Raytheon Technologies Corp (RTX.N) on Tuesday reported lower-than-expected second-quarter revenue, as global supply chain issues dented production at the aerospace and defense firm.
Higher costs, supply chain snags, and early spring COVID-19 outbreaks have negatively impacted output both at Raytheon and its suppliers.
Raytheon shares fell 3.1% in premarket trade.
The Waltham, Michigan-based company reported net sales of $16.31 billion in the quarter, missing Wall Street estimates of $16.60 billion. Advertisement · Scroll to continue Report an ad
However, it posted adjusted earnings of $1.16 per share, beating estimates of $1.12, according to Refinitiv data.
For the full year, Raytheon reaffirmed its previously provided outlook for revenue and profit.
The company's Collins Aerospace unit, which makes jet parts, reported a 10.3% rise in quarterly sales.
Last week, weapons maker Lockheed Martin Corp (LMT.N) had lowered its 2022 revenue and profit targets and earnings per share targets in part due to supply disruptions
