Why RTX Stock Jumped 8% Today
Shares of defense contracting giant (NYSE: RTX) -- the artist formerly known as Raytheon -- jumped 8.2% through 10:30 a.m. ET after beating analyst forecasts for both sales and earnings Tuesday morning.
Heading into its fourth and final quarterly report for 2023, Wall Street had forecast that RTX would earn $1.24 per share (adjusted for one-time items) on sales of $19.7 billion. RTX edged out both numbers, however, reporting an adjusted profit of $1.29 per share and sales of $19.9 billion.
Actual generally accepted accounting principles (GAAP) profits weren't quite as strong as that -- only $1.05 per share. Still, GAAP profits rose 9% from last year's $0.95, and sales were up 10% year over year.
Source Fool.com
