Raytheon Posts Better Than Expected Q4 Bottom-Line Performance, Reorganizes Business Into Three Segments

  • Raytheon Technologies Corp RTX reported Q4 revenues of $18.09 billion, up 6% Y/Y, missing the consensus of $18.15 billion.
  • Adjusted EPS of $1.27 came above the consensus of $1.24.
  • Operating cash flow from continuing operations of $4.6 billion, with a free cash flow of $3.8 billion.
  • The company achieved approximately $130 million of incremental RTX gross cost synergies.
  • Raytheon's backlog stood at $175 billion, including a defense backlog of $69 billion.
  • Related: Lockheed Martin, Boeing Among US Defense Companies In Potential Talks For Military Gear For Vietnam
  • Collins Aerospace had Q4 2022 sales of $5.7 billion, up 15%, driven by a 21% increase in commercial aftermarket and a 20% increase in commercial OE.
  • Pratt & Whitney sales increased 10% to $5.6 billion, driven by favorable OE engine volume & mix, higher shop visits, and related spare part sales. 
  • Raytheon Intelligence & Space sales decreased 8% to $3.5 billion due to the impact of the prior year's Global Training and Services divestiture.
  • Raytheon Missiles & Defense Q4 sales increased 6%, led by higher net sales in Naval Power.
  • Reorganization: Raytheon's business will be classified into three focused segments: Collins Aerospace, Pratt & Whitney, and Raytheon. 
  • The company plans to implement the reorganization during the second half of 2023 and will provide additional updates on its progress over the coming months.
  • Also ReadRaytheon Opens New Pratt & Whitney India Engineering Center
  • Price Action: RTX shares are down 0.83% at $95.45 on the last check Tuesday.
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