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Dec 31, 2023
Raytheon Q4 2023 Earnings Report
RTX reported a 10% increase in sales for Q4 and exceeded full year cash flow expectations.
Key Takeaways
RTX reported a solid fourth quarter with a 10% increase in sales, reaching $19.9 billion. GAAP EPS was $1.05, and adjusted EPS was $1.29, up 2% year-over-year. The company's free cash flow was $3.9 billion, and it ended the year with a record backlog of $196 billion.
Reported sales increased by 10% to $19.9 billion versus prior year.
GAAP EPS from continuing operations was $1.05, including acquisition accounting adjustments and a benefit from restructuring.
Adjusted EPS increased by 2% to $1.29 versus prior year.
Free cash flow was $3.9 billion.
Revenue by Segment
Forward Guidance
RTX projects strong sales growth and continued segment margin expansion for 2024.
Positive Outlook
- Sales of $78.0 - $79.0 billion
- Adjusted EPS of $5.25 - $5.40
- Free cash flow of approximately $5.7 billion
- Updates 2020 to 2025 adjusted annual sales growth to 5.5 to 6.0 percent
- Reaffirms 2025 free cash flow commitment of $7.5 billion
Challenges Ahead
- Updates 2020 to 2025 adjusted segment margin expansion to 500 to 550 basis points
- Financial and operational outlook of GTF fleet management plans remain consistent from October
- Focus on driving performance across all three businesses to support customers and deliver shareowner value
- Execution of $10 billion accelerated share repurchase program
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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