• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

    May 9, 2025

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»RTX beats Q3 estimates, approves $10 bln share repurchase
Business

RTX beats Q3 estimates, approves $10 bln share repurchase

October 24, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
54th Paris Air Show at Le Bourget Airport near Paris

Visitor passes the Raytheon Technologies Corporation (RTX) logo at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing Rights

Oct 24 (Reuters) – RTX reported better-than-expected quarterly earnings on Tuesday, as a strong performance at its Collins Aerospace business offset the impact from a major quality crisis at engine-making unit Pratt and Whitney.

The company also approved a $10 billion share repurchase program that will be funded through short and long-term debt.

Shares of the aerospace major were up 6.3% in early trade.

RTX said in July it had found microscopic contaminants in powdered metal, used to manufacture high-pressure turbine discs that are part of the engine’s core, the presence of which could lead to cracks.

RTX had at the time said 200 Geared Turbofan (GTF) engines would require “accelerated inspection” with 60 days to fix each engine with a contamination issue. However, two months later, it expanded the scope of inspections and said it would need to pull up to 700 engines off aircraft for lengthy quality inspections.

The powdered metal issue has forced RTX to shorten the expected life of certain parts for the PW1500 and PW1900 engines, which will cause “some incremental” groundings of Airbus A220s and Embraer E2 aircraft in the first half of 2024.

RTX also expects to accelerate the removal and inspection of 100 V2500 engines, which power A320ceo aircraft, over the next four years.

Despite other engine types impacted by the metal contaminant issue, Chief Financial Officer Neil Mitchill told Reuters in an interview on Tuesday that “we do not see a significant incremental financial or operational impact.”

See also  Truth Social Rockets Up Stock Market In First Day Of Trading

Maintenance shop output remains the biggest risk for executing the GTF inspection plan, executives said. RTX expects to have 16 repair facilities by end of 2023 after bringing six facilities online.

The company is also ramping up production of high pressure turbine and compressor disks to replace potentially contaminated ones, and plans to be manufacturing at full rate by second-quarter 2024.

Pratt and Whitney, a subsidiary of RTX, booked a $2.48 billion operating loss in the reported quarter related to engine recalls and compensations to airlines.

But profit at RTX’s Collins Aerospace unit, which makes avionics and aerospace components, rose 22% to $903 million.

RTX reported an overall third-quarter adjusted profit of $1.25 per share, beating Wall Street estimates of $1.21, according to LSEG data.

Adjusted revenue rose 12% to $18.95 billion, ahead of analysts expectations of $18.59 billion.

Despite the GTF-related losses, RTX raised its outlook for 2023, forecasting free cash flow of $4.8 billion compared with its previous prediction of $4.3 billion. The company now expects reported sales of $68.5 billion, up from about $67.5 billion, and adjusted sales of $74 billion, up from $73 billion.

Adjusted earnings per share – previously projected to be $4.95 to $5.05 – are now expected to be between $4.98 and $5.02.

The Arlington, Virginia-based company also entered into an agreement to sell its Cybersecurity, Intelligence and Services business within its Raytheon segment for around $1.3 billion.

Reporting by Pratyush Thakur in Bengaluru, and Mike Stone and Valerie Insinna in Washington; Editing by Krishna Chandra Eluri, Mark Potter and Emelia Sithole-Matarise

See also  United Parcel Service, Teamsters union to resume labor talks on Tuesday

: .

Acquire Licensing Rights, opens new tab
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Whitlock: Northwestern football whistleblower exposes the dangers of secret-society hazing

July 11, 2023

FRC, SNAP, AMZN, INTC and more

April 29, 2023

Aaron Rodgers Suffers Ankle Injury Less Than 5 Minutes Into Jets Debut – OUT FOR GAME (VIDEO) | The Gateway Pundit

September 12, 2023

Josie Canseco, Daughter of Jose Canseco, Says She Could Not ‘Live Off Family Name’

March 28, 2023
Don't Miss

How Smart Mattresses Improve Sleep Quality For Couples

Lifestyle May 9, 2025

Sharing a bed with your partner can be romantic… until it’s not. One of you…

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,111)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,628)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Jeff Bezos’ Washington Post Is On Pace To Lose $100 Million In Just A Year

July 22, 2023

ESPN’s Sam Ponder Sides with Riley Gaines in Opposition to Transgender Athletes in Women’s Sports

April 23, 2023

China’s Ex-Foreign Minister Qin Gang ‘Disappeared’ After Mistress Bore American Baby

September 21, 2023
Popular Posts

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.