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

Rhea-AI Summary

Raytheon Technologies' Board has authorized a $6 billion stock repurchase program, replacing the previous December 2021 authorization. This initiative allows the company to buy back shares at its discretion, depending on market conditions. The program aims to enhance shareholder value amid its ongoing operations in aerospace and defense. As a forward-looking statement, the company indicates that share repurchases may vary due to various risks and uncertainties.

Positive

• Authorization of a $6 billion stock repurchase program enhances shareholder value.
• The program allows for share buybacks at the company's discretion, providing flexibility.

Negative

• Share repurchase timing is subject to market conditions and risks.
• Potential discontinuation of buybacks poses uncertainty for shareholders.

ARLINGTON, Va., Dec. 12, 2022 /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, 2021. 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 Arlington, Virginia.

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 authorized for Raytheon Technologies' stock repurchase program?

The amount authorized for the stock repurchase program is $6 billion.

When was the stock repurchase program authorized?

The stock repurchase program was authorized on December 12, 2022.

What is the purpose of the $6 billion stock repurchase program by RTX?

The purpose of the stock repurchase program is to enhance shareholder value.

Can Raytheon Technologies discontinue the stock repurchase program?

Yes, the company may discontinue share repurchases at any time or without notice.

How does the stock repurchase program impact RTX's stock price?

The stock repurchase program could potentially provide upward support for RTX's stock price by reducing the number of outstanding shares.