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.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Aerospace companies lose early bid to toss engineers' antitrust claimsA Connecticut federal judge has given an early win to aerospace engineers alleging that a division of Raytheon Technologies Corp and five other companies conspired to restrict employment opportunities and suppress wages in violation of U.S. antitrust law.
Source: Reuters - 🏆 2. / 97 Read more »