RAYTHEON TECHNOLOGIE

RTX
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Raytheon Technologies Reports 2021 Results, Announces 2022 Outlook; Expects continued sales, earnings and free cash flow growth in 2022

01/27/2022 | 10:06am

WALTHAM, Mass.- Raytheon Technologies Corporation (NYSE: RTX) reported fourth quarter 2021 results and announced its 2022 outlook.

Fourth quarter 2021

Sales of $17.0 billion

GAAP EPS from continuing operations of $0.46, which included $0.62 of acquisition accounting adjustments and net significant and/or non-recurring charges

Adjusted EPS of $1.08

Operating cash flow from continuing operations of $3.2 billion; Free cash flow of $2.2 billion

Completed the acquisitions of FlightAware and SEAKR Engineering, and the disposition of RIS' Global Training and Services business

Achieved approximately $190 million of incremental RTX gross cost synergies

Company backlog of $156 billion; including defense backlog of $63 billion

Repurchased $327 million of RTX shares

Full year 2021

Sales of $64.4 billion

GAAP EPS of $2.58

Adjusted EPS of $4.27

Operating cash flow from continuing operations of $7.1 billion; Free cash flow of $5.0 billion

Achieved approximately $760 million of incremental RTX gross cost synergies

Repurchased $2.3 billion of RTX shares

Outlook for full year 2022

Sales of $68.5 - $69.5 billion

Adjusted EPS of $4.60 - $4.80

Free cash flow of approximately $6.0 billion. Assumes the legislation requiring R&D capitalization for tax purposes is deferred beyond 2022.

Share repurchase of at least $2.5 billion of RTX shares

'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 Technologies Chairman and CEO Greg Hayes. 'We also exceeded our cost synergy target for the year, delivered margin expansion across our businesses and returned $5.3 billion of capital to shareowners including the repurchase of $2.3 billion of RTX shares, demonstrating strong execution against our strategy and operational initiatives in 2021.'

'Raytheon Technologies is entering 2022 with continued momentum and resilience. The long-term outlook for our commercial aerospace and defense markets remains strong. Our focused A&D portfolio and intense focus on program execution position us well to deliver sales, earnings and free cash flow growth, as well as margin expansion across all businesses in 2022.'

Fourth Quarter 2021

Raytheon Technologies reported fourth quarter sales of $17.0 billion. GAAP EPS from continuing operations was $0.46 and included $0.62 of acquisition accounting adjustments and net significant and/or non-recurring charges. This includes $0.15 of net divestiture activity related to the disposition of Raytheon Intelligence & Space's Global Training and Services business, that was offset by $0.33 of debt extinguishment costs, $0.30 of acquisition accounting adjustments primarily related to intangible amortization, $0.11 of accruals related to previously disclosed legal matters, $0.02 of restructuring and $0.01 of other items. Adjusted EPS was $1.08.

The company recorded net income from continuing operations in the fourth quarter of $685 million, which included $929 million of acquisition accounting adjustments and net significant and/or nonrecurring charges. Adjusted net income was $1.6 billion. Operating cash flow from continuing operations in the fourth quarter was $3.2 billion. Capital expenditures were $1.0 billion, resulting in free cash flow of $2.2 billion.

Full Year 2021

Raytheon Technologies reported full year sales of $64.4 billion. GAAP EPS from continuing operations was $2.58 and included $1.69 of acquisition accounting adjustments and net significant and/or non-recurring charges. Adjusted EPS was $4.27.

The company recorded net income from continuing operations for the year of $3.9 billion, which included $2.5 billion of acquisition accounting adjustments and net significant and/or nonrecurring charges. Adjusted net income was $6.4 billion. Operating cash flow from continuing operations for the year was $7.1 billion. Capital expenditures were $2.1 billion, resulting in full year free cash flow of $5.0 billion.

Read more at:

https://www.rtx.com/news/news-center/2022/01/25/raytheon-technologies-reports-2021-results-announces-2022-outlook

(C) 2022 Electronic News Publishing, source ENP Newswire

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