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RTX Posts Q2 2023 Sales Growth of 12%; Greg Hayes Offers Update on Business Realignment

RTX (NYSE: RTX), formerly Raytheon Technologies, posted $18.3 billion in fiscal 2023 second quarter sales, up 12 percent from the prior-year period, and saw its adjusted earnings per share increase 11 percent to $1.29 during the quarter.

The Arlington, Virginia-based aerospace and defense contractor said Tuesday its backlog at the end of the quarter totaled $185 billion with defense business accounting for $73 billion of that figure.

Notable Q2 defense bookings included $2 billion for F135 engine production, $1.2 billion for advanced medium-range air-to-air missile or AMRAAM production and $1.5 billion for F117 sustainment work.

“Accelerating demand in global commercial aerospace and strong defense spending allowed us to deliver 12 percent sales growth and increased operating profit year-over-year, with top-line growth across all RTX business units,” said RTX Chairman and CEO Greg Hayes.

In early July, the company started operating with three businesses – Collins Aerospace, Pratt & Whitney and Raytheon – as part of a portfolio realignment

We are now officially operating as three business units. Our team has done a tremendous job in a relatively short period of time, shifting roughly $3 billion of sales and thousands of employees across our portfolio to better meet the evolving needs of our customers,” Hayes told analysts Tuesday at an earnings call.

RTX’s Q2 operating cash flow from continuing operations was $719 million and the company expects to record full-year 2023 sales of $73 billion to $74 billion, up from $72 billion to $73 billion.

The company said its Pratt & Whitney business expects to remove about 200 PW1100G-JM engines by mid-September for inspection in the next nine to 12 months following the discovery of a rare condition in powder metal used to produce certain engine parts.

RTX noted that the current engine production is not impacted by the matter.

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