Raytheon Technologies has reported a promising start to the year, with their Q1 2023 financial results showing 10% sales growth and a record backlog.

The company has also achieved a Raytheon Technologies record backlog of $180bn, showing the strength of its business and growth prospects.

The company’s strong segment operating profit growth contributed to its performance, with adjusted earnings per share (EPS) of $1.22, up 6 percent from the prior year. RTX forecasts sales of $72.0 – $73.0bn and a free cash flow of approximately $4.8bn.

At the end of Q1 2023, RTX’s backlog totalled $180bn, of which $109bn came from commercial aerospace and $71bn from the defence industry. The company’s headquarters are located in Arlington, Virginia.

The defence segment also saw significant bookings during the quarter, including a $1.2bn deal for the Patriot Air Defense System for Switzerland at Raytheon Missiles & Defense (RMD), a $650m contract for Next Generation Jammer production for the U.S. Navy and Australia at RIS, and a $619m contract for SPY-6 production and sustainment for the U.S. Navy at RMD.

Other notable bookings included $115m for F135 engine enhancement at Pratt & Whitney and $212 million for Excalibur production for the U.S. Army and international customers at RMD.

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Our year is off to a strong start, including solid top- and bottom-line performance.” said Raytheon Technologies CEO Greg Hayes. Continued global airline travel and defence systems demand point to sustained top-line growth, as evidenced by $21bn in new orders and a record backlog of $180bn across our industry-leading portfolio,”

Based on their recent Q1 2023, Raytheon Technologies shows no signs of slowing down as one of the ‘big’ players in the aerospace, defence, and security industry, providing technologies and services for the aerospace and defence industries.