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23.04.2024 06:55
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RTX Reports Q1 2024 Results
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PR Newswire
ARLINGTON, Va., April 23, 2024
RTX delivers strong 12% sales growth; Q1 book-to-bill of 1.34 with an RTX record backlog of $202B; Reaffirms full year outlook
ARLINGTON, Va., April 23, 2024 /PRNewswire/ -- RTX (NYSE: RTX) reported first quarter 2024 results.
First quarter 2024
- Sales of $19.3 billion, up 12 percent versus prior year on a reported and organic* basis
- GAAP EPS of $1.28, up 32 percent versus prior year, which included $0.29 of acquisition accounting adjustments and a $0.23 benefit from net significant and/or non-recurring items and restructuring
- Adjusted EPS* of $1.34, up 10 percent versus prior year
- Operating cash flow of $0.3 billion; Free cash outflow* of $0.1 billion
- Gross proceeds of $1.3 billion from the completion of the divestiture of Raytheon's Cybersecurity, Intelligence and Services business
- Company backlog of $202 billion; including $125 billion of commercial and $77 billion of defense
- Realized $105 million of incremental RTX gross cost synergies
Reaffirms outlook for full year 2024
- Sales of $78.0 - $79.0 billion
- Adjusted EPS* of $5.25 - $5.40
- Free cash flow* of approximately $5.7 billion
"RTX saw strong momentum in the first quarter, delivering 12 percent organic sales* growth and winning over $25 billion in new orders across our businesses," said RTX President and Chief Operating Officer Chris Calio. "We are making progress on our key priorities to deliver for customers and shareowners, including executing on our GTF fleet management plans, which remain on track."
"We're operating in one of the strongest demand periods in our history with a record $202 billion backlog and a portfolio of products and services which are fully aligned to our customers' top priorities. Our focus on execution and driving performance and margin expansion is supported by our CORE operating system, and we continue to invest in operational modernization and production capacity, digital transformation and technological innovation to sustain our growth well into the future."
First quarter 2024
RTX reported first quarter sales of $19.3 billion, up 12 percent over the prior year. GAAP EPS of $1.28 was up 32 percent versus the prior year, and included $0.29 of acquisition accounting adjustments, a $0.21 benefit related to tax audit settlements, an $0.18 net gain related to the Cybersecurity, Intelligence and Services divestiture, a $0.13 charge associated with initiating alternative titanium sources, and $0.03 of restructuring and other net significant and/or non-recurring charges. Adjusted EPS* of $1.34 was up 10 percent versus the prior year.
The company recorded net income attributable to common shareowners in the first quarter of $1.7 billion which included $389 million of acquisition accounting adjustments, a benefit of $285 million related to tax audit settlements, a net gain of $241 million related to the Cybersecurity, Intelligence and Services divestiture, a $175 million charge associated with initiating alternative titanium sources, and $44 million of restructuring and other net significant and/or non-recurring charges. Adjusted net income* of $1.8 billion was flat versus prior year as growth in adjusted segment operating profit* was more than offset by higher interest expense and lower pension income. Operating cash flow in the first quarter was $342 million. Capital expenditures were $467 million, resulting in a free cash outflow* of $125 million.
Summary Financial Results – Operations Attributable to Common Shareowners
| | | 1st Quarter | |||
| ($ in millions, except EPS) | 2024 | | 2023 | % Change | |
| Reported | | | | | |
| Sales | $ 19,305 | | $ 17,214 | 12 % | |
| Net Income | $ 1,709 | | $ 1,426 | 20 % | |
| EPS | $ 1.28 | | $ 0.97 | 32 % | |
| | | | | | |
| Adjusted* | | | | | |
| Sales | $ 19,305 | | $ 17,214 | 12 % | |
| Net Income | $ 1,791 | | $ 1,793 | — % | |
| EPS | $ 1.34 | | $ 1.22 | 10 % | |
| | | | | | |
| Operating Cash Flow | | $ 342 | | $ (863) | NM |
| Free Cash Flow* | | $ (125) | | $ (1,383) | NM |
| NM = not meaningful | | | | | |
Backlog and Bookings
Backlog at the end of the first quarter was $202 billion, of which $125 billion was from commercial aerospace and $77 billion was from defense.
Notable defense bookings during the quarter included:
- $1.6 billion of classified bookings at Raytheon
- $1.2 billion for Germany Patriot production at Raytheon
- $818 million for NATO GEM-T production at Raytheon
- $623 million for international GEM-T production at Raytheon
- $282 million for Ukraine NASAMS production at Raytheon
- $251 million for international GEM-T production at Raytheon
Segment Results
The company's reportable segments are Collins Aerospace, Pratt & Whitney, and Raytheon.
Collins Aerospace
| | 1st Quarter | ||||
| ($ in millions) | 2024 | | 2023 | % Change | |
| Reported | | | | | |
| Sales | $ 6,673 | | $ 6,120 | 9 % | |
| Operating Profit | $ 849 | | $ 897 | (5) % | |
| ROS | 12.7 % | | 14.7 % | (200) | bps |
| | | | | | |
| Adjusted* | | | | | |
| Sales | $ 6,673 | | $ 6,120 | 9 % | |
| Operating Profit | $ 1,048 | | $ 903 | 16 % | |
| ROS | 15.7 % | | 14.8 % | 90 | bps |
Collins Aerospace had first quarter 2024 reported sales of $6,673 million, up 9 percent versus the prior year. The increase in sales was driven by a 14 percent increase in both commercial aftermarket and commercial OE, and a 1 percent increase in defense. The increase in commercial sales was driven primarily by strong demand across commercial aerospace end markets, which resulted in higher flight hours and higher OE production rates. The increase in defense sales was driven primarily by higher volume.
Collins Aerospace recorded operating profit of $849 million, down 5 percent versus the prior year. Reported operating profit included $175 million of charges related to unfavorable purchase commitments and an impairment charge as a result of initiating alternative titanium sources. On an adjusted basis, operating profit* of $1,048 million was up 16 percent versus the prior year. The increase in adjusted operating profit* was primarily driven by drop through on higher commercial aftermarket volume, partially offset by unfavorable OE mix, higher space program costs and increased R&D expense.
Pratt & Whitney
| | 1st Quarter | ||||
| ($ in millions) | 2024 | | 2023 | % Change | |
| Reported | | | | | |
| Sales | $ 6,456 | | $ 5,230 Werbung Mehr Nachrichten zur RTX Corp. Aktie kostenlos abonnieren
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