(C) Reuters. FILE PHOTO: The Raytheon stand is seen at the 53rd International Paris Air Show at Le Bourget Airport near Paris
By Shreyasee Raj and Mike Stone
(Reuters) -U.S. aerospace manufacturer Raytheon Technologies (NYSE:RTX) Corp on Tuesday lifted the lower end of its full-year sales forecast on strong performance of its defense unit and recovery in commercial air travel.
Neil Mitchill, Raytheon (NYSE:RTN)’s newly appointed chief financial officer, said in an interview that “increasing confidence and a commercial aero recovery that we began to see take hold at the end of the first quarter” led to the company’s view for 2021.
While demand for Raytheon’s aviation technologies and service for aircraft manufacturers slumped during the global health crisis, its robust defense unit that contributes more than half of overall sales continued to lift its bottom line.
During the quarter the company had $1.4 billion in classified bookings for defense products which Mitchill said was “clearly an indication that the operations tempo is increasing from where we saw it exiting 2020.”
The company now expects between $63.9 billion and $65.4 billion in full-year sales, compared with its previous forecast of $63.4 billion to $65.4 billion.
For the quarter, Raytheon had earnings per share of $0.90 versus Wall Street analyst’s consensus estimate of $0.88. Revenue rose to $15.25 billion from $11.36 billion but missed Wall Street’s estimate of $15.36 billion.
Net income attributable to common shareowners was $753 million, or 50 cents per share, in the quarter ended March 31, from a loss of $83 million, or 10 cents per share, a year earlier.
Raytheon ended the first quarter with a backlog of $147.4 billion.
Raytheon lifts lower end of full-year sales forecast
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