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MarketScreener Homepage  >  Equities  >  Nyse  >  Raytheon Technologies Corporation    RTX

RAYTHEON TECHNOLOGIES CORPORATION

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Raytheon Technologies : doubles job cuts to 15,000, citing airline downturn

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09/16/2020 | 05:35pm EDT

WALTHAM, Mass. (AP) — Raytheon Technologies Corp. plans to eliminate more than 15,000 jobs this year at its corporate offices, jet engine-maker Pratt & Whitney and aviation and military equipment manufacturer Collins Aerospace amid the downturn in the airline industry, Chief Executive Officer Greg Hayes said Wednesday.

The job cuts at the Waltham, Massachusetts-based company are nearly double the total it initially announced in July.

Hayes, speaking during a Morgan Stanley analysts conference via webcast, said the cuts amount to administrative cost reductions of about 20% at Pratt & Whitney, based in East Hartford, Connecticut, and about 12% at Collins Aerospace, based in Charlotte, North Carolina.

Pratt & Whitney has seen shop visits decline 60% since the second quarter, and Collins Aerospace saw a 65% drop in commercial spare parts orders, Hayes said, noting global commercial air traffic is down about 45% amid the coronavirus pandemic, down from an 80% drop in March.

Raytheon is seeking $2 billion in cost reductions and $4 billion in cash conservation this year, he said.

The company's defense-related business, however, remains strong, Hayes said.

Raytheon shares closed at $62.92 Wednesday, up $1.48.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Financials (USD)
Sales 2020 63 901 M - -
Net income 2020 -985 M - -
Net Debt 2020 24 639 M - -
P/E ratio 2020 -68,4x
Yield 2020 3,25%
Capitalization 86 882 M 86 882 M -
EV / Sales 2020 1,75x
EV / Sales 2021 1,59x
Nbr of Employees 243 200
Free-Float 72,2%
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Technical analysis trends RAYTHEON TECHNOLOGIES CORPORATION
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TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 78,10 $
Last Close Price 57,60 $
Spread / Highest target 75,3%
Spread / Average Target 35,6%
Spread / Lowest Target 11,1%
EPS Revisions
Managers
NameTitle
Gregory J. Hayes Chief Executive Officer & Director
Thomas A. Kennedy Executive Chairman
Paolo C. Dal Cin Head-Operations & Supply Chain
Anthony F. O'Brien Chief Financial Officer
Mark E. Russell Head-Technology & Global Engineering
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