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Christopher Calio

RTX Posts 12% Sales Growth in Q1 2024; Chris Calio Quoted

RTX (NYSE: RTX) has reported first quarter 2024 sales of $19.3 billion, a 12 percent increase from the prior-year period, and posted GAAP earnings per share of $1.28, up 32 percent compared to the previous year.

In an earnings statement published Tuesday, RTX said it recorded $1.3 billion in gross proceeds from the divestiture of Raytheon’s cybersecurity, intelligence and services business and $202 billion in company backlog, including $125 billion from commercial aerospace and $77 billion from defense.

Notable defense awards include a $1.2 billion contract from the U.S. Army to supply Germany with Patriot air and missile defense systems and an $818 million contract awarded to Raytheon for the production of the Patriot Guidance Enhanced Missile variant for NATO.

“We’re operating in one of the strongest demand periods in our history with a record $202 billion backlog and a portfolio of products and services which are fully aligned to our customers’ top priorities,” said Chris Calio, president and chief operating officer at RTX.

RTX business Collins Aerospace posted $6.67 billion in sales in the first quarter of 2024, up 9 percent compared to the prior year, and $849 million in operating profit, a 5 percent increase from the previous year.

Pratt & Whitney reported sales of $6.45 billion, up 23 percent versus the prior year, and operating profit of $412 million, down 1 percent compared to the prior year.

The Raytheon subsidiary’s first-quarter sales increased 6 percent to $6.6 billion driven by an increase in the demand for land and air defense systems.

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