WASHINGTON (dpa-AFX) - Raytheon Technologies Corporation (RTX) said adjusted EPS and free cash flow exceeded the company's expectations in the first quarter. Sales were up 3 percent versus prior year including 4 percent organic growth.
Looking forward, the company confirmed its full year 2022 adjusted EPS guidance of $4.60 - $4.80. Sales are now projected in a range of $67.75 - $68.75 billion, down from prior guidance range of $68.5 - $69.5 billion, driven by global sanctions on Russia.
For the first quarter, the company's bottom line came in at $1.10 billion, or $0.74 per share compared with $0.77 billion, or $0.51 per share, last year. Excluding items, Raytheon reported adjusted earnings of $1.72 billion or $1.15 per share for the period. Analysts on average had expected the company to earn $1.01 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 3.1% to $15.72 billion from $15.25 billion last year.
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