“Raytheon Technologies delivered strong first quarter results with sales, adjusted EPS and free cash flow that were above our initial expectations, giving us the confidence to increase the low end of our sales and adjusted EPS outlook.”
It was also notable for being the first full year since the merger that formed the company was completed, in April 2020. A combination of Raytheon Company and the United Technologies Corporation aerospace businesses, it is headquartered in Waltham, Massachusetts.
“Earlier this month marked the one year anniversary of our transformational merger, and our successful execution on the integration to date has enabled us to increase our gross cost synergy target by $300 million to $1.3 billion. Our strong cash position and positive outlook also allows us to increase our 2021 share buyback plan from $1.5 billion to at least $2 billion and raise our second quarter dividend by over 7 percent.”
Bookings during the quarter that were highlighted by the company included $1.4 billion at Raytheon Intelligence & Space (RIS), $593 million for two F-135 sustainment services contracts at Pratt & Whitney and $199 million for an international tactical airborne radar sustainment contract at RIS.
On a segment basis, RIS reported sales of $3,765 million for a profit of $388 million (other segments of the company are Collins Aerospace, Pratt & Whitney and Raytheon Missiles & Defense).
Outlook for 2021
For anticipated full-year results, the company sees sales of $63.9 – $65.4 billion (up from $63.4 – $65.4 billion) and an Adjusted EPS of $3.50 – $3.70 (up from $3.40 – $3.70).
Looking ahead, Hayes commented:
“We are confident in our outlook for the remainder of 2021. With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners. At the same time, we continue to invest in innovative technologies to deliver advanced solutions for our customers that differentiate us in aerospace and defense.”
The company was formed in 2020 through the
You can see the full figures on the Raytheon website.
See also: Raytheon Technologies adjusts to financial impact of Covid-19