Pratt & Whitney Posts 16% Sales Increase; Rising Airline Travel, Manufacturing Contributed
More shop visits for parts and repairs and rising jet engine manufacturing powered a 16% increase in second-quarter sales at Pratt & Whitney, its parent company, Raytheon Technologies Corp., said Tuesday.
The East Hartford business posted $4.97 billion in revenue in the April-June period, nearly $700 million more than in the second quarter of 2021. It’s the fifth consecutive quarter of double-digit revenue growth as the airline industry puts behind it the global travel restrictions that grounded most fleets during the pandemic.
Collins Aerospace, Raytheon’s other commercial aviation business, posted a 10% rise in second-quarter sales, to $5 billion, as aviation emerges from the steep decline brought on by the pandemic.
Raytheon, the Arlington, Virginia-based aerospace and defense conglomerate, reported second-quarter sales of $16.3 billion, up 3% from the same three-month period last year. It missed Wall Street estimates of $16.44 billion, according to analysts surveyed by Zacks Investment Research.
Shares slipped a fraction of 1%, to $94.20, in pre-market trading.
Earnings per share of $1.16 were up 13% and beat analysts’ estimates of $1.12.
Chief Executive Officer Greg Hayes credited a “strong start to the summer travel season” that drove continued sales and profit growth “that exceeded our expectations.”
He warned that the global supply chain, availability of labor and inflation “will remain challenging near term.”
The Raytheon Missiles and Defense business posted second quarter 2022 sales of $3.56 billion, down 11% over the second quarter of 2021. Raytheon blamed the decline on supply chain constraints and expected declines on certain Land Warfare and Air Defense programs.
Second-quarter sales of$3.57 billion at the Raytheon Intelligence & Space unit was down 6% from the April-to-June quarter last year, due primarily to a business divestiture.
Stephen Singer can be reached at [email protected].
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