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October 25, 2022

Pratt & Whitney’s 3Q sales up 14%

Wikimedia Commons Pratt & Whitney's headquarters in East Hartford.

East Hartford jet engine maker Pratt & Whitney on Tuesday reported that its third quarter sales were up 14%, according to a recent earnings call from parent company Raytheon Technologies.

Raytheon Technologies, which is now headquartered in Arlington, Virginia, posting third quarter net income of $1.39 billion, or 94 cents per share, down about 1% year-over-year.
On the heels of continuing challenges such as supply chain constraints, labor and inflation, Raytheon Technologies CEO Gregory Hayes said the company was again adjusting its outlook for the rest of the year.

The company adjusted its sales outlook to between $67 billion and $67.3 billion, down from the previous projections of $67.75 billion to $68.75 billion. Adjusted earnings-per-share, however, were increased to between $4.70 to $4.80, up from the previous range of $4.60 to $4.80.

Hayes said the company was encouraged by the “continued recovery” of the commercial aerospace market and consumer demands across the company’s different sectors. He said, taking into account the challenges of the current economy and its divestment of Russian business earlier this year, Raytheon has about 500 cost-reduction projects underway currently.

“It's been a tough year — it's going to be a tough year going forward. We know that, we recognize it,” Hayes said. “But the fact is, we have the tools and the people to make it all happen.”

During Tuesday’s earnings call, Raytheon Vice President of Investor Relations Jennifer Reed said Pratt’s third-quarter sales of $5.38 billion were up 14%.

Pratt & Whitney’s commercial aftermarket sales were up 23% in the quarter. Commercial original equipment sales were up 26% and military business sales were down 2%.

Officials from Pratt said the increase in commercial sales was primarily due to higher shop visits and related spare part sales, while the decrease in military sales was driven primarily by lower expected F135 production volume partially offset by higher F135 sustainment volume.

Reed said Pratt’s adjusted operating profit of $318 million was up 68% from $189 million in the prior-year.

Pratt said this increase in adjusted operating profit was primarily driven by higher commercial aftermarket sales volume and favorable military and commercial original equipment sales mix.

Hayes said that Pratt & Whitney had “two significant milestones” regarding its GTF engine family in the third quarter of 2022, including the first airbus flight test with GTF Advantage.

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