2024-02-13 11:08:08 ET
RTX Corporation (RTX)
TD Cowen 45th Annual Aerospace and Defense Conference
February 13, 2024 09:15 AM ET
Company Participants
Neil Mitchill - Chief Financial Officer
Conference Call Participants
Cai von Rumohr - TD Cowen
Presentation
Cai von Rumohr
Okay. Thank you all for coming. We're going to move on with our next program. We're delighted to have RTX with us, and their CFO, Neil Mitchill. Neil is going to tell us a little bit about Reg FD, make some comments, and then we'll be in the interview. Neil?
Neil Mitchill
Great. Thanks, Cai. It's great to be here. Good morning, everyone. First, before I get started, just got to make the obligatory comments that, I am likely to make some forward-looking statements this morning. Those statements are subject to risks and uncertainties. You can look at our 10-K and SEC filings to understand those risks a little bit better.
So, Cai, maybe before we get started, I'll just open up with a couple of remarks. You know, we finished last year, 2023, very strong. On an adjusted basis, our sales were over $74 billion, up 11% organically, really, really strong year. And of course, that was driven by the strength in our underlying markets across really all three segments. We have three industry leading segments in RTX, Pratt & Whitney, Collins Aerospace, and the Raytheon segments.
Our backlog as we ended the year was $196 billion, a record backlog for us. And our focus as we look at 2024 is really executing on that backlog. So we have a lot to do. I'd say about 60% of the backlog on the defense side will unfold over the next two years. And so our focus is making sure we deliver on our customer commitments to shore up the supply chain and make sure that the suppliers can keep up with the growing pace of the OE and the aftermarket needs, as well as supporting the Raytheon business. And I think we're positioned for a really strong year as we look at our free cash flow growing from $5.5 billion to $5.7 billion for 2024 and on to $7.5 billion in 2025....
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RTX Corporation (RTX) Present at TD Cowen 45th Annual Aerospace and Defense Conference