RTX (NYSE:RTX) stock is on the rise Tuesday as investors react to information in the aerospace and defense company’s latest earnings report.
During its earnings report for the third quarter of 2023, RTX announced a new $10 billion share repurchase program. That’s inspiring confidence in investors as it shows the company is well enough off to be able to buy back such a large amount of shares.
That’s on top of the news that it repurchased a total of $1.4 billion in shares of RTX stock during the third quarter of 2023. It also updated its share repurchase spending outlook for 2023 from $3 billion to $12.8 billion.
Earnings Boost RTX Stock
Investors are also reacting well to the company’s earnings results for the third quarter of 2023. The company brought in adjusted earnings per share of $1.25 alongside revenue of $13.5 billion.
For the record, the company’s adjusted EPS beats out Wall Street’s estimate of $1.22. However, its revenue is below the $18.2 billion that analysts were expecting. Also worth noting is the company’s adjusted EPS jumping 3% and revenue falling 21% from the same period of the year prior.
All of this news brings with it heavy trading of RTX stock. That has more than 9.5 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is about 9 million shares.
RTX stock is up 6.5% as of Tuesday morning.
Investors seeking out even more of the most recent stock market stories for today are in the right place.
We’ve got all of the biggest stock market news for traders to read about on Tuesday! Among that is what’s happening with shares of IonQ (NASDAQ:IONQ) and LumiraDx (NASDAQ:LMDX) stock today. You can catch up on all of these matters at the links below!
More Stock Market News for Tuesday
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- Why Is IonQ (IONQ) Stock Down 12% Today?
- Why Is LumiraDx (LMDX) Stock Down 35% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
