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1/26, 12:57 PM (Source: TeleTrader)
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Raytheon's revenue jumps 50.1% to $16.3B in Q4

Raytheon Technologies announced Tuesday that its revenue beat estimates and came in at $16.3 billion in the fourth quarter of fiscal 2020, rising 50.1% year on year. However, its GAAP earnings per share fell 93% from $1.32 a year ago to $0.09 in the last quarter of 2020. The company said its GAAP net income attributable to common shareholders fell from $1.1 billion a year ago to $135 million in the final three months of last year.

On a GAAP annual basis, Raytheon had a loss per diluted share of $2.59, which compares to earnings per share of $6.41 in 2019. The company's GAAP net loss in the twelve months to December 31 amounted to $3.5 billion, dropping from net income of $5.5 billion in the previous year. Nevertheless, revenue jumped 24.8% year on year in 2020 to hit $56.6 billion.

"We're well positioned for sustainable growth and profitability in 2021 and beyond, and remain committed to returning $18 to $20 billion to shareowners in the four years following the merger," CEO Greg Hayes said.

Raytheon Technologies shares rose 2.6% at 7:10 am ET.

Breaking the News / VP