Defense Conglomerate RTX Stock Soars - Q3 Earnings, Buyback, Business Sale And More

Grand News Network | October 24, 2023

RTX Corporation (NYSE: RTX) reported a third-quarter FY23 adjusted Net sales increased by 12% YoY to $18.95 billion, beating the consensus of $18.59 billion.

It clocked a GAAP sales decline of 21% year-over-year to $13.46 billion, reflecting the impact of the previously disclosed Pratt powder metal matter.

Adjusted EPS improved 3% Y/Y to $1.25, beating the consensus of $1.21.

At the end of the quarter, the backlog was $190 billion, of which $115 billion was from commercial aerospace and $75 billion was from defense.

RTX consolidated its business segments into Collins Aerospace, Pratt & Whitney, and Raytheon from 3Q23.

Collins Aerospace’s adjusted sales were $6.69 billion (+17% Y/Y) were driven by a 30% increase in commercial aftermarket, and a 27% increase in commercial OE. The adjusted ...

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