David Wichner Raytheon Technologies Corp. on Tuesday reported higher fourth-quarter revenue and profits and said it would realign its business units by mid-year.
Adjusted for non-recurring costs, earnings of $1.8 billion came to $1.27 per share, topping the average estimate of $1.24 per share of analysts polled by Zacks Investment Research, while revenue was slightly short of expectations. Fourth-quarter sales at the Virginia-based Raytheon Intelligence & Space unit fell 8% to $3.54 billion, while operating profit dropped 56% to $278 million, driven by the impact of the prior year’s divestiture of its Global Training and Services business and lower sales across several program areas.
For the full year, Raytheon reported profit of $5.2 billion, or $3.50 per share, on revenue of $67 billion. Raytheon Missiles & Defense was formed following the merger with United Technologies to include the former Raytheon Missile Systems and Integrated Defense Systems business units.
Of course they did. Had to make all that equipment for Ukraine
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