shares soared higher Tuesday after the defense contractor rode 'historic' demand to better-than-expected third quarter earnings that offset the impact of structural flaws found in its Pratt & Whitney engine division.
The group also added that Pratt & Whitney, the engine-making business it acquired through the $120 billion merger between Raytheon and United Technologies in 2020, fell to a $2.
"We have made significant progress on our assessment of the Pratt & Whitney powder metal manufacturing matter and expect the financial impact to be in line with the previously disclosed charge," said CEO Greg Hayes."We are now focused on executing on our fleet management plans and are working relentlessly to mitigate further disruption to our customers. We do not expect any significant future incremental impact as a result of these fleet management plans.