Shares of Raytheon
fell 3.5% in premarket trading Tuesday after the aerospace and defense company reported fourth-quarter profit that topped Wall Street forecasts, but revenue that missed expectations.
The company also issued a 2022 outlook that came in below analysts’ estimates.
Raytheon (ticker: RTX), whose Pratt and Whitney unit supplies aircraft engines to companies like Boeing, posted adjusted earnings of $1.08 a share in the fourth quarter on revenue of $17.04 billion. Analysts surveyed by FactSet had expected Raytheon to earn $1.02 a share on revenue of $17.3 billion.
A year earlier, Raytheon posted earnings of 9 cents a share on sales of $16.42 billion.
“We closed the year on a strong note with full-year adjusted EPS and free cash flow significantly exceeding the outlook we set a year ago,” said Raytheon Chief Executive Greg Hayes in a statement.
Looking ahead, Raytheon expects full-year adjusted earnings in the range of $4.60 to $4.80 a share, with revenue in the range of $68.5 billion to $69.5 billion. Both metrics were below Wall Street expectations.
Write to [email protected]
