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Why RTX (RTX) Stock Is Trading Lower Today
Shares of aerospace and defense company Raytheon (NYSE:RTX) fell 3.7% in the afternoon session after the company provided a full-year revenue forecast that fell slightly short of estimates.
For the quarter, RTX announced an 8.7% year-on-year increase in sales to $22.08 billion and a 21% rise in adjusted earnings per share to $1.78, surpassing Wall Street's estimates of $21.49 billion in revenue and $1.52 in earnings per share. The company also raised its full-year guidance for both sales and earnings.
However, the market appeared to focus on the fact that the midpoint of the new full-year revenue guidance, at $93 billion, was just 0.5% below what analysts had projected. The stock's drop suggested that investors were more concerned with the slightly cautious revenue outlook than the strong performance in the reported quarter.
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