Shares of Raytheon Technologies Corp. edged up 0.6% in premarket trading Tuesday, after the aerospace and defense contractor reported a first-quarter profit that beat expectations, and provided an upbeat outlook, while revenue came up a little short. The company swung to net income of $753 million, or 50 cents a share, from a net loss of $83 million, or 10 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 90 cents, above the FactSet consensus of 82 cents. Sales jumped 34.3% to $15.25 billion, just below the FactSet consensus of $15.36 billion, as Collins Aerospace and Raytheon Missiles & Defense sales were just shy of expectations wile Pratt & Whitney and Raytheon Intelligence & Space sales topped forecasts. The company expects second-quarter adjusted EPS of 90 cents to 95 cents, above the FactSet consensus of 84 cents, while revenue guidance of $15.5 billion to $16.0 billion surrounds expectations of $15.7 billion. “We are confident in our outlook for the remainder of 2021,” said Chief Executive Greg Hayes. “With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners.” The stock has run up 23.7% over the past three months, while the Dow Jones Industrial Average has gained 12.1%.
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