(Reuters) -U.S. aerospace manufacturer Raytheon Technologies Corp on Tuesday raised the lower end of its full-year sales forecast on strong performance of its defense unit and recovery in commercial air travel.
While demand for Raytheon’s aviation technologies and service for aircraft manufacturers slumped during the global health crisis, its robust defense unit that contributes to more than half of the overall sales, continues to lift its bottomline.
The company now expects between $63.9 billion and $65.4 billion in full-year sales, compared with its previous forecast of $63.4 billion to $65.4 billion.
“With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners,” Chief Executive Officer Greg Hayes said.
Net income attributable to common shareowners was $753 million, or 50 cents per share, in the quarter ended March 31, from a loss of $83 million, or 10 cents per share, a year earlier.
Revenue rose to $15.25 billion from $11.36 billion.
(Reporting by Shreyasee Raj in Bengaluru; Editing by Shailesh Kuber)
