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Raytheon Posts 3% Revenue Hike, $62B Defense Backlog for Q1 2022

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.

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