Raytheon says it has received subpoena related to DOJ pricing investigation

Raytheon Technologies executives said today the company has received another subpoena from the Justice Department in connection with an investigation into defective pricing of several contracts won by the company's missiles and defense business.

In a call with analysts today, Neil Mitchill, Raytheon's chief financial officer, said the DOJ investigation relates to the company's legacy integrated defense systems business, which is now part of the missiles and defense unit.

He said the investigation has been focused on three contracts between 2011 and 2013. However, as part of the same investigation, Raytheon has received a separate subpoena in connection with a contract from 2017.

During the same call, Greg Hayes, Raytheon's chief executive, said the contractor has begun its own investigation.

"It was alleged that we defectively priced some contracts," he said. "We've looked into it; we think there is potential liability for defective pricing."

"We're going to continue to work with DOJ to bring these things to a resolution," Hayes added.

He told analysts the company thinks the issues under investigation are "one-off events that should not have occurred."

"But they did," Hayes added. "And we're going to clean it up and move on."

Meanwhile, Raytheon Technologies said today sales in its most recent quarter totaled $15.3 billion, up 34% from the same three-month period a year earlier.

The company recorded quarterly profit of $753 million, up from an $83 million loss the prior year.