Raytheon Technologies
Q3 2022 Earnings Call
Oct 25, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, ladies and gentlemen, and welcome to the Raytheon Technologies third quarter 2022 earnings conference call. My name is Livia, and I will be your operator for today. As a reminder, this conference is being recorded for replay purposes. On the call today are Greg Hayes, chairman and chief executive officer, Neil Mitchill, chief financial officer, and Jennifer Reed, vice president of investor relations.
This call is being carried live on the Internet, and there's presentation available for download from Raytheon Technologies' website at www.rtx.com. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding acquisition accounting adjustments and net nonrecurring and/or significant items often referred to by management as other significant items. The company also reminds listeners that the earnings and cash flow expectations and any other forward-looking statements provided in this call are subject to risks and uncertainties. Raytheon Technologies' SEC filings, including its Form 8-K, 10-Q and 10-K, provide details on important factors that could cause actual results to differ materially from those anticipated in forward-looking statements.
[Operator instructions] With that, I will turn the call over to Mr. Hayes.
Greg Hayes -- Chairman and Chief Executive Officer
Thank you, Livia, and good morning, everybody. As you can see in the press release this morning, RTX had another solid quarter of growth led by commercial aerospace and extremely strong demand for our products, with over $22 billion of awards in the quarter. I think it's important to note our balanced aerospace and defense portfolio, along with operational resiliency, remain the key differentiators, which enable us to deliver on our commitments despite some near-term macro challenges and uncertainties. I'm not sure what that noise is.
I think it's also important to note, we've overcome some significant headwinds in 2022, from transitioning out of Russia to record inflation and a strained supply chain. I think it's important. Those are short-term issues. And while we continue the day-to-day work to mitigate those challenges, we also continue to grow our $168 billion backlogs and invest in the future through over $9 billion of R&D, capital expenditures and customer-funded research and development.
Those investments, coupled with strong demand for our systems across each of our businesses, positions us for significant growth runway as the near-term headwinds recede. Before we get to the results, let me just spend a few minutes discussing the trends we're seeing in some of our end markets. On the defense side, no surprises. The elevated threat environment has significantly influenced how the US and our allies are thinking about their defense capabilities and readiness.