Raytheon Technologies, bracing for coronavirus impacts, says it won't yet provide 2020 outlook

By Marjorie Censer / May 7, 2020 at 10:49 AM

Raytheon Technologies said today the "ongoing uncertainty" surrounding the COVID-19 outbreak means the company will not provide a 2020 outlook.

The company "will revisit providing a 2020 outlook at our next earnings release."

In a call with analysts today, Greg Hayes, Raytheon's chief executive, said about 95,000 of the company's 195,000 employees are now working from home. The remaining 100,000 are coming into their offices or factories.

Hayes said the company is taking cost-cutting actions to cope with the coronavirus.

Meanwhile, Raytheon Technologies today reported sales in its most recent quarter of $18.2 billion, down 1% from the same three-month period a year earlier. That figure reflects UTC sales without Otis and Carrier, which were spun off into independent companies. It does not include Raytheon sales for the quarter.

The legacy Raytheon business recorded quarterly sales of $7.2 billion, up almost 7% from the prior year.

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