Raytheon (NYSE:RTX) earnings for the U.S. defense company’s second quarter of 2020 have RTX stock dipping slightly on Tuesday. This comes after adjusted earnings per share of 40 cents handily beat Wall Street’s estimate of 12 cents. The company’s revenue of $14.06 billion also blows past analysts’ estimate of $13.48 billion.
Now, let’s look at some additional highlights from the most recent Raytheon earnings report.
- Adjusted per-share earnings are down 84% from $2.52 reported during the second quarter of 2019.
- Revenue for the quarter comes in 24.1% higher than the $11.33 billion reported during the same time last year.
- Operating loss of $3.76 billion is a major decline year-over-year compared to an operating income of $1.39 billion.
- The Raytheon earnings report also includes a net loss of $3.82 billion.
- That’s a major drop from the company’s net income of $1.23 billion in the same period of the year prior.
Greg Hayes, CEO of Raytheon, said this about the earnings results.
“During the quarter, we continued to deliver good performance in our defense business, while we saw challenges in commercial aerospace as expected. Looking ahead, we expect the pressures in commercial aerospace to persist as OEM production levels and aftermarket activity remain low.”
Raytheon doesn’t discuss guidance in its most recent earnings report. That makes sense with the novel coronavirus causing problems for the economy. Many other companies are doing the same during the pandemic.
RTX stock was down slightly as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.