Raytheon (RTX) Gains on Beat-and-Raise, CEO Says Next War Will Be Fought in Cyber Space and Then Outer Space
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Shares of Raytheon Technologies (NYSE: RTX) are trading over 3.7% higher Tuesday after the company delivered a beat-and-raise quarter.
RTX made a profit of $1.03 per share in Q2 to top analysts’ estimates of $0.93 per share. Revenue came in at $15.88 billion to also top the Street’s estimates.
"What really happened in the second quarter is airlines aggressively got back into the business of making sure their fleets were ready for this summer travel season," Neil Mitchill, Raytheon's chief financial officer, told Reuters.
On guidance, the company upgraded its full-year EPS outlook to $3.85 and $4.00 per share, above its previous projection of $3.50 and $3.70. On revenue, RTX raised the lower end of its annual sales range to $64.4 billion, up from the prior $63.9 billion. The upper end of the guidance was left unchanged at $65.4 billion.
Speaking to CNBC after the quarterly earnings report, CEO Gregory Hayes says he expects the 21st century war to be fought in cyberspace and then outer space.
“You are not gonna see a land war in Asia, you don’t need main battle tanks, you don’t need troops on the ground, it’s gonna be fought first in cyberspace, then in outer space, then on the sea, and then in the air,” Hayes told CNBC.
He believes RTX is “uniquely-positioned” for upcoming challenges and “platform-agnostic” due to its diversified portfolio.
“It’s all about protecting the troops on the ground and ships on the sea. We have some unique capabilities.”
Today’s comments come just a few days after Hayes said that “speed trumps stealth.”
“We’ve talked about stealth for the last 30 years, but speed trumps stealth when you’re talking about something that can go up to Mach 20, which is about 17,000 miles an hour. The ability to defend against hypersonics is the huge market,” RTX’s CEO told Bloomberg.
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