US aerospace and defense contractor Raytheon’s profits soared as it sold more jet engines, parts and aftermarket services to airlines in 2022 amid strong demand of air travel around the world.
The results follow strong sales of fighter jets, helicopters and missiles, including the type of rockets sent to Ukraine’s military, contributing to Lockheed Martin’s revenue, which beat Wall Street expectations in fourth trimester.
Raytheon, Pratt & Whitney’s jet engine division operating profit rose 127% to $306 million from the same period a year earlier on higher commercial aftermarket sales . Pratt & Whitney’s revenue rose 10% to $5.65 billion, driven by a 37% increase in commercial original equipment components.
Lockheed posted revenue of $19 billion for the final quarter of last year, up more than 7% from $17.7 billion in the same period of 2021. The profit per share fell to $7.40 from $7.47 as the company took $129 million in charges, mostly $100 million. in its helicopter business for severance pay and asset impairment.
While Raytheon’s missile sales rose 6% to $4.1 billion in the quarter, profits fell 23% due to inefficiencies and a charge related to a divestiture. Raytheon’s missiles include the Stinger and the Javelin, the latter being co-produced with Lockheed Martin and playing a crucial role at the start of the war in Ukraine.
Lockheed’s quarterly sales increase was driven by $275 million in net sales of the group’s F-35 fighter jet program and $260 million for various integrated warfare systems and sensors.
Also adding to revenue $115 million for tactical and strike missiles, including guided multiple launch rocket systems that Ukrainian troops fired from the High Mobility Artillery Rocket System (Himars) to repel the Russian forces.
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