More store visits for parts and repairs and growing jet engine manufacturing drove Pratt & Whitney’s second-quarter sales up 16%, its parent company, Raytheon Technologies Corp., said Tuesday.
The East Hartford business reported revenue of $4.97 billion in the April-June period, nearly $700 million more than the second quarter of 2021. marks the fifth consecutive quarter of double-digit revenue growth as the airline industry puts global travel restrictions behind it. which grounded most fleets during the pandemic.
Collins Aerospace, Raytheon’s other commercial aviation business, posted a 10% increase in second-quarter sales to $5 billion as aviation emerges from the sharp drop caused by the pandemic.
Raytheon, the Arlington, Va.-based aerospace and defense conglomerate, reported second-quarter revenue of $16.3 billion, up 3% from the same three-month period months last year. It missed Wall Street estimates of $16.44 billion, according to analysts polled by Zacks Investment Research.
Shares slid a fraction of 1% to $94.20 in premarket trading.
Earnings per share of $1.16 rose 13% and beat analyst estimates of $1.12.
Chief Executive Greg Hayes credited a “good start to the summer travel season” which resulted in continued sales and earnings growth “that exceeded our expectations”.
He warned that the global supply chain, labor availability and inflation “will remain challenging in the near term”.
The Raytheon Missiles and Defense business reported revenue of $3.56 billion in the second quarter of 2022, down 11% from the second quarter of 2021. Raytheon blamed the decline on supply chain constraints. supply and expected declines in some ground warfare and air defense programs.
In the second quarter, Raytheon Intelligence & Space unit sales of $3.57 billion were down 6% from the April-June quarter last year, mainly due to a divestment of activity.
Stephen Singer can be reached at [email protected]