Raytheon Technologies Corporation (RTX) reported better-than-expected earnings for Q3, with sales up 12% and EPS up 3% (adj.). The company also announced a $10 billion share-buyback program. RTX expects its FY23 free cash flow to be $4.8 billion, up from $4.3 billion. The company plans to start deleveraging in 2024, including through disposals. RTX Chairman and CEO Greg Hayes stated that there is unprecedented demand for munitions and defense spending. The news led to an 8% pre-market surge in RTX's stock.
LISTEN NOW: Raytheon parent RTX surged after beating the street and announcing a $10 billion stock buyback program. RTX CEO Greg Hayes joins us to discuss. Listen and follow the @SquawkStreet podcast here: https://t.co/FZ7yRasUoQ https://t.co/RuYXmctPGy
"There is unprecedented demand for munitions and for defense spending generally speaking," RTX Chairman and CEO Greg Hayes tells @MorganLBrennan after the aerospace and defense company reported higher-than-expected earnings and revenue on Tuesday. https://t.co/7RIumVb22k
RTX beats Q3 estimates on Collins business strength, approves $10 bln share repurchase https://t.co/MaPGNSHw9S https://t.co/oxd5HBHRn1
$RTX 23Q3 sales +12%, EPS +3% (adj.) FY23 FCF outlook now $4.8bn (was $4.3bn) $10bn new buybacks, funded by debt Deleverage to start in 2024, incl. w/ disposals "Significant progress" on "powder metal" assessment "Financial impact to be in line with prev. disclosed" +8% pre-mkt https://t.co/9Cntzz3OKX
RTX profit tops Wall Street expectations and the company announced a $10 billion share-buyback program https://t.co/vhwcDfeO1D
$RTX 🔸RTX APPROVES $10B ACCELERATED SHARE BUYBACK PROGRAM