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EAST HARTFORD, Conn. - Pratt & Whitney, a business unit of Raytheon Technologies Corp (NYSE: NYSE:RTX), announced today the FAA certification of its GTF engine to power the Airbus A321XLR. The certification, issued on December 12, updates the PW1100G-JM engine's type certificate to include the new aircraft model.
Rick Deurloo, president of Commercial Engines at Pratt & Whitney, highlighted the significance of the certification, stating, "The longer range and higher payload capability of the Airbus A321XLR aircraft will provide customers with expanded route flexibility to more destinations." He emphasized the GTF's fuel efficiency and low carbon emissions, which are pivotal for single-aisle aircraft.
Currently, 13 customers have chosen the GTF engine for 217 A321XLR aircraft. The GTF engine has been lauded for enabling up to 20% better fuel efficiency compared to previous generation engines, contributing to significant fuel savings and CO2 emission reductions since its service entry in 2016.
The upcoming GTF Advantage engine, expected to be certified and delivered in 2025, promises even more benefits. It is designed to offer 4-8% higher takeoff thrust and up to 1% additional fuel efficiency, along with longer service intervals. This engine will be compatible with existing GTF models, providing flexibility and improved economics for A321XLR operators.
Pratt & Whitney, known for designing, manufacturing, and servicing aircraft engines and auxiliary power units, is part of RTX, which employs over 185,000 people globally. RTX reported sales of $69 billion in 2023 and is involved in aviation, integrated defense systems, and next-generation technology solutions.
This news is based on a press release statement.
In other recent news, RTX Corp has been the subject of several significant developments. Analysts from Bernstein and Jefferies have adjusted their price targets for the company, reflecting their assessments of the company's financial performance and strategic direction. Bernstein raised its price target to $134, while Jefferies maintained a hold rating with a price target of $135. BofA Securities also raised its price target for RTX Corp to $145, maintaining a buy rating.
RTX Corp's Pratt and Whitney Military Engines secured a $1.3 billion contract to support the F-35 Lightning II aircraft's propulsion systems. This contract includes a range of services such as depot level maintenance, repair, and various forms of management support for the F135 engines.
The company also completed a significant phase in developing advanced electronic warfare technology for the U.S. Navy's F/A-18 E/F Super Hornet. This achievement marks a transition to the next phase of the Advanced Electronic Warfare development, which will include government laboratory testing.
Furthermore, RTX Corp reported strong third-quarter earnings with an adjusted earnings per share of $1.45 and an organic revenue increase of 8%. The company also revised its 2024 adjusted EPS guidance to a range of $5.50 to $5.58. These are just a few of the recent developments that highlight RTX Corp's robust financial performance and strategic advancements.
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