Raytheon Technologies Surpasses Q2 Estimates with EPS $1.41, Revenue $19.70B, Raises FY24 Profit Forecast

Jul 25, 2024, 12:10 PM

Raytheon Technologies (RTX) reported strong second-quarter earnings, surpassing Wall Street expectations. The company posted an EPS of $1.41, up 9% YoY and beating the estimated $1.30, and revenues of $19.70 billion, up 8% YoY and exceeding the forecasted $19.28 billion. RTX's quarterly profit was driven by robust demand in the commercial aerospace sector. Consequently, the company raised its full-year profit forecast, citing strength in its end markets and first-half performance. RTX now projects FY24 EPS between $5.35 and $5.45, although this is below the previous estimate of $6.06. Additionally, RTX's backlog increased to $206 billion, including $129 billion in commercial and $77 billion in defense contracts. The company's operating cash flow was $2.7 billion, with free cash flow at $2.2 billion. Net income for the quarter was $111 million. RTX shares rose 1.1% in pre-market trading.