RTX Corp.’s stock was up by 4% in premarket trading on Tuesday after the Collins Aerospace Systems and Pratt & Whitney owner beat analyst expectations for fourth-quarter profit and revenue.
RTX
RTX,
which was formerly called Raytheon, said its net income for the three months ended Dec. 31 rose slightly to $1.43 billion, or $1.05 a share, from $1.42 billion, or 96 cents a share, in the year-ago quarter.
RTX’s adjusted profit of $1.29 a share beat the FactSet consensus estimate by a nickel per share.
RTX’s revenue rose 10% to $19.93 billion, ahead of the estimate of $19.74 billion.
Looking ahead, RTX said it expects 2024 adjusted earnings of $5.25 a share to $5.40 a share, compared to the FactSet consensus estimate of $5.28 a share.
RTX also continues to expect to return $36 billion to $37 billion to shareholders by 2025.
“RTX is beginning 2024 with strong momentum and we are projecting another year of strong sales growth and continued segment margin expansion,” said RTX President and Operating Chief Chris Calio.
The aerospace company’s Pratt & Whitney jet engine unit’s profit rose by 25% to $382 million, while sales increased by 14% to $6.44 billion, as it recovered from an engine issue earlier in the year.
In the third quarter, RTX took a $2.9 billion charge related to the removal of about 600 to 700 engines Pratt & Whitney jet engines due to a powder metal matter.
