RTX Corporation - RTX STOCK NEWS

Magellan Aerospace has signed significant long-term agreements with Pratt & Whitney, an RTX business. These contracts renew existing agreements and cover the supply of complex castings for various engine programs. The castings will be produced at Magellan's facilities in Haley, Ontario and Glendale, Arizona.

This renewal solidifies the long-standing business relationship between Magellan and Pratt & Whitney, which dates back to the 1960s. Magellan supplies complex castings for civil and defence, fixed-wing and rotorcraft programs globally. The company is recognized as a global industry leader in advanced manufacturing techniques, including 3D sand printing, automated pouring and finishing, robotics, and digital radiography.

Raytheon, an RTX business, has secured a $478 million contract from the NATO Support and Procurement Agency (NSPA) to provide additional GEM-T missiles to Germany. This contract aims to replenish Patriot missiles that Germany donated to Ukraine. Denmark, the Netherlands, and Norway have agreed to contribute to the financing of this procurement, demonstrating strong support for Ukraine.

The contract highlights the benefits of bundled, multi-national procurement of Patriot missiles through NSPA, including greater affordability and shorter acquisition timelines. The GEM-T, an enhanced Patriot Advanced Capability 2 (PAC-2) missile interceptor, is designed to defeat tactical ballistic missiles and is a primary component of the combat-proven Patriot air and missile defense system.

Raytheon, an RTX business, has been awarded two strategic Mentor-Protégé Agreement initiatives by the Department of the Navy Office of Small Business Programs. These initiatives aim to support the development of operational Artificial Intelligence for Department of Defense platforms and programs. Raytheon will mentor Anacapa Micro Products, Inc. and Nara Logics, Inc. over three years, focusing on system design, software architecture, systems integration, IT security constraints, and authority-to-operate requirements.

This collaboration is part of the DoD's Mentor-Protégé Program, established in 1990. The partnership aims to accelerate the development of next-generation autonomous capabilities to enhance decision-making effectiveness for servicemen and women. Upon completion, Raytheon will have a robust technology roadmap aligned with emerging commercial technologies from leading small businesses.

Avio has signed a contract with Raytheon, an RTX (NYSE:RTX) business, to develop critical solid rocket motors for defense applications. This partnership aims to enhance the resilience and responsiveness of solid rocket motor production. The contract focuses on advancing systems engineering work to bring these motors to a production-ready state.

Avio plans to leverage its Italian manufacturing and engineering capabilities to support the growth of Avio USA, its wholly owned subsidiary based in Arlington, Virginia. This collaboration is expected to help meet the increasing long-term demand from both domestic and international customers in the defense sector.

Pratt & Whitney, an RTX business, and OGMA, an Embraer company, have announced the induction of the first Pratt & Whitney GTF™ engine at OGMA's Alverca-based facility in Portugal. This marks a significant milestone in their expanding relationship and OGMA's entry as the 18th active facility in the growing GTF MRO network. OGMA joined the network in 2020 to provide services for the PW1100G-JM engine, powering the Airbus A320neo family, and will add capability for the PW1900G engine, powering Embraer E190-E2 and E195-E2 aircraft.

The expansion demonstrates Pratt & Whitney's commitment to increasing GTF MRO capacity globally. By 2025, the company expects to have 19 active GTF MRO shops worldwide. This collaboration aligns with Embraer's accelerated growth strategy and enhances OGMA's capabilities to serve operators in Europe and around the world.

RTX reported strong Q2 2024 results with 8% sales growth to $19.7 billion and 10% organic sales growth. Adjusted EPS increased 9% to $1.41. The company generated $2.2 billion in free cash flow. RTX increased its 2024 outlook for adjusted sales to $78.75-$79.5 billion and adjusted EPS to $5.35-$5.45, but lowered free cash flow guidance to $4.7 billion.

Key highlights:

• Collins Aerospace sales up 10% with 25% adjusted operating profit growth
• Pratt & Whitney sales up 19% with 23% adjusted operating profit growth
• Raytheon sales down 2% but adjusted operating profit up 7%
• $206 billion backlog ($129B commercial, $77B defense)
• $918 million charge for expected resolution of legacy legal matters

RTX's Pratt & Whitney announced over 950 GTF engine orders and commitments in 2024, accumulating over 11,000 orders and commitments globally from more than 90 customers. Major airlines and lessors such as Avolon, Breeze Airways, Cebu Pacific, Icelandair, JetSMART, Mexicana, SKY Airline, SMBC, and Vietjet have placed orders. These orders reflect customer confidence in the GTF engine's economic and environmental benefits, offering up to 20% better fuel efficiency than previous engines. The GTF Advantage engine aims to extend this lead with more thrust and higher durability. Pratt & Whitney remains focused on enhancing fleet management, industrial output, and customer support, contributing to industry sustainability goals.

Pratt & Whitney, an RTX business, has finalized agreements with Air Niugini for GTF engines to power 11 Airbus A220 aircraft. The deal includes a 12-year EngineWise® Comprehensive aftermarket support agreement. Air Niugini, the national carrier of Papua New Guinea, becomes a first-time GTF customer.

The GTF engines offer unmatched payload and range, enabling Air Niugini to open new international routes while benefiting from industry-leading fuel efficiency. This fleet modernization will revolutionize travel for Air Niugini passengers, significantly reducing fuel consumption and emissions while expanding route offerings and enhancing passenger experience.

RTX's Collins Aerospace has secured its first predictive maintenance customer in Turkey, Freebird Airlines. The airline will implement Ascentia®, a cloud-based data management and analytics platform, to enhance its A320 fleet maintenance operations. This addition complements Freebird's existing suite of Collins solutions, including OpsCore™, ARINC Hermes™, and GLOBALinkSM.

The implementation of Ascentia® will enable Freebird to analyze maintenance data, predict and reduce aircraft on-ground events, lower maintenance costs, and improve passenger experience. This collaboration marks a significant step in Freebird's digital transformation, allowing for data-driven insights to inform proactive maintenance decisions and enhance operational efficiency.