Raytheon Technologies plans include continued investment in innovation and technology. Credit: The Focal Project/Flickr (Creative Commons).

Aerospace and defence solutions manufacturer Raytheon Technologies has reported sales of $16.3bn in the second quarter of this year.

This is a 3% jump compared to the $15.9bn reported in the same quarter in 2021. The company also recorded a 4% organic growth in the quarter.

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In the three-month period that ended on 30 June 2022, the US-based company’s net income was $1.3bn, 25% more than the previous year’s $1.04bn. 

This figure includes $418m in acquisition accounting adjustments, net significant and non-recurring charges.

Adjusted net income stood at $1.7bn, compared to $1.57bn in the second quarter of 2021, and adjusted earnings per share (EPS) was $1.16, up 13% from a year ago.

Operating cash flow from continuing operations in the quarter was $1.3bn while free cash flow was $807m, owing to capital expenditures of $479m.

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Raytheon Technologies’ backlog at the end of the second quarter was $161bn. Of this, $96bn was from commercial aerospace and $65bn from defence.   

The company’s businesses also recorded an increase in adjusted sales.

Collins Aerospace reported a 10% growth in adjusted sales to $5.011bn while Pratt and Whitney saw adjusted sales of $4.969bn in the second quarter of 2022.

Raytheon Intelligence and Space, and Raytheon Missiles and Defense reported adjusted sales of $3.570bn and $3.558bn, respectively, in the second quarter.

Raytheon Technologies chairman and CEO Greg Hayes said: “A strong start to the summer travel season drove continued top-line growth and adjusted EPS that exceeded our expectations.

“Resilient end-market demand along with our differentiated technology solutions generated over $24bn of awards in the quarter.”

The company expects sales of $67.75bn to $68.75bn and adjusted EPS to be in the range of $4.60 to $4.80 for the full year 2022.

Hayes added: “Looking ahead, while we expect the global supply chain environment, labour availability and inflation will remain challenging near term, we are actively engaged with our customers and suppliers to meet demand and remain cost competitive.”

Last month, Raytheon Intelligence and Space announced that it had completed a successful troposcatter communications demonstration for the US Army.

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