(Reuters) -Raytheon Technologies Corp on Tuesday posted a five-fold rise in quarterly profit as a surge in air travel during the holiday season boosted demand for its aerospace products and services.
The U.S. government’s decision ahead of the holidays to open its borders to vaccinated individuals from abroad helped the wide-body aerojet aftermarket recover, driving demand for Raytheon’s aircraft cabin interiors and engines.
Easing coronavirus restrictions also translated into higher demand for Raytheon’s Collins Aerospace systems as well as its space and missile units, even as manufacturers across various sectors were hit by pandemic-induced logistical problems.
Raytheon, whose Pratt and Whitney unit supplies aircraft engines to companies like Boeing Co and Airbus SE, said fourth-quarter revenue rose to $17.04 billion from $16.42 billion a year earlier.
Net income rose to $686 million, or 46 cents per share, in the fourth quarter ended Dec. 31 from $135 million, or 9 cents per share, a year earlier.
(Reporting by Nathan Gomes in Bengaluru; Editing by Ramakrishnan M.)
