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Raytheon’s stock jumps after profit and sales beat expectations, while outlook was mixed

Economy, Finance

Shares of Raytheon Technologies Corp. rose 2.6% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit and revenue that beat expectations, while providing a mixed outlook for the first quarter. Net income fell to $135 million, or 9 cents a share, from $1.14 billion, or $1.32 a share, in the year-ago period. Excluding non-recurring items, such as $976 million in charges and acquisition accounting adjustments, adjusted earnings per share came to 74 cents, above the FactSet consensus of 69 cents. Sales rose 40.4% to $16.42 billion, above the FactSet consensus of $16.24 billion, as Pratt & Whitney sales beat expectations while intelligence and space and missiles and defense sales came up short. For the first quarter, Raytheon expects adjusted EPS of 70 cents to 75 cents, compared with the FactSet consensus of 70 cents, and expects sales of $14.8 billion to $15.4 billion, below expectations of $15.73 billion. The stock has tacked on 9.0% over the past three months through Monday, while the Dow Jones Industrial Average has advanced 11.8%.

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