By Sam Boughedda
Investing.com -- Raytheon Technologies Corp (NYSE:RTX) reported earnings for its latest quarter before the bell Tuesday, beating earnings per share estimates but missing revenue expectations.
The aerospace and defense company reported adjusted earnings per share of $1.15 on revenue of $15.72 billion. Analysts expected earnings of $1.01 per share on revenue of $15.88 billion. Sales rose 3% versus the prior year.
Raytheon Missiles & Defense sales fell 7% versus the prior year, driven by continuing supply chain constraints and declines in certain Land Warfare and Air Defense programs.
"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," said Raytheon Technologies Chairman and CEO Greg Hayes.
Hayes added that they "remain confident in the long-term outlook for our businesses, supported by the return to travel and growing global defense budgets." However, the company cut its sales forecast for 2022 to between $67.75 and $68.75 billion, from $68.5 to $69.5 billion, due to global sanctions on Russia.
It reiterated its 2022 earnings per share forecast of $4.60 to $4.80.