ARLINGTON, Va. – RTX Corp. on Tuesday reported third-quarter profit of $1.92 billion, a 30% increase from the same period a year ago boosted by strong companywide sales.
The company, formerly Raytheon Technologies Corp., reported earnings per share of $1.70, adjusted for one-time gains and costs. The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.42 per share.
The aerospace and defense business posted revenue of $22.48 billion in the period, also exceeding Wall Street forecasts. Three analysts surveyed by Zacks expected $21.48 billion.
"Strong execution in the third quarter enabled us to deliver double-digit organic sales growth across all three segments and our sixth consecutive quarter of year-over-year adjusted segment margin expansion," said RTX Chairman and CEO Chris Calio. "We also received $37 billion of new awards in the quarter, reflecting robust global demand for our products and supporting long-term growth."
RTX expects full-year earnings in the range of $6.10 to $6.20 per share.
"Based on our year-to-date performance and ongoing demand strength, we are raising our full year outlook for adjusted sales and EPS,” said Calio. “We remain focused on executing on our $251 billion backlog … while investing in next-generation products and services."
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.
(The Associated Press contributed to this report.)