WALTHAM, Mass. (AP) – Raytheon Technologies Corp. on Tuesday reported first-quarter profit of $1.1 billion, a 43% increase year over year.
On a per-share basis, company said it had net income of 74 cents, a 26% increase from the first quarter of 2021. Earnings, adjusted for one-time gains and costs, came to $1.15 per share, a 28% gain year over year.
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The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.
The aerospace and defense company posted revenue of $15.72 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $15.8 billion.
Raytheon Technologies expects full-year earnings in the range of $4.60 to $4.80 per share, with revenue in the range of $67.75 billion to $68.75 billion.
The company has a plant in Portsmouth that focuses on seapower capability – sensors, combat management systems, radar and sonar. About 1,000 people work at the facility.
(Providence Business News contributed to this report.)
