RTX Turns To Q3 Profit; Raises Full-year Outlook

(RTTNews) - RTX Corporation (RTX) Tuesday reported a profit for the third quarter compared with loss a year ago, primarily due to a charge related to Pratt powder metal matter in the prior-year quarter. earnings as well as revenue beat analysts' view. The aerospace & defense company also raised its full-year outlook.

Net profit was $1.472 billion or $1.09 per share for the third quarter compared with net loss of $984 million or $0.68 per share in the same quarter a year ago. The charge related to Pratt powder metal matter reduced sales by $5.4 billion, net income by $2.2 billion or $1.53 per share.

Excluding one-time items, earnings were $1.948 billion or $1.45 per share, that beat the analysts' average estimate of $1.34 per share. Analysts' estimates typically exclude special items.

The company posted operating profit of $2.028 billion compared with operating loss of $1.396 billion last year.

Sales for the quarter increased to $20.089 billion from $13.464 billion in the previous year. The consensus estimate was for $19.85 billion.

For the full year, the company now expects sales in the range of $79.25 - $79.75 billion, up from $78.75 - $79.5 billion. Adjusted EPS outlook for the year has been raised to $5.50 - $5.58 from $5.35 - $5.45.

Analysts expect the company to report earnings of $5.47 per share on revenue of $79.5 billion for the year.