RTX Stock Had a Lousy 2023. Will 2024 Be Better?
2023 was not kind to defense contractor Raytheon.
Stung by a manufacturing snafu involving "a rare condition in powder metal used to manufacture certain engine parts," the company announced in August that it would pull anywhere from 200 to 1,200 of its already-installed PW1100G-JM engines from commercial airplane engines for inspection. The decision incurred costs for conducting the inspections, interrupted the company's sales pipeline for new engines, and caused Raytheon stock to lose about 17% in a year when the S&P 500 was up 24%.
It may or may not also have played a part in the company's decision to rebrand itself as RTX Corporation (NYSE: RTX) -- a name change that it announced only one month before revealing the manufacturing defect.
Source Fool.com
