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Raytheon stock extends pullback after profit beat expectations but sales missed

Shares of Raytheon Technologies Corp.

slipped 0.7% in premarket trading Tuesday, putting them on track for a fourth-straight loss, after the aerospace and defense company reported first-quarter profit that beat expectations but revenue that missed, and provided a mixed outlook. Net income rose to $1.08 billion, or 72 cents a share, from $753 million, or 50 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.15 beat the FactSet consensus of $1.01. Revenue grew 3.0% to $15.72 billion, but was below the FactSet consensus of $15.80 billion. Among Raytheon’s business segments, Collins Aerospace and Pratt & Whitney sales rose above expectations while Raytheon Intelligence & Space and Raytheon Missiles & Defense sales fell below expectations. For 2022, the company affirmed its adjusted EPS guidance range of $4.60 to $4.80 but lowered its sales outlook to $67.75 billion to $68.75 billion from $68.5 billion to $69.5 billion. The stock has lost 5.1% over the past three sessions since closing at a record $104.97 on April 20. Year to date, the stock has run up 15.7% through Monday, while the S&P 500

has lost 9.9%.

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