Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program

Rhea-AI Summary

Raytheon Technologies (NYSE: RTX) announced a new share repurchase program authorizing the buyback of up to $5 billion of its common stock. This initiative replaces the previous program from October 2015 and will be executed at the company's discretion, depending on market conditions. The firm emphasizes that there are no obligations to purchase shares under this program, and repurchases may be discontinued at any time. The announcement reflects the company's commitment to enhancing shareholder value.

Positive

• Authorization of a $5 billion stock repurchase program signifying commitment to shareholder value.
• Replace previous buyback program, indicating a robust financial position.

Negative

• Uncertainty surrounding the actual timing and amount of share repurchases.
• No obligation to repurchase shares may lead to missed opportunities for enhancing stock value.

WALTHAM, Mass., Dec. 7, 2020 /PRNewswire/ -- Raytheon Technologies' (NYSE: RTX) Board of Directors authorized today the repurchase of up to $5 billion of the company's outstanding common stock. The new authorization replaces the company's previous program, approved Oct. 14, 2015. Share repurchases may take place from time to time, subject to market conditions and at the company's discretion, in the open market, through privately negotiated transactions or other means.  

About Raytheon Technologies
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 Systems, 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 Waltham, Massachusetts.

Cautionary Statement Regarding Forward-Looking Statements
This release includes "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. The company is not obligated to purchase any shares under this authorization and may discontinue share repurchases at any time or periodically without notice. The timing, amount and form of future share repurchases under this authorization, if any, are subject to a number of risks and uncertainties. These factors include those described under the caption "Risk Factors" in our reports on Forms 10-K, 10-Q and 8-K filed with the SEC from time to time.

Media Contact
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Investor Contact
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SOURCE Raytheon Technologies

FAQ

What is the amount of the new share repurchase program by Raytheon Technologies?

Raytheon Technologies has authorized a $5 billion share repurchase program.

When was the previous share repurchase program approved?

The previous share repurchase program was approved on October 14, 2015.

What does the share repurchase program aim to achieve for RTX shareholders?

The program aims to enhance shareholder value through the buyback of common stock.

Are there any guarantees for the repurchase of shares under the new program?

There are no guarantees, as the company is not obligated to purchase any shares and may discontinue repurchases at any time.