WALTHAM, Mass. – RTX Corp. on Tuesday reported a third-quarter loss of $984 million, a 171% decrease year over year.
On a per-share basis the company, formerly Raytheon Technologies Corp., said it had a loss of 68 cents, a 172% decrease from the third quarter of 2022. Earnings, adjusted for one-time gains and costs, came to $1.25 per share, a 3% gain year over year.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.19 per share.
The company attributed the 171% year over year loss to the after-tax impact of $2.2 billion related to previously disclosed problems with subsidiary Pratt & Whitney engines, plus $406 million in acquisition accounting adjustments, $80 million in restructuring charges, and $96 million of other net significant and/or nonrecurring charges it reported in the third quarter of 2022.
RTX expects full-year earnings in the range of $4.98 to $5.02 per share, with revenue expected to be $74 billion.
The company has a plant in Portsmouth that focuses on sea-power capability – sensors, combat management systems, radar and sonar. About 1,000 people work at the facility.
Raytheon Technologies changed its name to RTX Corp, in July 2023. The company has traded under the RTX symbol after it merged with aerospace manufacturer United Technologies Corp.
(Material from The Associated Press was used in this report.)