Shares of Raytheon Technologies Corp. RTX, +0.16% rallied 1.4% in premarket trading Tuesday, after the aerospace and defense company reported second-quarter profit, revenue and free cash flow that were above expectations and raised the full-year outlook, as commercial aerospace continued to recover and amid strength in its defense businesses. The company swung to net income of $1.03 billion, or 68 cents a share, from a loss of $3.84 billion, or $2.55 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.03, above the FactSet consensus of 93 cents. Revenue rose 13% to $15.88 billion to top the FactSet consensus of $15.83, as revenue beats by the Pratt & Whitney, intelligence and space and missiles and defense businesses helped offset a Collins aerospace miss. Free cash flow was $966 million, well above the FactSet consensus of $775.8 million. The company raised its 2021 outlook for EPS to $3.85 to $4.00 from $3.50 to $3.70 and for revenue to $64.4 billion to $65.4 billion from $63.9 billion to $65.4 billion. The stock has advanced 20.2% year to date through Monday, while the S&P 500 SPX, +0.24% has gained 17.7%.
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