RTX Soars Above Estimates in Q1, Reiterates FY24 Outlook
Portfolio Pulse from Lekha Gupta
RTX Corporation (NYSE:RTX) reported a first-quarter FY24 adjusted net sales increase of 12% Y/Y to $19.3 billion, surpassing the consensus of $18.4 billion. Adjusted EPS rose 10% Y/Y to $1.34, beating the consensus of $1.23. The company reiterated its FY24 outlook, expecting sales of $78 billion-$79 billion and adjusted EPS of $5.25-$5.40. RTX's operating cash flow for the quarter was $0.3 billion, with a free cash outflow of $(0.1) billion. The backlog at the end of the quarter stood at $202 billion. RTX also entered into an energy supply agreement with ENGIE Resources LLC, a subsidiary of ENGIE North America.
April 23, 2024 | 5:49 pm
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RTX Corporation exceeded Q1 FY24 sales and EPS estimates, reiterated its FY24 outlook, and announced a significant energy supply agreement with ENGIE Resources LLC.
RTX's better-than-expected Q1 earnings and the reiteration of a positive FY24 outlook signal strong operational performance and strategic planning. The partnership with ENGIE Resources LLC could provide additional operational efficiencies or cost savings, further bolstering investor confidence. These factors are likely to have a positive short-term impact on RTX's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100