ARLINGTON, Va.- Raytheon Technologies Corporation (NYSE: RTX) reported third quarter 2022 results.
Third quarter 2022
Sales of $17.0 billion, up 5 percent versus prior year including 6 percent organic growth
GAAP EPS from continuing operations of $0.94, up 1 percent versus prior year, including $0.27 of acquisition accounting adjustments and net significant and/or non-recurring charges
Adjusted EPS of $1.21, down 4 percent versus prior year
Operating cash flow from continuing operations of $778 million; Free cash flow of $263 million
Achieved approximately $105 million of incremental RTX gross cost synergies
Repurchased $616 million of RTX shares
Outlook for full year 2022
Sales of $67.0 - $67.3 billion, down from $67.75 - $68.75 billion
Adjusted EPS of $4.70 - $4.80, up from $4.60 - $4.80
Confirms free cash flow of approximately $4.0 billion
Confirms share repurchase of at least $2.5 billion of RTX shares
'Raytheon Technologies delivered strong organic sales growth while also generating adjusted EPS and free cash flow that exceeded our expectations following the continued recovery in the commercial aerospace market and strong customer demand across our business,' said Raytheon Technologies Chairman and CEO Greg Hayes. 'While we expect industry-wide challenges to continue near-term, we remain focused on operational excellence, including cost containment and program performance, to deliver on our commitments.'
'Our $168 billion company backlog grew over $6 billion in the quarter, and will continue to grow as we invest in next-generation technology and innovation to deepen our industry-leading positions to deliver sustained value for our customers and shareowners.'
See 'Use and Definitions of Non-GAAP Financial Measures' below for information regarding non-GAAP financial measures.
Third quarter 2022
Raytheon Technologies reported third quarter sales of $17.0 billion, up 5 percent over the prior year, including 6 points of organic sales growth partially offset by 1 point of net acquisitions and divestitures headwind. GAAP EPS from continuing operations of $0.94 was up 1 percent versus the prior year and included $0.26 of acquisition accounting adjustments primarily related to intangible amortization and $0.01 of restructuring. Adjusted EPS of $1.21 was down 4 percent versus prior year as growth in segment operating profit was more than offset by the absence of a prior year tax benefit and lower pension income.
The company recorded net income from continuing operations attributable to common shareowners in the third quarter of $1.4 billion, down 1 percent versus prior year and included $398 million of acquisition accounting adjustments and net significant and/or non-recurring charges. Adjusted net income was $1.8 billion, down 6 percent versus prior year. Operating cash flow from continuing operations in the third quarter was $778 million. Capital expenditures were $515 million, resulting in free cash flow of $263 million.
Summary Financial Results - Continuing Operations Attributable to Common Shareowners
See full resulst at: https://raytheon.mediaroom.com/2022-10-25-Raytheon-Technologies-Reports-Q3-2022-Results
RTX CORPORATION 
