Raytheon Technologies Reports Q 2 2022 Results.

ARLINGTON, Va: Raytheon Technologies Corporation (NYSE: RTX) reported second quarter 2022 results.

Second quarter 2022

Sales of $16.3 billion, up 3 percent versus prior year including 4 percent organic growth

GAAP EPS from continuing operations of $0.88, up 28 percent versus prior year, including $0.28 of acquisition accounting adjustments and net significant and/or non-recurring charges

Adjusted EPS of $1.16, up 13 percent versus prior year

Operating cash flow from continuing operations of $1.3 billion; Free cash flow of $807 million

Achieved approximately $80 million of incremental RTX gross cost synergies

Repurchased over $1.0 billion of RTX shares

Outlook for full year 2022

Confirms sales of $67.75 - $68.75 billion

Confirms adjusted EPS to $4.60 - $4.80

Confirms free cash flow of approximately $6.0 billion. Assumes the legislation requiring R&D capitalization for tax purposes is deferred beyond 2022.

Confirms share repurchase of at least $2.5 billion of RTX shares

"A strong start to the summer travel season drove continued top-line growth and adjusted EPS that exceeded our expectations," said Raytheon Technologies Chairman and CEO Greg Hayes. "Resilient end-market demand along with our differentiated technology solutions generated over $24 billion of awards in the quarter."

"Looking ahead, while we expect the global supply chain environment, labor availability and inflation will remain challenging near term, we are actively engaged with our customers and suppliers to meet demand and remain cost competitive. We continue to be focused on strategic investments in technology and innovation that will drive our industry leadership today and into the future."

See "Use and Definitions of Non-GAAP Financial Measures" below for information regarding non-GAAP financial measures.

Second quarter 2022

Raytheon Technologies reported second quarter sales of $16.3 billion, up 3 percent over the prior year, including 4 points of organic sales growth partially offset by 1 point of net acquisitions and divestitures headwind. GAAP EPS from continuing operations of $0.88 was up 28 percent versus the prior year and included $0.28 of acquisition accounting adjustments and net significant and/or non-recurring charges. This includes $0.23 of acquisition accounting adjustments primarily related to intangible amortization, $0.04 related to the disposition of non-core businesses at Collins Aerospace, and $0.01 of restructuring. Adjusted EPS of $1.16 was up 13 percent versus prior year.

The company recorded net income from continuing operations in the second quarter of $1.3 billion, up 25 percent versus prior year and included $418 million of acquisition accounting adjustments and net significant...