RTX Corporation: A lot to like within this broad-based beat & raise

研报英文原文证据摘录

RTX Corporation: A lot to like within this broad-based beat & raise

tions output more EPS (UBS, diluted) (USD)

than doubled in 1H26 and continues to describe the business as supply 12/26E

constrained rather than demand constrained. The key debate remains how quickly From To % ch Cons.

Raytheon can convert backlog into revenue and earnings. We raised our estimates Q1 1.78 1.78 0 1.78

slightly on both, as we see strong growth in missiles and munitions but margins Q2 1.66 1.89 14 1.66

remain more opaque (margin has been strong, but LMT talking about 20-30bps Q3E 1.77 1.78 1 1.73

headwind from framework munitions ramp-up). Q4E 1.92 1.86 -3 1.79

12/26E 7.14 7.31 2 6.92

Pratt's raise was about aftermarket. Management indicated most of Pratt's ~ 12/27E 7.90 8.10 2 7.59

$900mn revenue guidance raise came from aftermarket, which is now expected to 12/28E 8.91 9.18 3 8.36

grow low-to-mid teens - which looks conservative for this year, but we see a

Gavin Parsons

deceleration next year. GTF shop visits increased >40% while GTF-related AOGs

Analyst

are down ~25% YTD, reflecting improving fleet performance. OE guidance moved gavin.parsons@ubs.com

from up LSD to down LSD, but the company reiterated their Airbus delivery +1-212-713 2389

commitments, highlighting the prioritization of MRO throughput over spare

Joao Santos

engine deliveries. We view this as the right operational decision given the

Associate Analyst

importance of reducing AOGs and improving fleet availability. We raise our Pratt joao.santos@ubs.com

revenue assumptions driven by AM, though a lower spare engine ratio keeps that +1-212-713 1437

from dropping through to earnings.

Nicholas Labbadia

Collins put up another strong quarter, including on margins. Commercial OE Associate Analyst