WALTHAM, Mass.- Raytheon Technologies Corporation (NYSE: RTX) reported first quarter 2021 results.

First quarter 2021

Sales of $15.3 billion

GAAP EPS from continuing operations of $0.51, which included $0.39 of net significant and/or non-recurring charges and acquisition accounting adjustments

Adjusted EPS of $0.90

Operating cash flow from continuing operations of $723 million; Free cash flow of $336 million

Achieved approximately $200 million of RTX synergies

Resumed share repurchase program, and repurchased $375 million of shares

Closed on the divestiture of Forcepoint for gross proceeds of $1.1 billion

Raytheon Technologies updates its 2021 outlook and now anticipates the following:

Outlook for full year 2021

Sales of $63.9 - $65.4 billion, up from $63.4 - $65.4 billion

Adjusted EPS of $3.50 - $3.70, up from $3.40 - $3.70

Share repurchases of at least $2 billion, up from $1.5 billion

Confirms free cash flow outlook of approximately $4.5 billion

'Raytheon Technologies delivered strong first quarter results with sales, adjusted EPS and free cash flow that were above our initial expectations, giving us the confidence to increase the low end of our sales and adjusted EPS outlook,' said Raytheon Technologies chief executive officer Greg Hayes. 'Earlier this month marked the one year anniversary of our transformational merger, and our successful execution on the integration to date has enabled us to increase our gross cost synergy target by $300 million to $1.3 billion. Our strong cash position and positive outlook also allows us to increase our 2021 share buyback plan from $1.5 billion to at least $2 billion and raise our second quarter dividend by over 7 percent.'

Hayes continued, 'We are confident in our outlook for the remainder of 2021. With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners. At the same time, we continue to invest in innovative technologies to deliver advanced solutions for our customers that differentiate us in aerospace and defense.'

Raytheon Technologies reported first quarter sales of $15.3 billion. GAAP EPS from continuing operations was $0.51 and included $0.39 of net significant and/or non-recurring charges and acquisition accounting adjustments. This included $0.26 of acquisition accounting adjustments primarily related to intangible amortization, $0.10 of tax related to the Forcepoint disposition, $0.02 of restructuring, and $0.01 of other items. Adjusted EPS was $0.90. Sales and adjusted EPS were in-line with the company's updated outlook communicated on April 9th.

The company recorded net income from continuing operations in the first quarter of $772 million, which included $598 million of net significant and/or nonrecurring charges and acquisition accounting adjustments. Adjusted net income was $1,370 million. Operating cash flow from continuing operations in the first quarter was $723 million. Capital expenditures were $387 million, resulting in free cash flow of $336 million.

Read full report at:

https://www.rtx.com/news/news-center/2021/04/27/raytheon-technologies-reports-first-quarter-2021-results-sales-adjusted-eps-and

(C) 2021 Electronic News Publishing, source ENP Newswire