RTX Reports Q3 2023 Results

The company also announced today that it has entered into a definitive agreement to sell its Cybersecurity, Intelligence and Services business within its Raytheon segment. The sale price is approximately $1.3 billion and is subject to regulatory approvals and other customary closing conditions. 

Accelerated Share Repurchase Program

• The RTX board of directors has approved a $10 billion accelerated share repurchase program commencing almost immediately
• This will result in an increase to RTX's post-merger shareowner capital return commitment to $36 - $37 billion through 2025, up from the prior range of $33 - $35 billion
• The program will be funded through a combination of short and long-term debt, with deleveraging to begin in 2024 in part supported by proceeds from the previously announced dispositions including Collins' actuation and flight control business in July, as well as Raytheon's Cybersecurity, Intelligence and Services business

Third quarter 2023
RTX reported third quarter sales of $13.5 billion, down 21 percent over the prior year, which included a $5.4 billion charge related to the previously disclosed Pratt powder metal matter. On an adjusted basis, sales* were $19.0 billion, up 12 percent over the prior year. GAAP EPS from continuing operations was a loss of $0.68, down versus the prior year, and included a $1.53 charge related to the Pratt powder metal matter, $0.28 of acquisition accounting adjustments, $0.05 of restructuring, and $0.07 related to other net significant and/or non-recurring charges. Adjusted EPS* of $1.25 was up 3 percent versus the prior year.

The company recorded a net loss from continuing operations attributable to common shareowners in the third quarter of $984 million, down versus the prior year which included the after-tax impact of $2.2 billion related to the previously disclosed Pratt powder metal matter, $406 million of acquisition accounting adjustments, $80 million of restructuring charges, and $96 million of other net significant and/or non-recurring charges. Adjusted net income* was $1.8 billion, up 2 percent versus prior year. Operating cash flow from continuing operations in the third quarter was $3.3 billion. Capital expenditures were $564 million, resulting in free cash flow* of $2.8 billion.

Summary Financial Results – Continuing Operations Attributable to Common Shareowners

Backlog and Bookings
Backlog at the end of the third quarter was $190 billion, of which $115 billion was from commercial aerospace and $75 billion was from defense.

Notable defense bookings during the quarter included:

• $1.9 billion of classified bookings at Raytheon
• $1.1 billion for F135 sustainment at Pratt & Whitney
• $616 million for F135 production at Pratt & Whitney
• $412 million for Next Gen Short Range Interceptor development at Raytheon
• $383 million for HAWK and Patriot sustainment at Raytheon
• $368 million for TOW production at Raytheon
• $297 million for Ukraine NASAMS production at Raytheon
• $277 million for Excalibur production at Raytheon

Segment Results
Beginning in Q3 2023, we are operating in three business segments: Collins Aerospace, Pratt & Whitney, and Raytheon. Segment information included below is reflective of the new structure and prior period information has been recast to conform to our current period presentation.

Collins Aerospace

Collins Aerospace had third quarter 2023 reported sales of $6,629 million, up 16 percent versus the prior year. The increase in sales was driven by a 30 percent increase in commercial aftermarket and a 27 percent increase in commercial OE, which was partially offset by a 1 percent decrease in military. The increase in commercial sales was driven primarily by strong demand across commercial aerospace end markets, which resulted in higher flight hours and higher OE production rates. The decrease in military sales was driven primarily due to the timing of deliveries.

Collins Aerospace recorded operating profit of $903 million, up 22 percent versus the prior year. The increase in operating profit was primarily driven by drop through on higher commercial aftermarket and OE volume, partially offset by higher production costs, unfavorable military mix, and higher SG&A. Q3 2023 operating profit included a $57 million charge related to a litigation matter and $83 million related to restructuring and other significant and/or non-recurring items. On an adjusted basis, operating profit* of $1,043 million was up 38 percent versus the prior year.

Pratt & Whitney

	3rd Quarter
($ in millions)	2023		2022	% Change
Reported
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