RTX - Raytheon rises as EPS beats estimate backlog hits record $180B

2023-04-25 09:15:54 ET

Raytheon Technologies ( NYSE: RTX ) rose in premarket trading after the aerospace and defense company beat Q1 earnings estimates and reported a record backlog of orders. Its shares edged upward less than 1%.

EPS of $1.22 were greater than the $1.13 average estimate among Wall Street analysts, as sales rose 10% from a year earlier to $17.2 billion, compared with the estimate of $16.7 billion.

“Continued global airline travel and defense systems demand point to sustained top line growth, as evidenced by $21 billion in new orders and a record backlog of $180 billion across our industry-leading portfolio," Greg Hayes, chairman and CEO of Raytheon, said in a statement.

The results help to confirm strength in the aerospace and defense industry after Lockheed Martin ( LMT ) last week beat estimates . Hexcel ( HXL ), a maker of airplane parts, yesterday reported better-than-forecast result

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