Sam Boughedda

Investing.com — Raytheon Technologies Corp (NYSE:) reported earnings for its latest quarter before the bell Tuesday, beating earnings per share estimates but missing revenue expectations.

On revenue of $15.72 trillion, the aerospace and defense firm reported an adjusted share price of $1.15. On revenue of $15.88billion, analysts expected earnings to be $1.01. The sales increased by 3% over the previous year.

Raytheon Missiles & Defense sales fell 7% versus the prior year, driven by continuing supply chain constraints and declines in certain Land Warfare and Air Defense programs.

We were able to achieve both top-line growth as well as margin expansion thanks to the strong recovery in commercial aerospace. According to Raytheon Technologies CEO Greg Hayes, the adjusted EPS as well as free cash flow far exceeded our expectations for the first quarter.

Hayes stated that the company “remains confident in the long term outlook for our business, supported by return to travel and increasing global defense budgets.” Due to sanctions against Russia, Hayes’ sales forecast for 2022 was reduced to $67.75 to $68.75 Billion, or $68.5 billion to $69.5 Billion.

The company reiterated its 2020 earnings per share projection of $4.60 to 4.80.