Raytheon Technologies (NYSE: RTX) saw its fiscal 2022 first quarter sales rise 3 percent to $15.7 billion and reported $1.15 in adjusted earnings per share for the quarter, reflecting a 28 percent increase from the prior-year period.
The Waltham, Massachusetts-based aerospace and defense contractor said Tuesday it logged a total backlog of $154 billion at the end of the quarter with defense segment accounting for $62 billion of that backlog.
Major defense-related bookings during the quarter include $1.1 billion in classified bookings at Raytheon’s intelligence and space business and a $651 million SPY-6 production and sustainment contract secured by the company’s missiles and defense business from the U.S. Navy.
The company’s Collins Aerospace business reported $4.8 billion in Q1 sales, up 10 percent from the same period last year.
Pratt & Whitney saw its sales rise 12 percent to $4.5 billion during the quarter, while Raytheon Intelligence and Space reported $3.6 billion in sales, a 5 percent drop from the prior-year period driven by the sale of the contractor’s global training and services business.
Raytheon Missiles and Defense generated $3.5 billion in Q1 2022 sales, reflecting a 7 percent decline from the prior-year period due to supply chain constraints and reductions in certain air defense and ground warfare programs.
The company posted $476 million in operating cash flow from continuing operations and expects full-year 2022 sales to reach $67.75 billion to $68.75 billion.