Aerospace and defense major RTX (NYSE:RTX) jumped in trading after the company reported fourth-quarter adjusted earnings of $1.29 per share. This was up by 2% year-over-year and above consensus estimates of $1.25 per share.
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The firm also posted adjusted sales of $19.8 billion, an increase of 10% year-over-year and above analysts’ estimates of $19.7 billion. At the end of the fourth quarter, RTX had a record order backlog of $196 billion.
Looking forward to FY24, the company has projected sales in the range of $78 billion to $79 billion. Adjusted earnings are expected to be between $5.25 and $5.40 per share, while analysts estimate earnings of $5.28 per share. However, RTX now expects adjusted annual sales growth to range from 5.5% to 6% between 2020 and 2025, down from its prior forecast of 6% to 7%.
What is the Target Price for RTX?
Analysts remain sidelined about RTX stock with a Hold consensus rating based on two Buys, eight Holds, and three Sells. Over the past year, RTX has slid by 5%, and the average RTX price target of $86.25 implies a downside potential of 3.88% at current levels.
