Raytheon 3rd-Quarter Adjusted Profit Beats Estimate

Raytheon Technologies  (RTX) – Get Report shares rose after the defense contractor reported third-quarter earnings that were lower year over year but still topped analyst estimates. 

The Waltham, Mass., company earned 17 cents a share in the quarter against $1.33 a share in the year-earlier period. The latest adjusted profit was 58 cents a share.

Shares outstanding rose 75% to 1.51 billion.

Revenue climbed 30% to $14.74 billion from $11.37 billion.

Analysts surveyed by FactSet were expecting the company to report GAAP profit of 30 cents a share, or an adjusted 50 cents, on revenue of $15.06 billion. 

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