RTX - Why RTX Stock Is Flying Higher Today
2024-07-25 13:58:49 ET
Aerospace giant RTX (NYSE: RTX) reported better-than-expected quarterly results and raised its guidance for the year. Investors are climbing on board, sending RTX shares up 9% as of noon ET.
RTX, formerly known as Raytheon Technologies, is a maker of commercial aircraft engines and interiors and a major supplier to the Pentagon. The company earned $1.41 per share in the second quarter on revenue of $19.7 billion, easily surpassing Wall Street's consensus estimate of $1.19 per share on sales of $17.8 billion.
Sales were up 10% year over year, and the company generated $2.2 billion in free cash flow. Post-earnings RTX raised its full-year earnings guidance to a range of $5.35 to $5.45 per share, from $5.25 to $5.40 per share. That is well above the $4.95 consensus heading into earnings season. Revenue guidance was raised to $79.1 billion at the midpoint, from $78.5 billion.
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Why RTX Stock Is Flying Higher Today