RTX (NYSE:RTX) shares moved higher in pre-market trade Tuesday after the aerospace and defence firm reported better-than-expected fourth-quarter results.
The company, formerly known as Raytheon Technologies, reported a 10% jump in its 4Q revenue to $19.9 billion, above Wall Street estimates of $19.8 billion.
Adjusted earnings per share (EPS) rose 2% year over year to $1.29, above expectations of $1.25.
Sales for the 2023 full year of $68.9 billion were short of the $74.2 billion expected by analysts. The company attributed the modest 3% year-over-year increase in sales to the impact of subsidiary Pratt and Whitney’s powder metal issue in aircraft engine parts.
Adjusted sales were $74.3 million, which topped estimates, while adjusted EPS of $5.06 was ahead of expectations of $5.01 and represented a 6% increase over 2022.
For the full year 2024, RTX (NYSE:RTX) guided revenue in the range of $78 billion to $79 billion and adjusted EPS between $5.25 and $5.40.
Its sales forecast was shy of analysts' forecasts of $79.3 billion and its adjusted EPS guidance was at the low end of expectations of $5.40.
RTX (NYSE:RTX) shares had gained 3.5% at US$88 shortly before the opening bell in New York on Tuesday.