Raytheon Technologies has announced net sales of $67.07bn for the full year 2022, up 4% compared to $64.38bn in the year prior.

Earnings per share (EPS) from continuing operations were $3.51, up 36% versus the previous year. Adjusted EPS was $4.78, an increase of 12%.

Net income for the year was $5.216bn, operating cash flow from continuing operations was $7.168bn, and free cash flow was $4.88bn.

During the fourth quarter (Q4) 2022, the company recorded a 6% increase in net sales of $18.1bn, when compared to Q4 2021. 

The net income for the reported quarter was $1.42bn. It reflects a strong growth of nearly 108% from the previous year’s Q4 net income of $685m.  

Raytheon’s adjusted net income in Q4 2022 was $1.9bn while the operating cash flow from continuing operations was $4.6bn. Free cash flow was recorded at $3.8bn, with capital expenditures of $855m.

Adjusted EPS has increased to $1.27, showing an 18% growth from Q4 2021.

In Q4 2022, which ended on 31 December 2022, Raytheon’s defence backlog was $69bn, while overall backlog was 175bn.

Overall quarterly sales for Raytheon Missiles and Defense division went up 6.2% to $4.1bn, while Collins Aerospace reported 15% increase to $5.66m from Q4 2021.

Raytheon Technologies chairman and CEO Greg Hayes said: “Raytheon Technologies delivered solid full-year results with strong free cash flow that exceeded our expectations.”

Raytheon is further planning to realign its portfolio to three business segments Collins Aerospace, Pratt & Whitney, and Raytheon. It will be implemented in the second half of this year.

Raytheon Technologies chief operating officer Christopher Calio said: “In 2023 we will further align our market-leading franchises with customer needs to drive operational agility and excellence.

“By more fully leveraging our scale, we will deliver enhanced customer solutions and unlock cost savings opportunities with improved resource allocation and a streamlined footprint.”

In 2023, the company is expecting sales to be between $72.0bn and $73.0bn, with an anticipated free cash flow of nearly $4.8bn. Raytheon has also said that share repurchases for 2023 is being estimated at $3bn.