RTX posts higher quarterly profit on strong demand for jet services
By Utkarsh Shetti and Mike Stone
(Reuters) -RTX reported a higher first-quarter profit and reaffirmed its annual outlook on Tuesday, as strong demand for jet repair and maintenance services helped offset weaker sales in the company's defense unit.
The aerospace and defense major has benefited from steady demand for parts and maintenance as airlines fly aging fleets amid jet production delays, even as broader market uncertainty grows due to U.S. President Donald Trump's trade war and ongoing supply chain challenges.
Arlington, Virginia-based RTX reported total revenue of $20.31 billion for the quarter ended March 31, higher than the about $19.31 billion it posted a year ago.
On an adjusted basis, it reported a per-share profit of $1.47 on net income of $1.99 billion for the quarter, compared with $1.34, or $1.79 billion last year.
Collins Aerospace, RTX's aerospace and avionics arm, posted an 8% rise in revenue that touched $7.22 billion in the quarter, while the Pratt and Whitney unit, which makes engines for Airbus' A320neo jets, saw sales rise 14%.
Pratt is currently in the process of conducting an inspection drive for potentially flawed components in its Geared Turbofan (GTF) engines that has led to the grounding of hundreds of planes in recent months.
Raytheon, RTX's defense unit, reported a 5% fall in sales year-over-year, primarily driven by the divestiture of its cybersecurity, intelligence and services business completed last year.
Defense contractors, continuing to benefit from surging demand amid heightened geopolitical tensions, may also get a potential boost from Trump's review on military equipment export rules that he is seeking to ease.
Some experts have suggested that a higher defense budget supports backlog at contractors, providing stability in revenues for key government programs.
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