RTX Corporation has reported its quarterly earnings for the third quarter of 2024, announcing a significant rise in profit. The aerospace and defense company revealed a net income of $1.67 billion, compared to $1.45 billion in the same period last year, marking an increase of 15.2%. The heartening results came as RTX reported its strongest quarterly performance driven by a surge in defense contracts and commercial aerospace recovery. CEO Greg Hayes stated, ‘We are seeing robust demand across both our defense and aerospace segments, which positions us well for sustained growth.’ The revenue for the quarter reached $19.8 billion, reflecting an increase from $18.4 billion a year ago. RTX announced plans to boost its share buyback program by $3 billion, underlining its commitment to returning value to shareholders. ‘We are focused on driving operational efficiency and we expect these efforts to yield results moving forward into 2025,’ said Chief Financial Officer, Neil Mitchill. The company’s defense unit continues to perform strongly, buoyed by increasing government spending amid geopolitical tensions, especially in the Asia-Pacific region. Additionally, RTX unveiled its 2025 financial guidance, projecting revenue growth between $80 to $84 billion, alongside an EPS (earnings per share) target of $4.50 to $4.75. The stock price reacted positively post-earnings announcement, gaining 4% in after-hours trading to reach a new high of $89.30. With the recent earnings surpassing analysts’ expectations, the market view toward RTX remains bullish as it heads into 2025.
RTX Reports Strong Quarterly Profit in 2024 Earnings, Signals Positive Outlook for 2025
