Collins Aerospace reports 16% increase in sales in first quarter

CEDAR RAPIDS — Collins Aerospace — the largest private employer in the city — reported a 16 percent increase in sales compared to the first quarter last year.

First-quarter sales of $5.58 million is up 16 percent from last year, and the adjusted operating profit of $800 million is up 37 percent from the first quarter last year.

The increase was driven by a 24 percent increase in the commercial aftermarket, a 12 percent increase in commercial original equipment and a 9 percent increase in military products, according to a news release from Raytheon Technologies, the parent company of Collins Aerospace.

Raytheon overall reported first-quarter sales of $17.2 billion, up 10 percent over 2022.

The company’s adjusted net income was $1.8 billion, up 4 percent from 2022. The adjusted earnings per share was $1.22, up 6 percent from last year’s first quarter.

"Our year is off to a strong start, including solid top- and bottom-line performance,“ Raytheon CEO and Chairman Greg Hayes said.

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”Continued global airline travel and defense systems demand point to sustained top line growth, as evidenced by $21 billion in new orders and a record backlog of $180 billion across our industry-leading portfolio.“