WALTHAM, Mass. – Raytheon Technologies Corp. on Tuesday reported first-quarter profit of $1.43 billion, a 29% increase year over year.
On a per-share basis, the company said it had net income of 97 cents, a 31% increase from the first quarter of 2022. Earnings, adjusted for one-time gains and costs, came to $1.22 per share, a 6% 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 $1.11 per share.
The aerospace and defense company posted revenue of $17.21 billion in the period, also surpassing Wall Street forecasts. Three analysts surveyed by Zacks expected $16.86 billion.
Raytheon expects full-year earnings in the range of $4.90 to $5.05 per share, with revenue in the range of $72 billion to $73 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.
(Material from The Associated Press was used in this report.)
