Shares of defense technology maker Raytheon Technologies (RTX) - Get Raytheon Technologies Corp Report jumped more than 5% Thursday after the company reported first-quarter adjusted earnings and revenue that were well ahead of estimates.
The Waltham, Massachusetts-based company reported adjusted earnings of $1.78 a share, down 7% year over year, on revenue of $18.2 billion, down 1%.
Analysts were expecting the aerospace and defense company to report earnings of $1.22 a share on revenue of $17.34 billion.
The merger between Raytheon and United Technologies was completed on April 3; Raytheon's results weren't included in Thursday's report.
"Raytheon Technologies has a diversified portfolio of industry-leading technologies across commercial aerospace and defense with solid positions on key platforms. We have a strong balance sheet, ample liquidity, and are well positioned to deliver value for our shareowners and customers over the long term," said CEO Greg Hayes.
"We are also making the right moves for the business by taking out costs and making prudent capital allocation decisions to ensure we maintain flexibility and emerge from this crisis strong," Hayes said.