Fortune500 News Hubb
Advertisement Banner
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Business News

Live updates: Raytheon and Lockheed Martin top 4th-quarter forecasts

admin by admin
January 25, 2023
in Business News


Profits at US aerospace and defence contractor Raytheon soared as it sold more jet engines, parts and after-market services to airlines in 2022 amid high air travel demand worldwide.

The results followed robust sales of fighter jets, helicopters and missiles, including the type of rockets being sent to the Ukrainian army, helping revenues at Lockheed Martin, which beat Wall Street expectations in the fourth quarter.

Operating profit at Raytheon’s jet engine division Pratt & Whitney increased by 127 per cent to $306mn from the same period in the previous year on higher commercial after-market sales. Revenue at Pratt & Whitney rose by 10 per cent to $5.65bn, driven by a 37 per cent increase in commercial original equipment components.

Lockheed reported revenue of $19bn for the final quarter of last year, up more than 7 per cent from $17.7bn during the same period of 2021. Earnings per share fell to $7.40 from $7.47 as the company took $129mn in charges, mostly $100mn in its helicopter business for severance costs and asset impairment.

While sales of Raytheon’s missiles increased by 6 per cent to $4.1bn in the quarter, profits fell 23 per cent owing to inefficiencies and a charge from a divestiture. Raytheon’s missiles include the Stinger and Javelin, the latter of which is co-produced with Lockheed Martin and played a crucial role at the start of the war in Ukraine.

Lockheed’s quarterly sales boost was driven by $275mn in net sales of the group’s marquee F-35 fighter jet programme and $260mn for various integrated warfare systems and sensors.

Also adding to the top line was $115mn for tactical and strike missiles, including the guided multiple launch rocket systems that Ukrainian troops have been firing out of high mobility artillery rocket system (Himars) to beat back Russian forces.



Source link

Previous Post

Google Gets Slapped with DOJ Case Over Alleged Digital Ad Monopoly

Next Post

A truck-sized asteroid will make one of the closest recorded encounters ever with Earth on Thursday night

Next Post

A truck-sized asteroid will make one of the closest recorded encounters ever with Earth on Thursday night

Recommended

Live news: Toymaker Hasbro to cut 15% of staff after worse than forecast quarter

2 weeks ago

Goldman Sachs Sees Crude Hitting $110 in 2023

2 months ago

Joe Biden rules out US sending F-16 fighter jets to Ukraine

1 week ago

Musk ‘wanted to punch’ Ye after rapper’s ‘incitement to violence’

2 months ago

Credits, Freebies to Help You Save

3 months ago

Higher Than Many Brick-and-Mortar Banks

3 months ago

© 2022 Fortune500 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Fortune 500 News
  • Business News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact

© 2022 Fortune500 News Hubb All rights reserved.