flow generation, in 2023," added Hayes.

The company also announced that it plans to realign its business units. There will be three business segments, including Collins Aerospace, Pratt & Whitney, and Raytheon, with Raytheon stating it plans to implement the reorganization during the second half of 2023.

Christopher Calio, whose role will expand to president and chief operating officer effective March 1, will oversee Raytheon's business transformation initiative.

"In 2023 we will further align our market-leading franchises with customer needs to drive operational agility and excellence," said Calio. "By more fully leveraging our scale, we will deliver enhanced customer solutions and unlock cost savings opportunities with improved resource allocation and a streamlined footprint."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.