First-quarter sales rose 4% at Tucson-based Raytheon Missile Systems, but sales at Raytheon's aircraft component units soared as air travel recovered.
David Wichner Raytheon Technologies Corp. on Tuesday posted higher first-quarter revenue and profits as demand for global airline travel and defense systems continued to grow.
Though the results topped analyst expectations, Raytheon shares were down about 2% in afternoon trading on the New York Stock Exchange as major stock indices declined. Raytheon Missiles & Defense reported first-quarter sales of $3.67 billion, up 4% versus prior year, driven by higher sales in advanced technology and air-power programs.
Engine maker Pratt & Whitney had first-quarter sales of $5.23 billion, up 15% on higher demand for commercial airline engines and increased production of its F135 engine for the F-35 fighter jet. Raytheon confirmed its full-year earnings forecast in the range of $4.90 to $5.05 per share, with revenue in the range of $72 billion to $73 billion.
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