Raytheon Technologies Corporation announced that its first-quarter 2023 sales increased 10% to $17.21 billion, surpassing the FactSet analyst estimate of $16.96 billion, on strong demand from China for commercial aircraft spare parts and services.
The aerospace and defense company also recorded adjusted earnings of $1.22 per share for the period, which also beat the consensus forecast of $1.13.
“Continued global airline travel and defense systems demand point to sustained top line growth, as evidenced by $21 billion in new orders and a record backlog of $180 billion across our industry-leading portfolio,” Raytheon Technologies CEO Greg Hayes said in a statement.
As well, Raytheon said it is raising its quarterly dividend 7.3% to $0.59 per share, payable on June 15, 2023, to shareholders of record at the close of business on May 19, 2023.
The company has paid cash dividends on its common shares every year since 1936.
Raytheon noted that its Pratt & Whitney business, which makes engines for the Airbus A320neo family of aircraft, saw its adjusted sales rise 15% in the first quarter along with a 41% surge in its adjusted operating profit.
Shares of Raytheon Technologies eased 0.5% to $101.99 in early Tuesday trading.
Contact Sean at sean@proactiveinvestors.com