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Despite the company’s robust third-quarter performance, sales were below expectations. The results were also overshadowed by a weaker-than-expected defense industry. RTX stock is trading at $91.60, marking only a 0.33% increase. After the company’s earnings were released, shares in Raytheon dipped, but then rallied after the numbers were released.
For the third quarter, the company reported sales of $16.2 billion, which was slightly lower than the $16.43 billion expected by Wall Street. However, adjusted earnings were better than the $1.09 that was estimated by analysts. For the full year, the company raised its earnings forecasts, citing higher-than-expected free cash flow. It now sees a range of $4.10 to $4.20, up from its prior guidance of $3.80 to $4. The company lowered its sales forecast, which was previously guided at the low end of its range. For the first quarter of 2017, the group’s performance showed signs of strength across its various businesses. It also focused on reducing costs and improving operational efficiency.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.
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