Raytheon Technologies Corp (NYSE: RTX) reported its financial results for the second quarter on Tuesday that beat Wall Street estimates on robust performance in its defence business. Commercial aerospace, the company said, also saw signs of recovery.
Financial performance
Raytheon said its net income in the second quarter printed at $1.03 billion that translates to 68 cents per share. In the same quarter last year, it had posted $3.84 billion of loss or $2.55 per share. Adjusted for one-time items, the aerospace and defence company earned $1.03 per share in Q2.
Raytheon generated $15.88 billion of revenue that represents a 13% annualised growth. According to FactSet, experts had forecast $15.83 billion of revenue and 93 cents of adjusted EPS.
Future guidance
For fiscal 2021, Raytheon now forecasts its revenue to fall in the range of $64.4 billion to $65.4 billion on up to $4.0 of per-share earnings. The U.S. firm also raised its outlook for full-year free cash flow to $4.5 billion to $5.0 billion on Tuesday.
In the recent quarter, its free cash flow stood at $966 million versus $775.8 million expected. Raytheon bought back $632 million of its own shares in Q2.
CEO Greg Hayes remarks
Commenting on the earnings report, CEO Greg Hayes said:
“Our relentless focus on operational excellence, structural cost reduction and integration execution has enabled us to further raise our merger-related gross cost synergy target by $200 million to $1.5 billion. As a result of our industry-leading franchises and differentiated technologies, we generated significant program wins during the quarter that will drive continued top and bottom-line growth well into the future.”
On CNBC’s “Squawk Box”, Mad Money host Jim Cramer compared Raytheon’s quarterly earnings with Tesla Inc that reported after the market close on Monday, and said, “Raytheon is extraordinarily strong”. Raytheon shares are about 4% up on Tuesday morning.
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