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January 26, 2021
Exceeded 2020 cash conservation commitments
WALTHAM, Mass., Jan. 26, 2021 /PRNewswire/ Raytheon Technologies Corp. (NYSE: RTX) reported fourth quarter 2020 and full year 2020 results, and announced its 2021 outlook.
Fourth quarter 2020
Sales of $16.4 billion; Adjusted sales of $16.6 billion
GAAP EPS from continuing operations of $0.10, which included $0.64 of net significant and/or non-recurring charges and acquisition accounting adjustments
Adjusted EPS of $0.74
Achieved $1.8 billion in cash conservation and $700 million in cost reduction actions
Robust defense backlog of $67.3 billion
Outlook for full year 2021
Sales of $63.4–$65.4 billion
Adjusted EPS of $3.40–$3.70
Free cash flow of approximately $4.5 billion
Authorized a $5 billion share repurchase program in December; plan to repurchase at least $1.5 billion of shares in 2021
Raytheon reports better than expected fourth quarter; Collins struggles Tuesday, January 26, 2021 2:53 PM
Corridor Business Journal: Raytheon Technologies Corp. reported better than expected fourth-quarter earnings this morning, although its Collins Aerospace division continued to struggle amid ongoing tumult in the passenger aircraft industry. Raytheon announced earnings of 74 cents per share on revenue of $16.5 billion, beating the Zacks Consensus Estimate of 71 cents per share. The company had earnings of $1.94 per share a year ago. Its Collins Aerospace division continued to lag amid fallout from the pandemic, with fourth-quarter adjusted sales of just under $4.4 million, down 32% from the prior year, and a 92% year-over-year drop in operating profit. In an earnings call, Raytheon officials said Collins Aerospace would be making an additional $85 million in cost reductions this year. Collins Aerospace, Cedar Rapids’ largest employer, has already made about $170
Raytheon Technologies Guides FY21 Adj. EPS In Line With Estimates
WASHINGTON (dpa-AFX) - While reporting financial results for the fourth quarter and fiscal 2020 on Tuesday, aerospace and defense company Raytheon Technologies Corp. (RTX) initiated its adjusted earnings and sales outlook for the first quarter and full-year 2021.
For fiscal 2021, the company now projects adjusted earnings in a range of $3.40 to $3.70 per share on sales between $63.4 billion and $65.4 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.46 per share on sales of $67.3 billion for the year. Analysts estimates typically exclude special items.
For the first quarter, the company expects adjusted earnings in a range of $0.70 to $0.75 per share on sales between $14.8 billion and $15.4 billion. The Street is looking for earnings of $0.70 per share on sales of $15.74 billion for the quarter.
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