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Raytheon profit surges on higher air travel demand

(Reuters) -Raytheon Technologies Corp on Tuesday posted a five-fold rise in quarterly profit as a surge in air travel during the holiday season boosted demand for its aerospace...
Raytheon profit surges on higher air travel demand © Reuters. FILE PHOTO: The Raytheon stand is seen at the 53rd International Paris Air Show at Le Bourget Airport near Paris, France June 21, 2019. REUTERS/Pascal Rossignol/File Photo

(Reuters) -Raytheon Technologies Corp on Tuesday posted a five-fold rise in quarterly profit as a surge in air travel during the holiday season boosted demand for its aerospace products and services.

The U.S. government's decision ahead of the holidays to open its borders to vaccinated individuals from abroad helped the wide-body aerojet aftermarket recover, driving demand for Raytheon (NYSE:RTN)'s aircraft cabin interiors and engines.

Easing coronavirus restrictions also translated into higher demand for Raytheon's Collins Aerospace systems as well as its space and missile units, even as manufacturers across various sectors were hit by pandemic-induced logistical problems.

Raytheon, whose Pratt and Whitney unit supplies aircraft engines to companies like Boeing (NYSE:BA) Co and Airbus SE (OTC:EADSY), said fourth-quarter revenue rose to $17.04 billion from $16.42 billion a year earlier.

Net income rose to $686 million, or 46 cents per share, in the fourth quarter ended Dec. 31 from $135 million, or 9 cents per share, a year earlier.

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29-03-2024 01:44:03 (UTC+7)

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 EUR/USD1.0791↑ Sell
 GBP/USD1.2620↑ Sell
 USD/JPY151.38↑ Sell
 AUD/USD0.6515↑ Sell
 USD/CAD1.3542↑ Buy
 EUR/JPY163.31↑ Sell
 EUR/CHF0.9731Neutral
 Gold2,239.55↑ Sell
 Silver24.927↑ Sell
 Copper4.0090↑ Sell
 Crude Oil WTI83.14Neutral
 Brent Oil86.96Neutral
 Natural Gas1.756↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,248.63↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,118.75↑ Sell
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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