Raytheon posts better-than-expected profit and sales, shares jump

FILE PHOTO: A screen displays trading information for Raytheon on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 24, 2017. REUTERS/Brendan McDermid

WASHINGTON (Reuters) – U.S. aerospace manufacturer Raytheon Technologies Corp reported better than expected quarterly profit and sales Tuesday amid a slow global economic environment triggered by disruptions from the COVID-19 pandemic.

Shares of the company rose 2.6% in premarket trading.

However, the company provided a full-year revenue outlook of about $63.4 billion to $65.4 billion which was below analysts’ estimate of revenue of about $67.28 billion.

Still, the Waltham, Massachusetts-based company said it now expects full-year earnings per share to be in the range of $3.40 per share to $3.70 per share, beating analysts’ average expectation of $3.47 per share, according to IBES data from Refinitiv.

Raytheon beat its 2020 cash flow guidance of about $2 billion for the full 2020 by posting $2.3 billion on Tuesday thanks to stability in its defense unit that contributes to more than half of the company’s overall sales.

Reporting by Mike Stone, editing by Louise Heavens and Chizu Nomiyama

source: reuters.com