- RTX delivered a solid QQ3 2024 performance with 8% organic sales growth and 100 bps of segment margin expansion, underscoring robust demand across commercial aftermarket and defense. Free cash flow was strong at $2.0B, and consolidated bookings reached a record backlog of $221B with a book-to-bill of 1.8, signaling continued long-term demand and execution capability. RTX raised its full-year outlook for adjusted sales and EPS, highlighting improved profitability and cash generation despite near-term mix headwinds and ongoing supply chain challenges.
- The three segments—Collins Aerospace, Pratt & Whitney, and Raytheon—each contributed to earnings growth, with Raytheon delivering the strongest order flow (backlog at $60B and bookings of $16.6B for the quarter), supported by international mix expanding to 44% of backlog. Pratt posted solid order intake and a favorable mix in large commercial engines, while Collins faced OE headwinds but benefited from aftermarket strength and ongoing cost-reduction initiatives. The company also emphasized productivity gains and digitalization, including rapid capacity expansion and Industry 4.0 efforts that yielded meaningful efficiency improvements.
- Management emphasized a constructive 2025 outlook, underscoring continued solid organic growth, margin expansion, and significant free cash flow generation. Key potential catalysts include normalization of OE production with Boeing, resolution of supply-chain frictions, and the ramp of powdered metal parts in GTF programs, which RTX believes will progressively lift margins and cash flow over the next 12–24 months.