Aerospace company Raytheon Technologies Corporation (NYSE: RTX) reported higher earnings and revenues for the first quarter of 2023.
Total sales increased 10% year-over-year to $17.21 billion in the first three months of fiscal 2023, with strong contributions from the core Collins Aerospace and Patt & Whitney segments. The management reaffirmed its full-year sales guidance at $72-73 billion.
At $1.22 per share, first-quarter adjusted earnings were up 6% from last year. On a reported basis, net profit advanced to $1.42 billion or $0.97 per share from $1.10 billion or $0.74 per share in the corresponding period of last year.
“Our previously announced business realignment, which is on track for July, will unlock additional value as we more fully integrate our teams and capabilities to drive improved customer solutions and operational performance,” said the company’s CEO Greg Hayes.