Stinger missile maker Raytheon Technologies Corp on Tuesday beat analysts' estimates for fourth-quarter profit, as the aerospace and defense company fed off strong travel demand across the globe that boosted demand for its jet engines, parts and services.
Raytheon reported an adjusted net income of $1.27 per share in the quarter ended Dec. 31, above analysts' average estimate of $1.24 per share, according to Refinitiv data.
"As I look back 12 months ago, we set some expectations. And I would say the commercial aerospace recovery was right in line with the high end of those expectations," Neil Mitchell, the company's chief financial officer, said in an interview, but in 2023 he expects headwinds from taxes and pensions.The maker of Tomahawk missiles forecast 2023 adjusted profit in the range of $4.90 to $5.05 per share, compared with analysts' average estimate of $5.03 per share.
The Arlington, Virginia-based company's avionics unit, Collins Aerospace, reported a 14.6% increase in its quarterly sales and a 60.7% jump in operating profit in the reported quarter.The defense industry, even though hit by supply chain snarls, has gained from geopolitical tensions since Russia's invasion of Ukraine 11 months ago, pushing countries to ramp up defense budgets.
Reporting by Mike Stone in Washington and Shivansh Tiwary in Bengaluru; Editing by Shinjini Ganguli and Mark Porter
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