Raytheon profit beats estimates on cost controls
- The health crisis has dealt a heavy blow to the US aerospace sector, grappling with lower sales due to the grounding of Boeing Co's top-selling 737 MAX planes.
- Raytheon said it achieved $700 million of cost reduction and $1.9 billion of cash conservation actions in the third quarter ended Sept. 30.
US aero parts maker Raytheon Technologies Corp on Tuesday reported a better-than-expected quarterly profit, helped by cost controls amid weak demand from airlines during the COVID-19 pandemic.
The health crisis has dealt a heavy blow to the US aerospace sector, grappling with lower sales due to the grounding of Boeing Co's top-selling 737 MAX planes, and forced several companies to book billions more in losses as air travel came to a near halt.
Raytheon said it achieved $700 million of cost reduction and $1.9 billion of cash conservation actions in the third quarter ended Sept. 30.
Excluding items, Raytheon earned 58 cents per share, above the Wall Street's average expectation of 50 cents per share, according to IBES estimates from Refinitiv.
Revenue rose about 30% to $14.75 billion, but was below analysts' estimate of $15.05 billion.
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