Raytheon

Posted on | by Leon Hinde

Raytheon Technologies Corporation Common remains our preferred overweight exposure heading into first-quarter results. RTX reports on April 25, 2023.

January 24, 2023: Raytheon Technologies reported fourth-quarter sales of $18.1 billion, up 6 percent over the prior year. GAAP EPS from continuing operations of $0.96 was up 109 percent versus the prior year and included $0.31 of acquisition accounting adjustments and net significant and/or non-recurring charges. Adjusted EPS of $1.27 was up 18 percent versus the prior year. Both GAAP and Adjusted EPS included about 6 cents of a tax benefit associated with legal entity and operational reorganizations.
The company recorded net income from continuing operations attributable to common shareowners in the fourth quarter of $1.4 billion, up 108 percent versus the prior year which included $446 million of acquisition accounting adjustments and net significant and/or non-recurring charges. Adjusted net income was $1.9 billion, up 16 percent versus prior year. Operating cash flow from continuing operations in the fourth quarter was $4.6 billion. Capital expenditures were $855 million, resulting in free cash flow of $3.8 billion

Intel

Posted on | by Leon Hinde

NAS:INTL has traded through the $30 resistance and is likely in the early stages of a multi-year recovery.

Combined with Gaudi 3 and Sierra Forest Xeon to be launched by 2024, INTC may just claim a decent market share in the generative AI market moving forward.

INTC has further streamlined its AI GPU offerings for the accelerated computing market through the next-gen Habana Gaudi 3, slated to be launched together with the Sierra Forest Xeon processor by H1’24.

Citi Group

Posted on | by Leon Hinde

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Citigroup reported net income for the first quarter 2023 of $4.6 billion, or $2.19 per diluted share, on revenues of $21.4 billion. This compares to net income of $4.3 billion, or $2.02 per diluted share, on revenues of $19.2 billion for the first quarter 2022.

Revenues increased 12% from the prior-year period and 6% excluding the divestiture-related impacts, as growth in net interest income was partially offset by lower non-interest revenues. The higher net interest income was driven by the impact of higher interest rates across businesses.

Net income of $4.6 billion increased 7% from the prior-year period, and decreased 19% excluding the divestiture-related impacts.