RTX's stock sank Monday after the defense contractor cut its sales outlook as a result of contamination in the powder metal used to make certain engine parts.
Shares of RTX Corp., formerly known as Raytheon Technologies, sank toward a two-and-a-half-year low Monday after the defense contractor lowered its sales outlook as a result of a “rare condition in powder metal.”
RTX expects the removals to hurt operating profit by between $3 billion and $3.5 billion over the next several years. As a result, the company said it will book a $3 billion charge in the third quarter. RTX said it now expects reported 2023 sales of $67.5 billion to $68.5 billion, down from previous guidance of $73 billion to $74 billion.
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