Raytheon Technologies Corp. on Tuesday reported lower-than-expected second-quarter revenue, as global supply chain issues dented production at the aerospace and defense firm.
Higher costs, supply chain snags, and early spring COVID-19 outbreaks have negatively impacted output both at Raytheon and its suppliers.
Raytheon shares fell 3.1% in premarket trade.
The Waltham, Michigan-based company reported net sales of $16.31 billion in the quarter, missing Wall Street estimates of $16.60 billion.
However, it posted adjusted earnings of $1.16 per share, beating estimates of $1.12, according to Refinitiv data.
For the full year, Raytheon reaffirmed its previously provided outlook for revenue and profit.
The company's Collins Aerospace unit, which makes jet parts, reported a 10.3% rise in quarterly sales.
Last week, weapons maker Lockheed Martin Corp had lowered its 2022 revenue and profit targets and earnings per share targets in part due to supply disruptions.
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