Raytheon Technologies reported $67.1 billion in revenue for its full 2022 fiscal year, a 4 percent increase over fiscal 2021 figures.
The Arlington, Virginia-based company said Tuesday defense programs accounted for $69 billion of its $175 billion total backlog as of Dec. 31 and commercial aerospace work accounted for the remaining $106 billion.
Sales grew 6 percent year-over-year for the fourth quarter to $18.1 billion, while net income surged 108 percent to $1.4 billion from $685 million in the prior-year period.
Operating cash flow from continuing operations for the October-December period amounted to $4.6 billion and free cash flow was $3.8 billion.
Raytheon expects to log sales of between $72 billion and $73 billion in 2023 and earnings of $4.90 per share to $5.05 per share.
“Our portfolio is well positioned to capture growing demand and we expect to deliver sales growth and margin expansion, along with strong free cash flow generation, in 2023,” said Raytheon Chairman and CEO Greg Hayes.
At the company’s Collins Aerospace business, Q4 sales climbed 15 percent to $5.7 billion from $4.9 billion, while Pratt & Whitney booked $5.6 billion in sales for the same period, up 10 percent over the same period in 2021.
In the same earnings statement, the company outlined a reorganization plan that will take effect in the second half of 2023 in a push to meet its market, technology synergy and revenue goals.
“By more fully leveraging our scale, we will deliver enhanced customer solutions and unlock cost savings opportunities with improved resource allocation and a streamlined footprint,” said Christoper Calio, chief operating officer of Raytheon.
Calio’s responsibilities will expand to include the title of president, effective March 1.
Raytheon added that Roy Azevedo will retire as president of the intelligence and space business. Azevedo, a three-time Wash100 Award recipient, will support the transformation process while serving as an adviser to Calio.