Raytheon stock drops after profit beats but revenue misses expectations, and full-year outlook disappoints

Shares of Raytheon Technologies Corp.
RTX,
+1.04%
dropped 4.1% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit that beat expectations but revenue that missed, and provided a downbeat full-year outlook. Net income soared to $686 million, or 46 cents a share, from $135 million, or 9 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.08, above the FactSet consensus of $1.02. Sales grew 3.8% to $17.04 billion, below the FactSet consensus of $17.30 billion. Among business segments, Pratt & Whitney sales rose 15% to $5.12 billion, intelligence and space sales fell 2% to $3.87 billion and missiles and defense sales declined 8% to $3.86 billion. Looking ahead, the company expects 2022 adjusted EPS of $4.60 to $4.80, below the FactSet consensus of $4.95, and revenue of $68.5 billion to $69.5 billion, below expectations of $70.37 billion.