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July 28, 2021

Raytheon Technologies records 13% growth in second quarter sales

The company reported strong results in second quarter driven by growth in its defence businesses.

US-based aerospace and defence company Raytheon Technologies has reported sales of $15.9bn in the second quarter of this year.

The figure represents a 13% jump compared to $14.1bn reported in the same quarter a year ago.

In the three-month period ending 30 June 2021, the company’s net income stood at $1.04bn. The figure includes $525m acquisition accounting adjustments and other nonrecurring charges.

The company’s adjusted sales were also $15.9bn for the second quarter, recording a 12% year-on-year growth.

Adjusted net income jumped 168% to $1.57bn in Q2 2021 from $583m in Q2 2020, while adjusted earnings per share (EPS) was $1.03 for the quarter.

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At the end of the second quarter, Raytheon Technologies’ backlog stood at $151.8bn, of which $66.1bn was from defence.

All four of Raytheon’s businesses, namely Collins Aerospace, Pratt and Whitney, Raytheon Intelligence and Space (RIS) and Raytheon Missile and Defense (RMD), also recorded an increase in adjusted sales.

Collins Aerospace’s second-quarter 2021 adjusted sales grew 6% to $4.55bn while Pratt & Whitney recorded a 19% growth in adjusted sales to $4.28bn.

Adjusted sales of RIS and RMD were $3.8bn and $3.99bn in Q2 2021, reporting a 12% and 15% year-on-year growth respectively.

Raytheon Technologies chairman and CEO Greg Hayes said: “Raytheon Technologies delivered strong second-quarter results driven by the growth in our defence businesses and our ability to capitalise on the commercial aerospace recovery.

“Our solid execution gives us the confidence to raise our adjusted EPS and free cash flow outlook, as well as the low end of our sales outlook range for 2021.

“In addition, our relentless focus on operational excellence, structural cost reduction and integration execution has enabled us to further raise our merger-related gross cost synergy target by $200m to $1.5bn.”

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