Companies
RTX

Raytheon tops estimates on defense business strength

Credit: REUTERS/PASCAL ROSSIGNOL

Raytheon Technologies Corp on Tuesday topped analysts' estimates for quarterly profit and sales, boosted by strength in its defense business which makes parts for Lockheed Martin's F-35 fighter jets.

Adds estimates, background

July 28 (Reuters) - Raytheon Technologies Corp RTX.N on Tuesday topped analysts' estimates for quarterly profit and sales, boosted by strength in its defense business which makes parts for Lockheed Martin's LMT.N F-35 fighter jets.

Shares of the company rose 2.2% to $62.45 in premarket trading.

Sales in the company's Collins Aerospace unit fell 36.1% to $4.20 billion in the reported quarter.

The company said the decrease in commercial sales was slightly offset by growth in the F-35 and defense development program.

Larger peer Lockheed Martin LMT.N last week beat quarterly profit estimates and posted higher quarterly sales in its aeronautics unit that makes the F-35 fighter jet.

Raytheon's missiles and defense unit makes precision weapons for the F-35 jets while its intelligence and space unit makes a navigation system that helps it land on aircraft carriers.

Net loss attributable to common shareowners was $3.84 billion, or $2.55 per share, for the quarter ended June 30, compared with a profit of $1.90 billion, or $2.22 per share, a year earlier.

Revenue rose 24% to $14.06 billion, above estimates of $13.48 billion, according to Refinitiv data.

Excluding items, Raytheon earned 40 cents per share, above Street estimates of 12 cents per share.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Ramakrishnan M.)

((SanjanaSitara.Shivdas@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 1642; Twitter: @SanjanaShivdas;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

RTX LMT

Other Topics

US Markets

Latest Companies Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More