US-based aerospace and defence firm Raytheon Technologies has posted a 5% rise in sales for the third quarter (Q3) of fiscal 2022 (FY22), which ended on 30 September.
During the three-month period, the company’s sales amounted to $17.0bn, up from $16.21bn a year earlier.
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Raytheon also saw a six-point growth in organic sales, owing to a positive performance in its commercial aerospace business.
Net income attributable to the company’s common shareowners was $1.4bn in Q3 2022, down 1% from a year earlier.
Raytheon’s adjusted net income fell by 6% from $1.89bn last year to nearly $1.8bn, while its operating cash flow stood at $778m.
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At the end of Q3, the company reported a backlog of $168bn, including $101bn from commercial aerospace and $67bn from its defence businesses.
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By GlobalDataRaytheon’s Collins Aerospace and Pratt & Whitney business units recorded a rise in sales in the quarter, but the Raytheon Intelligence and Space (RIS) and Raytheon Missiles and Defense (RMD) segments each saw a drop in quarterly sales.
Collins Aerospace’s adjusted sales rose by 11% to $5.100bn while Pratt & Whitney posted a 14% rise in adjusted sales to $5.380bn.
In the same period, adjusted sales for RIS and RMD were $3.626bn and $3.678bn, down by 3% and 6% respectively.
Raytheon Technologies chairman and CEO Greg Hayes said: “Raytheon Technologies delivered strong organic sales growth while also generating adjusted earnings per share (EPS) and free cash flow that exceeded our expectations following the continued recovery in the commercial aerospace market and strong customer demand across our business.
“While we expect industry-wide challenges to continue near-term, we remain focused on operational excellence, including cost containment and programme performance, to deliver on our commitments.”
Revising its outlook for the full year of FY22, Raytheon has reduced its annual sales forecast from $67.75bn-68.75bn to $67.0bn-67.3bn.
