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  • Monday, April 29, 2024

Raytheon Reports $15B in Q1 Sales, $65B Defense Backlog; Greg Hayes Quoted

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.

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