5/7/2020, 12:58 PM (Source: TeleTrader)
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Raytheon Technologies sales decline 1% to $18.2B in Q1

Raytheon Technologies sales declined 1% year on year to $18.2 billion in the first quarter, the company announced on Thursday. The company's loss per share, which includes United Technologies results as well as Otis and Carrier, was $0.10 which compares to GAAP diluted earnings per share of $1.56 in the same quarter a year ago. Raytheon Technology's net loss attributable to shareholders was $83 million. The company had a net income of $1.3 billion in the first quarter of 2019.

Raytheon Technologies CEO Greg Hayes stated: "During the quarter, we delivered solid results, exceeding our expectations for adjusted EPS and free cash flow, while also completing the spin-offs of Otis and Carrier and our merger with Raytheon." Hayes was previously the CEO of United Technologies. Raytheon Technologies noted that the separation of Otis and Carrier was finalized on April 3, after the end of the quarter.

Meanwhile, the company added it cannot estimate the impact of COVID-19 on its business yet and uncertainty remains high. As a result, Raytheon Technologies decided postpone its 2020 outlook release until the next quarterly report.

Breaking the News / VP