Why RTX Stock Is Flying High Today
Investors came into earnings season eager to hear an update on the engine issue that has caused shares of RTX (NYSE: RTX) to plunge in recent months. The company delivered better-than-expected results and announced a massive new share-buyback program, prompting the shares to climb 7% higher in Tuesday trading.
It has been a tough year for RTX, the commercial aerospace and defense giant that until earlier this year was known as Raytheon Technologies. In July, the company disclosed issues with the manufacture of thousands of Pratt Whitney jet engines that would require a costly fix.
On Tuesday, RTX announced third-quarter adjusted earnings of $1.25 per share, besting the $1.14 per share estimate, and a backlog of $190 billion in future orders.
Source Fool.com
