2024

Billion

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<p class="has-drop-cap">RTX (NYSE: RTX) reported a solid performance for the <a href="https://www.rtx.com/news/news-center/2024/07/25/rtx-reports-q2-2024-results" target="_blank" aria-label="second quarter of 2024 (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">second quarter of 2024</a>, showcasing significant growth in sales and operational efficiency. The company achieved reported sales of $19.7 billion, marking an 8% increase compared to the same period last year.</p> 
<p>On an organic basis, the sales growth was even more impressive at 10%. Adjusted sales for the quarter were slightly higher at $19.8 billion, also reflecting an 8% year-over-year increase. Despite these gains, the company’s GAAP EPS took a hit, dropping to $0.08 from $0.90 in the previous year, a 91% decline.</p> 
<p>This decrease was largely due to acquisition accounting adjustments and significant non-recurring items, including a $0.68 charge related to legacy legal matters and a $0.33 charge for a fixed-price development contract with a foreign customer at Raytheon.</p> 
<p>On a brighter note, RTX’s <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">adjusted EPS</a> stood at $1.41, a 9% increase from the prior year. The company also reported a robust operating cash flow of $2.7 billion and a free cash flow of $2.2 billion. The backlog remains strong at $206 billion, split between $129 billion in commercial and $77 billion in defense. RTX also realized $120 million in incremental gross cost synergies, further bolstering its financial health.</p> 
<h3 id="rtx-reports-1-41-adj-eps-for-q2-19-8-billion-in-revenue">RTX Reports $1.41 Adj. EPS for Q2, $19.8 Billion in Revenue</h3> 
<p>When compared to market expectations, RTX’s performance in Q2 2024 was a mixed bag. Analysts had projected an EPS of $1.29 and revenue of $19.28 billion. The company exceeded revenue expectations by reporting $19.8 billion, surpassing the forecast. <br><br>This revenue beat was driven by strong performance across its segments, particularly Collins Aerospace and Pratt &amp; Whitney, which saw sales increases of 10% and 19%, respectively. Collins Aerospace benefited from a 12% rise in commercial aftermarket and a 10% increase in commercial OE, while Pratt &amp; Whitney saw gains in both commercial and military segments.</p> 
<p>However, the reported GAAP EPS of $0.08 fell significantly short of the expected $1.29. This discrepancy was primarily due to the aforementioned non-recurring charges and restructuring costs. Adjusted EPS, which excludes these items, came in at $1.41, comfortably beating the market expectation. </p> 
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<h3 id="rtx-revises-full-year-2024-guidance-expects-adjusted-sales-in-the-range-of-78-75-billion-to-79-5-billion">RTX Revises Full-Year 2024 Guidance, Expects Adjusted Sales in the Range of $78.75 Billion to $79.5 Billion</h3> 
<p>RTX has revised its guidance for the full year 2024, reflecting its confidence in continued strong performance. The company now expects adjusted sales to be in the range of $78.75 billion to $79.5 billion, up from the previous guidance of $78.0 billion to $79.0 billion.</p> 
<p>This upward revision is based on the solid first-half performance and the strength in end markets. Adjusted EPS guidance has also been increased to a range of $5.35 to $5.45, up from the prior range of $5.25 to $5.40. However, the outlook for free cash flow has been revised downward to approximately $4.7 billion from the earlier estimate of $5.7 billion.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/rtx-q2-2024-adjusted-eps-soars-by-9-to-1-41/">RTX Q2 2024: Adjusted EPS Soars by 9% to $1.41</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

RTX Q2 2024: Adjusted EPS Soars by 9% to $1.41

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