ARLINGTON, Va. – RTX Corp., formerly Raytheon Technologies Corp., reported a 2023 year-end profit of $3.2 billion, or $2.23 per share, a decline from $5.2 billion, or $3.51 per share, a year prior.
Raytheon Technologies, which has a plant in Portsmouth that focuses on seapower capability, changed its name to RTX Corp. in July.
The company said Tuesday that it had a fourth-quarter profit of $1.43 billion, or $1.05 per share, compared with $1.42 billion, or 96 cents per share, in the same period a year earlier. Earnings per share came to $2.23 for 2023, down from $3.51 in 2022.
Still, the results surpassed Wall Street expectations. Earnings after an adjustment for one-time gains and costs were $1.29 per share for the fourth quarter. The average earnings estimate of six analysts surveyed by Zacks Investment Research was $1.25 per share.
The aerospace and defense company posted sales of $19.93 billion in the fourth quarter, an increase from $18.09 billion the year prior. For the year, RTX posted sales of $68.92 billion, an increase from $67.07 billion the year prior.
The company's location in Portsmouth focuses on the development of sensors, combat management systems, radar and sonar. About 1,000 people work at the facility.