RTX, the aerospace and defense company, has announced better-than-expected sales for the latest quarter. The company recorded a net income of $1.43 billion, or $1.05 per share, for the fourth quarter ended Dec. 31, slightly higher than the $1.42 billion, or 96 cents per share, reported in the same period last year. Adjusted earnings reached $1.29 per share, surpassing analysts' estimates of $1.24.
Sales also saw a significant increase, rising from $18.09 billion to $19.93 billion. This exceeded expectations, with analysts polled by FactSet predicting sales of $19.74 billion.
Looking ahead to 2024, RTX forecasts sales between $78 billion and $79 billion. The company also projects adjusted earnings per share in the range of $5.25 to $5.40, along with free cash flow of approximately $5.7 billion. Analysts surveyed by FactSet expect sales to reach around $79.33 billion, adjusted earnings per share of $5.27, and free cash flow of $5.16 billion in 2024.
At the end of the quarter, RTX's backlog stood at a solid $196 billion, with $118 billion attributed to commercial aerospace and $78 billion to defense.
"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 shareholder value," stated Chief Operating Officer Chris Calio.
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