WALTHAM, Mass.-- Raytheon Technologies Corporation (NYSE: RTX) reported third quarter 2020 results.

Sales of $14.7 billion; Adjusted sales of $15.0 billion

GAAP EPS from continuing operations of $0.10, which included $0.48 of net significant and/or non-recurring charges and acquisition accounting adjustments

Adjusted EPS of $0.58

Operating cash flow from continuing operations of $1.6 billion

Free cash flow of $1.2 billion

Achieved ~$700 million in cost reduction and ~$1.9 billion in cash conservation actions

Robust Defense backlog of $70.2 billion

'We delivered sales that were in line with our expectations as well as better than expected adjusted EPS and free cash flow during the quarter as we achieved approximately $700 million of cost reduction and $1.9 billion of cash conservation actions, which was significantly better than our plan. We are delivering on our commitments to customers while taking the necessary actions that will equip us to weather the current environment and emerge as a stronger business,' said Raytheon Technologies Chief Executive Officer Greg Hayes. 'The long-term business fundamentals and earnings power of Raytheon Technologies remain strong with our balanced portfolio, leading businesses and advanced technologies that combine the best of commercial aerospace and defense.'

Raytheon Technologies reported third quarter sales of $14.7 billion and adjusted sales of $15.0 billion. GAAP EPS from continuing operations was $0.10 and included $0.48 of net significant and/or non-recurring charges and acquisition accounting adjustments. This includes a net gain on dispositions of $0.17 per share, which was more than offset by $0.27 of acquisition accounting adjustments primarily related to intangible amortization, $0.26 of charges due to the current economic environment primarily driven by the COVID-19 pandemic, and $0.12 of restructuring. Adjusted EPS was $0.58.

The company recorded net income from continuing operations in the third quarter of $151 million, which included $721 million of net significant and/or nonrecurring charges and acquisition accounting adjustments. Adjusted net income was $872 million. Operating cash flow from continuing operations in the third quarter was $1.6 billion and was better than expected primarily due to the timing of customer collections and the accelerated execution on cash conservation actions. Capital expenditures were $389 million, resulting in free cash flow of $1.2 billion. Free cash flow included approximately $600 million of merger costs, restructuring and tax payments on divestitures. This quarter's performance includes approximately $700 million of cost savings and approximately $1.9 billion of cash conservation actions, reflecting substantial progress on our previously stated goal of $2 billion in cost savings and $4 billion in cash conservation actions by the end of 2020.

Summary Financial Results - Continuing Operations: See details at:

https://www.rtx.com/News/News-Center/2020/10/27/raytheon-technologies-reports-third-quarter-2020-results

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