Raytheon Technologies (NYSE: RTX) reported Q2 EPS of $0.40, $0.28 better than the analyst estimate of $0.12. Revenue for the quarter came in at $14.3 billion versus the consensus estimate of $13.48 billion.

• Sales of $14.1 billion
• Adjusted sales of $14.3 billion
• GAAP EPS from continuing operations of a loss of $2.56 and included $2.96 of net significant and/or non-recurring charges and acquisition accounting adjustments
• Adjusted EPS of $0.40
• Operating cash flow from continuing operations of $210 million
• Free cash flow of an outflow of $248 million
• Achieved ~$600 million of cost reduction and ~$1 billion of cash conservation actions
• Combined book-to-bill ratio of 1.20 at RIS and RMD segments

"During the quarter, we continued to deliver good performance in our defense business, while we saw challenges in commercial aerospace as expected," said Raytheon Technologies CEO Greg Hayes. "Looking ahead, we expect the pressures in commercial aerospace to persist as OEM production levels and aftermarket activity remain low. As a result, we are taking difficult but necessary actions to strengthen the business, including achieving the previously announced cost and cash savings this year. At the same time, we continue to deliver cost synergies from the Rockwell Collins acquisition and the Raytheon merger."

Hayes continued, "I'm proud of what our team has accomplished in support of our customers, suppliers, and communities during this difficult time. Our balance sheet remains strong and the resiliency of our defense business will help us weather this storm as we continue to capitalize on growth opportunities supported by our record backlog. I am confident that our balanced portfolio and advanced technologies will position us for long-term value creation as the global economy recovers."

For earnings history and earnings-related data on Raytheon Technologies (RTX) click here.