Raytheon Technologies (NYSE: RTX) posted sales of $15.3 billion and earnings per share of $0.90 for the first quarter of its 2021 fiscal year.
The Waltham, Massachusetts-based defense and aerospace contractor said Tuesday its defense segment backlog at the end of FY 2021 Q1 was $65.2 billion.
Major bookings for the quarter include $1.4 billion in classified program support contracts at Raytheon’s intelligence and space unit and a $518 million Advanced Medium-Range Air-to-Air Missile contract at the company’s missiles and defense business.
The company expects second quarter sales in the $15.5 billion-$16.0 billion range and estimates full-year sales will reach $63.9 billion to $65.4 billion.
Greg Hayes, Raytheon Technologies CEO, said the company was able to boost its cost synergy target from $1 billion to $1.3 billion, one year after the completion of the Raytheon-United Technologies Corp. merger.
He added the company aims to raise its share buyback plan this year to $2 billion and increase Q2 dividend by more than 7 percent.
Hayes is next in line to succeed Executive Chairman Thomas Kennedy, who plans to retire by June 1.