RTX (RTX) jumps as 'historic demand' drives earnings, revenue beat

RTX (NYSE: RTX) shares jumped more than 8% in premarket trading Tuesday after it topped third-quarter consensus expectations.

The aerospace and defense company reported earnings of $1.25 per share, $0.03 better than the analyst estimate of $1.22, while revenue for the quarter came in at $19 billion, up 12% YoY and above the analyst consensus estimate of $18.59 billion.

The backlog currently stands at $190 billion, including $115 billion of commercial and $75 billion of defense.

The company said the rise in sales was driven by "historic demand" across its commercial aerospace and defense businesses.

"We have made significant progress on our assessment of the Pratt & Whitney powder metal manufacturing matter and expect the financial impact to be in line with the previously disclosed charge," said RTX Chairman and CEO Greg Hayes.

He added: "We are now focused on executing on our fleet management plans and are working relentlessly to mitigate further disruption to our customers. We do not expect any significant future incremental impact as a result of these fleet management plans."

Looking ahead, Raytheon Technologies sees full-year 2023 earnings between $4.98 and $5.02, above the consensus of $4.72, while revenue for the period is expected to be $68.5 billion, versus the consensus of $69.4 billion.

By Sam Boughedda

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