Shares of Raytheon Technologies Corp. (RTX) rallied 2.3% in premarket trading Tuesday, after the aerospace and defense company reported second-quarter profit and revenue that beat expectations, as a "good performance" in its defense business offset challenges in commercial aerospace. The company swung to a net loss of $3.84 billion, or $2.55 a share, from net income of $1.90 billion, or $2.20 a share, in the year-ago period. Excluding non-recurring items, such as one-time charges and acquisition accounting adjustments, adjusted earnings per share came to 40 cents, above the FactSet consensus of 13 cents. Sales rose 24% to $14.06 billion, above the FactSet consensus of $13.46 billion. Among Raytheon's business segments, Collins Aerospace sales fell 36% to $4.20 billion, above the FactSet consensus of $3.56 billion; Pratt & Whitney sales dropped 32% to $3.49 billion but beat expectations of $3.25 billion; Raytheon Missiles & Defense sales were $3.59 billion to miss expectations of $3.90 billion; and Raytheon Intelligence & Space sales were $3.31 billion to miss expectations of $3.54 billion. The stock has tumbled 30.8% year to date through Monday, while the Dow Jones Industrial Average has declined 6.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 28, 2020 07:17 ET (11:17 GMT)
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