Key Takeaways RTX's Q3 adjusted EPS rose 17.2% year over year to $1.70, beating estimates by nearly 20%.Revenues climbed 11.9% to $22.48B, driven by growth across Collins, Pratt & Whitney, and Raytheon units.RTX raised its 2025 EPS and sales outlook, projecting up to $87B in annual revenues.RTX Corporation’s (RTX) third-quarter 2025 adjusted earnings per share (EPS) of $1.70 beat the Zacks Consensus Estimate of $1.42 by 19.7%. The bottom line also improved 17.2% from the year-ago quarter’s level of $1.45. I ...

Financial Data and Key Metrics Changes - Adjusted sales for Q3 were $22.5 billion, up 12% on an adjusted basis and 13% organically year over year [14] - Adjusted segment operating profit increased to $2.8 billion, up 19% year over year, with a consolidated segment margin expansion of 70 basis points [14] - Free cash flow was robust at $4 billion for the quarter, contributing to a full-year outlook of $7 to $7.5 billion [15][18] Business Line Data and Key Metrics Changes - Collins Aerospace reported sales of $7.6 billion, up 8% adjusted and 11% organically, with commercial OE sales up 16% and commercial aftermarket sales up 13% [20] - Pratt & Whitney's sales reached $8.4 billion, up 16% on both an adjusted and organic basis, driven by a 5% increase in commercial OE sales and a 23% increase in commercial aftermarket sales [22][24] - Raytheon reported sales of $7 billion, up 10% on both an adjusted and organic basis, with adjusted operating profit of $859 million, up $198 million year over year [25] Market Data and Key Metrics Changes - The book-to-bill ratio for the quarter was 1.63, resulting in a backlog of $251 billion, up 13% year over year [7][28] - New awards in the quarter totaled $37 billion, with $23 billion in defense and $14 billion in commercial orders [7] Company Strategy and Development Direction - The company is focused on executing commitments and driving performance improvements through its core operating system, achieving 10% organic sales growth while keeping headcount flat [8] - Investments of over $600 million in capacity expansion projects are planned to support growth, including a $300 million investment at Raytheon [10] - The company is leveraging data analytics and AI tools to improve productivity and decision-making across its operations [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of global demand for products and services, particularly in commercial aerospace, with passenger air travel expected to grow approximately 5% this year [4] - The full-year adjusted sales outlook has been raised to a range of $86.5 billion to $87 billion, reflecting strong operational performance and end-market strength [16] - Management anticipates continued top-line growth, margin expansion, and solid free cash flow conversion beyond the current year [19] Other Important Information - The company completed the sale of the actuation business and the Collins Simmons Precision Products business for $765 million [15] - The company is on track to achieve a free cash flow outlook of $7 billion to $7.5 billion for the year, driven by segment operating profit growth and working capital improvement [18] Q&A Session Summary Question: Confidence in delivering LEAP engines to Airbus - Management indicated strong execution and support for production ramps, with a focus on balancing material allocation to meet delivery targets [32][38] Question: Limitations to Raytheon segment growth - Management highlighted strong demand with a book-to-bill of 2.27, but emphasized the need for a healthy supply chain to meet production increases [44][45] Question: Collins margins and tariff impacts - Management acknowledged a $90 million headwind from tariffs affecting Collins margins, but noted ongoing efforts to mitigate these impacts [85] Question: Expectations for GTF compensation payments - Management confirmed that the financial outlook for GTF compensation payments remains consistent, with no changes to the timing of expected reductions in AOG levels [80] Question: Incremental margins in Collins - Management attributed weaker incremental margins to tariff impacts, with ongoing efforts to improve productivity and efficiency [85] Question: Top line and bottom line moving pieces for Pratt - Management clarified that the uptick in revenue outlook for Pratt is driven by a mix of spare engines and increased defense contracts, with expectations for continued MRO output growth [90]

