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Highlights:
- Raytheon sales were up 3% to US$15.7 billion in Q1 compared to the year-ago quarter.
- Raytheon’s results were boosted by the recovery in the commercial aerospace sector.
- Raytheon also confirmed a share buyback of US$2.5 billion worth of its common stocks.
Raytheon Technologies Corporation (RTX) on Tuesday posted a first-quarter net income of US$1.1 billion, up 43% YoY, boosted by the recovery in the aerospace industry.
Its first-quarter sales were US$15.7 billion, up 3% from the year-ago period.
The Waltham, Massachusetts-based company also reported a 4% organic sales growth in the quarter ended March 31, 2022.
Raytheon’s net income from continuing operations surged 43% YoY to US$1.1 billion. The adjusted net income was US$1.7 billion, up 26% from the previous year. The company’s GAAP EPS from continuing operations surged 45% to US$0.74 year-on-year.
Raytheon also confirmed a share buyback of at least US$2.5 billion worth of its common stocks.
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Commercial aerospace boosted Q1 results
According to Raytheon Technologies Chairman and CEO Greg Hayes, the robust recovery in the commercial aerospace sector coupled with the company’s focus on operational execution helped it to deliver top-line growth and YoY margin expansion.
“As a result, adjusted EPS and free cash flow exceeded our expectations in the first quarter," said Hayes.
It also reported adjusted earnings per share (EPS) of US$1.15, which is up by 28% from the previous year. The company gained close to US$90 million of incremental RTX gross cost synergies. Meanwhile, the company spent US$743 million on share repurchase.
Bottom line:
RTX also closed a slew of notable defense bookings during the quarter, including classified bookings of US$1.1 billion at Raytheon Intelligence & Space (RIS) and strategic competitive award amounting to US$1.2 billion at Raytheon Missiles & Defense (RMD).
