Raytheon 3rd-Quarter Adjusted Profit Beats Estimate

Raytheon reported third-quarter adjusted earnings that were lower year over year but topped analyst estimates.
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Raytheon Technologies  (RTX) - Get Report shares rose after the defense contractor reported third-quarter earnings that were lower year over year but still topped analyst estimates. 

The Waltham, Mass., company earned 17 cents a share in the quarter against $1.33 a share in the year-earlier period. The latest adjusted profit was 58 cents a share.

Shares outstanding rose 75% to 1.51 billion.

Revenue climbed 30% to $14.74 billion from $11.37 billion.

Analysts surveyed by FactSet were expecting the company to report GAAP profit of 30 cents a share, or an adjusted 50 cents, on revenue of $15.06 billion. 

"We are delivering on our commitments to customers while taking the necessary actions that will equip us to weather the current environment and emerge as a stronger business," Chief Executive Greg Hayes said in a statement. 

The company reported an order backlog of $152.3 billion in the quarter, consisting of $82 billion from its commercial aerospace business and another $70 billion from defense. 

"The long-term business fundamentals and earnings power of Raytheon Technologies remain strong," Hayes said. 

The company reported $928 million in classified bookings at Raytheon Intelligence & Space, $473 million of F-135 bookings at Pratt & Whitney.

Last week, Raytheon said the board declared a dividend of 47.5 cents a share, payable Dec. 17 to holders of record Nov. 13. 

Raytheon shares at last check were up 0.6% at $61.19. The shares have bounced about 50% off their 52-week low above $40, set in mid-March. The 52-week high above $93 was set in mid-February.