Raytheon sales fall slightly short of estimates as it announces to realign into three business segments

Raytheon Technologies Corp. RTX, +2.00% said Tuesday it had net income of $1.422 billion, or 96 cents a share, in the fourth quarter, more than double the $686 million, or 46 cents a share, posted in the year-earlier period. Adjusted per-share earnings came to $1.27, ahead of the $1.24 FactSet consensus. Sales rose to $18.093 billion from $17.044 billion a year ago, below the $18.200 billion FactSet consensus.

The company ended the quarter with a backlog of $175 billion. The company announced a plan to streamline the company into three segments; Collins Aerospace, Pratt & Whitney and Raytheon. It expects to complete the realignment in the second half of 2023. For the full year, it now expects sales of $72.0 billion to $73.0 billion, compared with a FactSet consensus of $72.3 billion. It expects adjusted EPS of $4.90 to $5.05, compared with a FactSet consensus of $5.03.

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