Raytheon Technologies Corporation reported sales of $18.1 billion in the fourth quarter of 2022. For the full year 2022, the company reported sales of $67.1 billion.
“Raytheon Technologies delivered solid full-year results with strong free cash flow that exceeded our expectations,” said Raytheon Technologies Chairman and CEO Greg Hayes. “We effectively supported the rapid commercial aerospace recovery and delivered critical platforms and advanced technologies for customers to meet their increasingly complex needs, while achieving $86 billion in new awards in 2022 and ending the year with a total backlog of $175 billion.
“Our portfolio is well positioned to capture growing demand and we expect to deliver sales growth and margin expansion, along with strong free cash flow generation, in 2023,” he said. “We are deploying capital investments to bring new technologies to market and accelerate productivity improvement, all while remaining committed to returning at least $20 billion to our shareowners post-merger through early 2024.”
At the same time as releasing the results, the company announced plans to realign into three business segments.
Christopher Calio, whose role has been expanded to president and chief operating officer of Raytheon Technologies, effective March 1, will oversee the business transformation initiative.
“In 2023 we will further align our market-leading franchises with customer needs to drive operational agility and excellence,” said Calio. “By more fully leveraging our scale, we will deliver enhanced customer solutions and unlock cost savings opportunities with improved resource allocation and a streamlined footprint.”
The three focused business segments will be Collins Aerospace, Pratt & Whitney, and Raytheon. The company plans to implement the reorganization during the second half of 2023 and will provide additional updates on its progress over the coming months.
Additionally, the company announced that Roy Azevedo, President of Raytheon Intelligence & Space, will retire from his role and serve as an advisor to Calio to help with the transformation.
Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide.
With four industry-leading businesses Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense the company delivers solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics.
The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Arlington, Va.