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23.01.2024 06:55
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RTX Reports 2023 Results and Announces 2024 Outlook
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PR Newswire
ARLINGTON, Va., Jan. 23, 2024
RTX delivers 10% sales growth in Q4 and exceeds full year cash flow expectations; expects continued sales and earnings growth in 2024
ARLINGTON, Va., Jan. 23, 2024 /PRNewswire/ -- RTX (NYSE: RTX) reported fourth quarter 2023 results and announces 2024 outlook.
Fourth quarter 2023
- Reported sales of $19.9 billion, up 10 percent versus prior year
- Adjusted sales* of $19.8 billion, up 10 percent versus prior year
- GAAP EPS from continuing operations of $1.05 included $0.29 of acquisition accounting adjustments and a $0.05 benefit from restructuring and net significant and/or non-recurring items
- Adjusted EPS* of $1.29, up 2 percent versus prior year
- Operating cash flow from continuing operations of $4.7 billion; Free cash flow* of $3.9 billion
- Company backlog of $196 billion; including $118 billion of commercial and $78 billion of defense
- Repurchased $10.3 billion of RTX shares
Full year 2023
- Reported sales of $68.9 billion, up 3 percent versus prior year, reflecting the impact of the previously disclosed Pratt powder metal matter
- Adjusted sales* of $74.3 billion, up 11 percent versus prior year
- GAAP EPS of $2.23, down 36 percent versus the prior year, reflecting the impact of the previously disclosed Pratt powder metal matter
- Adjusted EPS* of $5.06, up 6 percent versus the prior year
- Operating cash flow from continuing operations of $7.9 billion; Free cash flow* of $5.5 billion
- Achieved approximately $295 million of incremental RTX gross synergies
- Repurchased $12.9 billion of RTX shares
Outlook for full year 2024
- Sales of $78.0 - $79.0 billion
- Adjusted EPS* of $5.25 - $5.40
- Free cash flow* of approximately $5.7 billion
2025 RTX financial commitments
- Updates 2020 to 2025 adjusted annual sales* growth to 5.5 to 6.0 percent1, down from 6.0 to 7.0 percent
- Updates 2020 to 2025 adjusted segment margin* expansion to 500 to 550 basis points1, down from 550 to 650 basis points
- Reaffirms 2025 free cash flow* commitment of $7.5 billion
- Reaffirms 2025 capital return commitment of $36 to $37 billion through 2025
"RTX reported solid full-year results, delivering 11 percent organic sales* growth and $5.5 billion in free cash flow* for the year, exceeding our expectations" said RTX Chairman and CEO Greg Hayes. "Across our portfolio, we supported the continued recovery in commercial aerospace and provided critical platforms and advanced technologies to our customers, achieving $95 billion in new awards and ending the year with a record backlog of $196 billion. I am extremely proud of what RTX has been able to accomplish, and I'm even more excited to see the innovations that RTX will deliver in the future."
"RTX is beginning 2024 with strong momentum and we are projecting another year of strong sales growth and continued segment margin expansion," said RTX President and COO Chris Calio. "The financial and operational outlook of our GTF fleet management plans remain consistent from October and continues to be a top priority as we focus on driving performance across all three businesses to support our customers and deliver shareowner value. With the execution of our $10 billion accelerated share repurchase program, we've delivered over $29 billion to shareowners since the merger, achieving significant progress toward our capital return commitment of between $36 - $37 billion through 2025."
Fourth quarter 2023
RTX reported fourth quarter sales of $19.9 billion, up 10 percent over the prior year, which included a benefit of $0.1 billion related to a customer settlement. On an adjusted basis, sales* were $19.8 billion, up 10 percent over the prior year. GAAP EPS from continuing operations of $1.05 was up 9 percent versus the prior year, and included $0.29 of acquisition accounting adjustments, a $0.06 benefit related to a customer settlement and $0.01 of restructuring and other net significant and/or non-recurring charges. Adjusted EPS* of $1.29 was up 2 percent versus the prior year.
The company recorded net income from continuing operations attributable to common shareowners in the fourth quarter of $1.4 billion which included $394 million of acquisition accounting adjustments, a benefit of $87 million related to a customer settlement and $20 million of restructuring and other net significant and/or non-recurring charges. Adjusted net income* was $1.8 billion, down 6 percent versus prior year as adjusted segment operating profit* growth was more than offset by higher interest expense and tax expense, and lower non-operating pension income. Operating cash flow from continuing operations in the fourth quarter was $4.7 billion. Capital expenditures were $805 million, resulting in free cash flow* of $3.9 billion.
Summary Financial Results – Continuing Operations Attributable to Common Shareowners
| | | 4th Quarter | | Twelve Months | ||||||
| ($ in millions, except EPS) | 2023 | | 2022 | % Change | | 2023 | | 2022 | % Change | |
| Reported | | | | | | | | | | |
| Sales | $ 19,927 | | $ 18,093 | 10 % | | $ 68,920 | | $ 67,074 | 3 % | |
| Net Income | $ 1,426 | | $ 1,422 | — % | | $ 3,195 | | $ 5,216 | (39) % | |
| EPS | $ 1.05 | | $ 0.96 | 9 % | | $ 2.23 | | $ 3.51 | (36) % | |
| | | | | | | | | | | |
| Adjusted* | | | | | | | | | | |
| Sales | $ 19,824 | | $ 18,093 | 10 % | | $ 74,305 | | $ 67,074 | 11 % | |
| Net Income | $ 1,753 | | $ 1,868 | (6) % | | $ 7,263 | | $ 7,098 | 2 % | |
| EPS | $ 1.29 | | $ 1.27 | 2 % | | $ 5.06 | | $ 4.78 | 6 % | |
| | | | | | | | | | | |
| Operating Cash Flow from | | $ 4,711 | | $ 4,628 | 2 % | | $ 7,883 | | $ 7,168 | 10 % |
| Free Cash Flow* | | $ 3,906 | | $ 3,773 | 4 % | | $ 5,468 | | $ 4,880 | 12 % |
Backlog and Bookings
Backlog at the end of the fourth quarter was $196 billion, of which $118 billion was from commercial aerospace and $78 billion was from defense.
Notable defense bookings during the quarter included:
- $2.8 billion for GEM-T production at Raytheon
- $1.3 billion of classified bookings at Raytheon
- $838 million for F135 sustainment at Pratt & Whitney
- $443 million for F119 sustainment at Pratt & Whitney
- $408 million for HACM development at Raytheon
- $355 million for F100 sustainment at Pratt & Whitney
- $343 million for StormBreaker production at Raytheon
- $321 million for Silent Knight production at Raytheon
Segment Results
The company's reportable segments are Collins Aerospace, Pratt & Whitney, and Raytheon.
Collins Aerospace
| | 4th Quarter | | Twelve Months | ||||||||
| ($ in millions) | 2023 | | 2022 | % Change | | 2023 | | 2022 | % Change | ||
| Reported | | | | | | | | | | | |
| Sales | $ 7,120 | | $ 6,231 | 14 % | | | $ 26,253 | | $ 23,052 Werbung Mehr Nachrichten zur RTX Corp. Aktie kostenlos abonnieren
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