Apr. 26—Raytheon Technologies Corp. on Tuesday reported higher first-quarter revenue and profit as its commercial aerospace units continued to rebound from the effects of the COVID-19 pandemic.
But sales and profits fell at Raytheon's defense units, including Tucson-based Raytheon Missiles & Defense, and the parent company cut its outlook for the rest of the year due to sanctions on Russia that have curtailed aerospace sales.
Raytheon reported first-quarter net income of $1.08 billion, or 72 cents per share, up from earnings of 50 cents per share in the first quarter of 2021.
After accounting for one-time charges, the company posted first-quarter adjusted net income of $1.15 per share, up 28% from the first quarter of last year and beating analysts' average forecast of $1.01.
Raytheon posted first-quarter revenue of $15.7 billion, up 3% from last year but falling just shy of Wall Street expectations, according to Zacks Investment Research.
Raytheon shares closed Tuesday at $99.33, down 28 cents, in trading on the New York Stock Exchange, as the major market indices were down 2 to 4%.
Raytheon lowered its revenue outlook for 2022 to a range of $67.75 billion to $68.75 billion, down from $68.5 billion to $69.5 billion. The sanctions are expected to cut $750 million in sales of commercial aviation equipment and parts to Russia, the company said.
Among Raytheon's four operating units, Missiles & Defense had first-quarter adjusted sales of $3.57 billion, down 7% from the prior year, driven by continuing supply-chain constraints and declines on certain land-warfare and air-defense programs.
The defense unit reported adjusted operating profit of $387 million, down 22%, primarily due lower net program efficiencies and an unfavorable program mix, the company said.
First-quarter sales at Raytheon's Virginia-based Intelligence & Space business totaled $3.57 billion, down 5%, while operating profit fell 3% to $378 million.
First-quarter sales at Raytheon's Collins Aerospace unit rose 10% to $4.82 billion, while engine maker Pratt & Whitney posted first-quarter adjusted sales of $4.53 billion, up 12% from the first quarter of 2021.
Contact senior reporter David Wichner at [email protected] or 520-573-4181. On Twitter: @dwichner. On Facebook: Facebook.com/DailyStarBiz
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