RTX Faces $3 Billion Profit Hit from Engine Recall
TL;DR Summary
RTX, formerly known as Raytheon Technologies, announced that it will take a $3 billion charge on its pretax results this quarter due to an engine manufacturing flaw affecting Pratt & Whitney GTF engines. The flaw requires accelerated inspections, resulting in the removal of 600 to 700 engines for shop visits through 2026. This issue will cost up to $7 billion and is expected to impact cash flow by $1.5 billion in 2025. Despite the financial impact, RTX reaffirmed its adjusted earnings estimates for 2023.
Topics:business#business#engine-manufacturing-flaw#financial-impact#inspections#pratt-and-whitney#rtx
- RTX to take $3 billion charge on Pratt & Whitney engine problem CNBC
- RTX warns of $3 bln charge in Q3 due to engine issue Reuters
- RTX Engine Recall to Cut Profit by Up to $3.5 Billion The Wall Street Journal
- RTX Corp. (NYSE:RTX) Drops on $3B Q3 Profit Hit from Engine Issue - TipRanks.com TipRanks
- RTX Stock Falls After Announcing Profit Hit From Recall The Wall Street Journal
- View Full Coverage on Google News
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