RTX Corporation (RTX) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 25, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day ladies and gentlemen and welcome to the RTX second quarter 2023 earnings conference call. My name is Latif and I will be your operator today.

As a reminder, this conference is being recorded for replay purposes.

On the call today are Greg Hayes, Chairman and Chief Executive Officer: Chris Calio, President and Chief Operating Officer; Neil Mitchill, Chief Financial Officer, and Jennifer Reed, Vice President of Investor Relations.

This call is being webcast live on the internet and there is a presentation available for download from RTX’s 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, non-recurring 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. RTX’s SEC filings, including its Forms 8-K, 10-Q and 10-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements.

Once the call becomes open for questions, we ask that you limit your first round to one question per caller to give everyone the opportunity to participate. To ask a question, you will need to press star-one-one on your telephone. You may ask further questions by reinserting yourself into the queue as time permits.

With that, I will turn the call over to Mr. Hayes.

Gregory Hayes

Thank you and good morning everyone. It was another strong quarter for RTX with continued strength across all of our end markets. On the commercial aerospace side industry-wide, we saw 1,200 new orders announced around the Paris Air Show. This is the largest number of orders in the history of the air show as airlines look to secure production slots well into the next decade.

Global commercial air traffic remains on track with our projections with a very robust summer travel season, driven by incredibly strong consumer demand. This dynamic is supporting strength in the aftermarket and growth across the globe with revenue passenger kilometers now tracking at about 95% of 2019 levels, and long haul international, which has lagged in the recovery is showing strong growth with passenger flight hours up 18 points year-over-year, a good indicator for increasing demand for wide body travel.