Raytheon Technologies Board of Directors Authorizes $6 Billion Share Repurchase Program

Rhea-AI Summary

Raytheon Technologies' Board of Directors has authorized a $6 billion share repurchase program, replacing the previous one from December 2020. The buyback will be conducted at the company’s discretion and depending on market conditions, utilizing various methods such as open market purchases. This move is intended to enhance shareholder value while the company continues to deliver advanced systems across its aerospace and defense sectors. The announcement includes a cautionary note regarding forward-looking statements and market risks.

Positive

• Newly authorized share repurchase program of $6 billion to enhance shareholder value.
• Replacement of previous buyback program, signaling ongoing confidence in financial health.

Negative

• The company is not obligated to buy any shares under this authorization.
• Future repurchases depend on market conditions and other uncertainties.

WALTHAM, Mass., Dec. 7, 2021 /PRNewswire/ -- Raytheon Technologies' (NYSE: RTX) Board of Directors authorized today the repurchase of up to $6 billion of the company's outstanding common stock. The new authorization replaces the company's previous program, approved Dec. 7, 2020. 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 purpose of Raytheon Technologies' $6 billion share repurchase program?

The repurchase aims to enhance shareholder value and reflects confidence in the company’s financial health.

When was the new share repurchase program authorized?

The program was authorized on December 7, 2021.

What does the new repurchase program replace?

It replaces the previous program authorized on December 7, 2020.

How will Raytheon Technologies conduct the share buybacks?

Buybacks may occur in the open market or through privately negotiated transactions, depending on market conditions.

What risks are associated with the share repurchase program?

The company may discontinue repurchases at any time, and actual buybacks depend on market conditions and other uncertainties.