ARLINGTON, Va. – Raytheon Technologies Corp. on Tuesday reported a year-end profit of $5.2 billion in 2022, or $3.50 per share, and announced its plan to restructure its business units into three segments.
The company said it had a fourth-quarter profit of $1.42 billion and net income of 96 cents per share. Earnings, adjusted for non-recurring costs, came to $1.27 per share.
The fourth-quarter results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.
The aerospace and defense company posted revenue of $18.09 billion in the fourth quarter and $67.07 billion for the full year.
The company on Tuesday also said it is realigning its business units – Collins Aerospace, Pratt & Whitney and Raytheon. It plans to implement the reorganization during the second half of 2023 and will provide additional updates on its progress over the coming months.
“In 2023 we will further align our market-leading franchises with customer needs to drive operational agility and excellence,” said Christopher Calio, chief operating officer of Raytheon Technologies. “By more fully leveraging our scale, we will deliver enhanced customer solutions and unlock cost savings opportunities with improved resource allocation and a streamlined footprint.”
Calio, whose role will be expanded to president and chief operating officer of Raytheon on March 1, will oversee the business transformation initiative.
Additionally, the company announced that Roy Azevedo, president of Raytheon Intelligence & Space, will retire and serve as an adviser to Calio.
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)
