Shares of aerospace giant RTX were nearly 6.9% higher in midday Tuesday trading after the company announced robust quarterly earnings, driven by its Collins Aerospace unit, which overshadowed challenges at its Pratt and Whitney division.
Despite the jet turbine maker recording a $2.48 billion operating loss linked to engine recalls, RTX's Collins Aerospace saw a 22% profit increase, reaching $903 million.
As a result, its Q3 adjusted profit was $1.25 per share, surpassing Wall Street's $1.21 prediction, and its revenue climbed 12% to $18.95 billion.
RTX, formerly known as Raytheon Technologies Corp (NYSE:RTX), also upped its 2023 financial forecast and approved a $10 billion share buyback program. Additionally, a deal has been struck to sell its Cybersecurity, Intelligence and Services sector for approximately $1.3 billion.
--Updates with share price--