US-based Raytheon Technologies has recorded a 3% increase in sales in the first quarter of 2022, driven by growth in the commercial aerospace business.
In the three-month period that ended on 31 March 2022, the company’s sales totalled $15.7bn. The figure was $15.3bn in the same quarter a year ago.
Net income attributable to common shareowners was $1.08bn in Q1 2022, up 43% compared to the $753m recorded in Q1 2021.
The company’s adjusted net income in the quarter also grew by 26% on a year-on-year (YoY) basis to $1.7bn.
At the end of the first quarter, the backlog stood at $154bn. This includes $62bn from defence.
Among Raytheon’s reportable business segments, Collins Aerospace, and Pratt & Whitney recorded a rise in sales in the quarter. On the other hand, the Raytheon Intelligence and Space (RIS), and Raytheon Missiles and Defense (RMD) units reported drop in quarterly sales.
Collins Aerospace’s adjusted sales in the quarter grew by 10% to $4.8bn while Pratt & Whitney’s adjusted sales increased by 12% to $4.5bn in the same period.
The adjusted sales of RIS and RMD in the March quarter were $3.57bn and $3.52bn, representing a fall of 5% and 7% respectively.
Raytheon Technologies chairman and CEO Greg Hayes said: “The strong commercial aerospace recovery and our focus on operational execution enabled us to deliver both top-line growth and margin expansion year-over-year. As a result, adjusted EPS and free cash flow exceeded our expectations in the first quarter.
“We remain confident in the long-term outlook for our businesses, supported by the return to travel and growing global defence budgets. Now more than ever, we are committed to investing in next-generation technologies and serving our customers to meet their mission-critical needs across aerospace and defence.”
The company also revised its outlook for the full year 2022 and reduced its annual sales forecast to $67.75bn-$68.75bn, from $68.5bn-$69.5bn.
The adjustments were made due to a loss in business after Western countries imposed sanctions on Russia in response to the Ukraine invasion.
