A 2020 merger has improved this company’s free cash flow significantly due to cost cutting.
Meanwhile, a pending acquisition should improve the firm’s flight data services for its many airline and aircraft customers.
The stock trades at 17.0 times the company’s 2022 earnings forecast.
RAYTHEON TECHNOLOGIES CORP. (New York symbol RTX; www.rtx.com) is a leading maker of commercial aircraft equipment, electronic systems for military aircraft and radar systems, and guided missiles.
The took its current form on April 3, 2020, with the merger of United Technologies Corp. (old symbol UTX) and Raytheon Co. (old symbol RTN). It’s now a leading maker of commercial aircraft equipment, electronic systems for military aircraft and radar systems, and guided missiles.
The company continues to find cost savings in the wake of the merger. Demand from commercial aircraft makers is also rising as air travel volumes benefit from the easing of pandemic restrictions. As a result, Raytheon expects its free cash flow (regular cash flow less capital expenditures) will total $5 billion in 2021. That’s up from its earlier forecast of between $4.5 billion and $5.0 billion. What’s more, it expects free cash flow could reach $10 billion in 2025.
Growth Stocks: Increased cash flow supports a higher dividend and acquisition
In June 2021, Raytheon raised your quarterly dividend by 7.4%. The new annual rate of $2.04 a share yields 2.4%.
Through its Collins Aerospace division, the company has now agreed to acquire Houston-based FlightAware for an undisclosed sum. That privately held company operates the world’s largest flight-tracking and data platform. Its expertise will enhance Collins’ existing flight data services.
The stock has gained about 27% since the merger that formed it. The stock now trades at 17.0 times Raytheon’s forecast 2022 earnings. That’s a reasonable p/e, particularly as air travel volumes rebound from last year’s COVID-19 lockdowns.
The company’s TSI Dividend Sustainability Rating is Above Average.
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