Financial Data and Key Metrics Changes - Sales increased by 13% organically year over year, with adjusted segment operating profit up 19% and free cash flow at $4 billion for the quarter [3][4][14] - Adjusted earnings per share (EPS) rose 17% to $1.70, driven by segment operating profit growth [14][16] Business Line Data and Key Metrics Changes - Commercial aftermarket sales grew 18%, while commercial OE and defense sales both increased by 10% [13][14] - Collins sales were $7.6 billion, up 8% adjusted and 11% organically, with commercial OE sales up 16% and defense sales up 6% [20][21] - Pratt and Whitney sales reached $8.4 billion, up 16% on both adjusted and organic bases, with commercial aftermarket sales up 23% [22][24] - Raytheon sales were $7 billion, up 10% on both adjusted and organic bases, driven by higher volume in Land and Air Defense Systems [25][26] Market Data and Key Metrics Changes - Global demand for products and services remains strong, with commercial aerospace passenger air travel expected to grow by approximately 5% this year [4][5] - The book-to-bill ratio was 1.63, resulting in a backlog of $251 billion, up 13% year over year [5][28] Company Strategy and Development Direction - The company is focused on executing commitments and driving performance improvements through its core operating system, achieving 10% organic sales growth while keeping headcount flat [8][10] - Investments of over $600 million in capacity expansion projects are underway to support growth [10][12] - The company is innovating for future growth, including developing hybrid electric propulsion systems and next-generation braking systems [11][12] Management's Comments on Operating Environment and Future Outlook - Management raised the full-year outlook for adjusted sales to a range of $86.5 billion to $87 billion, reflecting strong operational performance and end-market strength [16][18] - Free cash flow outlook remains at $7 billion to $7.5 billion for the year, with expectations for continued top-line growth and margin expansion [18][28] Other Important Information - The company completed the sale of the actuation business and the Collins Simmons Precision Products business for $765 million [15] - The company is experiencing a headwind from tariffs, impacting margins across segments [89] Q&A Session Summary Question: Confidence in delivering LEAP engines to Airbus - Management expressed confidence in supporting production ramps for Airbus and balancing material allocation to meet delivery targets [34][40] Question: Limitations to Raytheon segment growth - Management noted strong demand but emphasized the need for a healthy supply chain to meet production increases [44][50] Question: Margins in Collins and tariff impacts - Tariffs were identified as a key driver affecting margins, with ongoing efforts to mitigate these impacts [88][90] Question: Expectations for GTF compensation payments - The financial outlook for GTF compensation payments remains consistent, with planned payments for the fourth quarter [83][84] Question: Incremental margins and future growth in Raytheon - Management highlighted the potential for margin expansion driven by a favorable backlog mix and increased production efficiency [120][122]

作为飞机的"心脏"，航空发动机的重要性不言而喻。但是，要研发一款航空发动机并实现批量服役绝非易事，必须确保其数万个零部件在各类工 况下尤其是在极端环境中稳定、安全、高效地协同工作。这对跨学科技术融合、材料和制造工艺精度、系统集成与控制、测试和适航认证均提出 了极为严苛的要求。 哪怕是航空制造技术领先世界的美国，研制一款航空发动机都免不了经历漫长周期——F135是F35隐身战斗机的发动机。F135从立项（1996年）到 交付第一台量产型F135（2009年）历经13年，但早期的量产型F135依然出现较多故障，直到2015年之后，F135的状态才逐渐稳定下来。因此，航 空发动机被誉为"工业皇冠上的明珠"。 长期以来，航空发动机几乎是欧美的绝对优势项目。相比之下，连日本和韩国这样的工业强国都缺乏先进航空发动机的生产能力，必须大批量进 口军用和民用航空发动机，印度、伊朗和东盟的相关技术储备更是几乎为零。那么，中国的航空发动机技术处于何种水平？我们可以从刚刚结束 不久的九三阅兵中寻找答案。 空中护旗梯队由直10武装直升机、直19武装直升机、直20通用直升机和直8L运输直升机组成。其中，直10搭载"涡轴9"（又名"玉龙" ...