Benzinga -
- Raytheon Technologies Corp (NYSE: RTX) reported Q4 revenues of $18.09 billion, up 6% Y/Y, missing the consensus of $18.15 billion.
- Adjusted EPS of $1.27 came above the consensus of $1.24.
- Operating cash flow from continuing operations of $4.6 billion, with a free cash flow of $3.8 billion.
- The company achieved approximately $130 million of incremental RTX gross cost synergies.
- Raytheon's backlog stood at $175 billion, including a defense backlog of $69 billion.
- Related: Lockheed Martin, Boeing Among US Defense Companies In Potential Talks For Military Gear For Vietnam
- Collins Aerospace had Q4 2022 sales of $5.7 billion, up 15%, driven by a 21% increase in commercial aftermarket and a 20% increase in commercial OE.
- Pratt & Whitney sales increased 10% to $5.6 billion, driven by favorable OE engine volume & mix, higher shop visits, and related spare part sales.
- Raytheon Intelligence & Space sales decreased 8% to $3.5 billion due to the impact of the prior year's Global Training and Services divestiture.
- Raytheon Missiles & Defense Q4 sales increased 6%, led by higher net sales in Naval Power.
- Reorganization: Raytheon's business will be classified into three focused segments: Collins Aerospace, Pratt & Whitney, and Raytheon.
- The company plans to implement the reorganization during the second half of 2023 and will provide additional updates on its progress over the coming months.
- Also Read: Raytheon Opens New Pratt & Whitney India Engineering Center
- Price Action: RTX shares are down 0.83% at $95.45 on the last check Tuesday.