RTX: Surging OE Offsets Continuing Aftermarket Normalization [Seeking Alpha]
RTX Corporation (RTX)
Company Research
Source: Seeking Alpha
As aftermarket begins to normalize, I see an emerging shift towards the OE market, with quarterly sales surging 33% vs Q1 23 (+63% for Pratt & Whitney OE sales). YoY Backlog growth increased slightly vs Q4 23 at 12.2% for a record $202B, flat defense more than offset by strong growth in commercial backlog (+$7B vs Q4 23). Remain Overweight on shares with a YE24 price target of $124, derived via a 10% GTF-discounted 13.9x multiple on 25E EBITDA of $16.6B. I began covering RTX ( NYSE: RTX ) (back then still known as Raytheon Technologies) back in November when I assigned an Overweight. My thesis was largely based on the confluence of a heavily discounted valuation in light of the recent Recommended For You Recommended For You
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News
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RTX
Earnings
- 4/23/24 - Beat
RTX
Sec Filings
- 5/14/24 - Form 4
- 5/10/24 - Form 144
- 5/6/24 - Form 4
- RTX's page on the SEC website