Edged up 0.6% in premarket trading Tuesday, after the aerospace and defense contractor reported a first-quarter profit that beat expectations and provided an upbeat outlook, while revenue came up a little short. The company swung to net income of $753 million, or 50 cents a share, from a net loss of $83 million, or 10 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 90 cents, above the FactSet consensus of 82 cents.
Sales jumped 34.3% to $15.25 billion, just below the FactSet consensus of $15.36 billion, as Collins Aerospace and Raytheon Missiles & Defense sales were just shy of expectations. In contrast, Pratt & Whitney and Raytheon Intelligence & Space sales topped forecasts. The company expects second-quarter adjusted EPS of 90 cents to 95 cents, above the FactSet consensus of 84 cents, while revenue guidance of $15.5 billion to $16.0 billion surrounds expectations of $15.7 billion. “We are confident in our outlook for the remainder of 2021,” said Chief Executive Greg Hayes. “With our strong defense backlog and continued recovery in commercial air travel, we are well-positioned to deliver profitable growth and return cash to drive significant value for shareowners.” The stock has run up 23.7% over the past three months, while the Dow Jones Industrial Average