Raytheon 3Q Sales Rise on Higher Aerospace Demand

By Matt Grossman

Raytheon Technologies Corp. Tuesday posted greater third-quarter sales and earnings year over year as its aerospace divisions logged revenue growth.

The Waltham, Mass.-based aerospace and defense company posted third-quarter net earnings attributable to shareholders of 93 cents a share, compared with 17 cents a share in the year-ago quarter. Total net income was $1.39 billion, a rise from $264 million 12 months earlier.

Stripping out one-time items, Raytheon's adjusted earnings were $1.26 a share. Analysts polled by FactSet had forecast adjusted earnings of $1.09 a share.

Sales grew 10% year over year to $16.21 billion, from $14.75 billion in last year's third quarter. Analysts were expecting revenue of $16.4 billion.

Revenue in Raytheon's Collins Aerospace segment grew by 7% to $4.59 billion, driven by a 38% rise in commercial after-market sales. The Pratt & Whitney aircraft-engine division saw sales grow 25% year over year to $4.73 billion.

Intelligence and space sales were roughly flat year over year at $3.74 billion. Missiles and defense sales were up by 5% to $3.9 billion.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

October 26, 2021 07:30 ET (11:30 GMT)

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