Raytheon Technologies releases Q1 FY2020 results
Raytheon Technologies has completed its merger with a strong liquidity position at the end of Q1 FY2020.
Before the merger between Raytheon and United Technologies, which occurred on 3 April, the company recorded a backlog of $51.3 billion with a book-to-bill ratio of 1.44. Overall, net sales stood at $7.2 billion, up by 6.5% compared to the same period in FY2019.
Raytheon Technologies (which reflects results from United Technologies and Otis and Carrier) showed that net sales reached $18.2 billion, a fall of 1% compared to the same time last year.
Greg Hayes, CEO of Raytheon Technologies, said: ‘During the quarter, we delivered solid results, exceeding our expectations for adjusted EPS and free cash flow, while also completing the spin-offs of Otis and Carrier and our merger with Raytheon.
It reported that the financial implications of the COVID-19 pandemic cannot be estimated and as a result, the company is not providing an outlook and will revisit providing a 2020 outlook at the next release of its earnings.
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