Shares of RTX Corp. (NYSE:RTX) experienced a more than 7% increase intra-day today, following the announcement of their fourth-quarter earnings, which exceeded expectations, along with a positive outlook for 2024.

The aerospace and defense company reported an EPS of $1.29 for the fourth quarter, surpassing the consensus estimate of $1.25. RTX’s revenue for the quarter reached $19.9 billion, exceeding the expected $19.72 billion.

Significant contributions came from RTX’s Collins Aerospace Systems unit, which achieved $7.12 billion in sales, higher than the anticipated $6.94 billion. Additionally, the company reported a robust free cash flow of $3.91 billion, outdoing the forecasted $3.23 billion.

Looking ahead to the full fiscal year of 2024, RTX projects its EPS to be in the range of $5.25 to $5.40, compared to Wall Street’s expectation of $5.28. The company’s revenue forecast for the year is set between $78 billion and $79 billion, higher than analysts’ projections of $74 billion.

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