, formerly Raytheon Technologies, posted , up 12% from the prior year's Q2, and saw adjusted earnings per share increase 11% to $1.29 during the quarter.
The aerospace and defense contractor said July 25 that its backlog, at the end of Q2, totaled $185B with the defense side of business accounting for $73B.
Notable Q2 defense bookings included $2B for F135 engine production, $1.2B for advanced medium-range air-to-air missile (MRAAM) production and $1.5B for F117 sustainment work.
In early July, the company started operating with three businesses - Collins Aerospace, Pratt & Whitney and Raytheon – as part of a .
“Our team has done a tremendous job in a relatively short period of time," said RTX Chairman/CEO , "shifting roughly $3B of sales and thousands of employees across our portfolio to better meet the evolving needs of our customers." (RTX 07/25/23)
Regionally, RTX operates a facility in Forest, Miss.
RTX 'bullish" on Ukraine-specific defense system sales
RTX, maker of the Patriot, AMRAAM, Sidewinder, Javelin, Stinger, and other missiles featuring significantly in the war in Ukraine - for neighboring NATO countries - has logged about $2B in replenishment orders as a result of the conflict and expects to top that figure in the coming year, Hayes said in a July 25 earnings call.
The Biden Administration announced on the same day (July 25) another drawdown of weapons from U.S. stocks will be provided to Ukraine worth $400M, including many of those same systems Hayes referenced.
Hayes said the company is “so bullish” on defense systems sales “for the next couple of years” because it has logged large orders for AIM-120 AMRAAM and other missiles.
“We have orders coming from NATO,” he said. “(W)e're planning on significant order intake" on both the AMRAAM and GEM-T.
RTX has only seen $2B of Ukraine-specific replenishment orders. Hayes expects "probably another $2.5B" in the next 12 months.
AMRAAM sales through the Air Force's Foreign Military Sales program have been $1.2B so far in 2013, with German and Ukrainian orders in that package. he noted.
The House and Senate have been supportive of major RTX programs while marking up the 2024 National Defense Authorization Act, Hayes continued, including hypersonics, the nuclear Long-Range Stand-Off missile, and the Pratt & Whitney unit’s F135 engine upgrades. (Air & Space Forces Magazine 07/25/23)
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