RTX announces third quarter sales down, sale of Raytheon unit

RTX had sales of $13.5 billion in the third quarter, down 21 percent from last year, but with adjusted sales of $19 billion, up 12 percent from last year.

Collins Aerospace of Cedar Rapids is an RTX company and the city’s largest employer.

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"We have made significant progress on our assessment of the Pratt & Whitney powder metal manufacturing matter and expect the financial impact to be in line with the previously disclosed charge," RTX Chairman and CEO Greg Hayes said.

"Our industry-leading franchises in Collins Aerospace, Pratt & Whitney, and Raytheon position RTX to deliver significant long-term value for our shareowners.“

The company also announced it is selling its Raytheon cybersecurity, intelligence and services business for approximately $1.3 billion, subject to regulatory approvals.

The RTX board also approved a $10 billion accelerated share repurchase program commencing almost immediately. This will result in an increase to RTX's post-merger shareowner capital return commitment to $36 billion to $37 billion through 2025, up from the earlier estimate of $33 billion to $35 billion, RTX said in a news release.

Operating cash flow from continuing operations in the third quarter was $3.3 billion. Capital expenditures were $564 million, resulting in free cash flow of $2.8 billion, the news release stated.