(RTTNews) – While reporting financial results for the first quarter of fiscal 2021 on Tuesday, aerospace and defense company Raytheon Technologies Corp. (RTX) raised its adjusted earnings and sales outlook for the full-year 2021. The company also provided guidance for the second quarter.
The company also said its strong cash position and positive outlook allowed it to increase 2021 share buyback plan from to at least $2 billion from $1.5 billion and raise the second quarter dividend by over 7 percent.
For fiscal 2021, the company now projects adjusted earnings in a range of $3.50 to $3.70 per share on sales between $63.9 billion and $65.4 billion.
Previously, the company expected adjusted earnings in the range of $3.40 to $3.70 per share on sales between $63.4 billion and $65.4 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.76 per share on sales of $65.41 billion for the year. Analysts’ estimates typically exclude special items.
For the second quarter, the company expects adjusted earnings in a range of $0.90 to $0.95 per share on sales between $15.5 billion and $16.0 billion. The Street is looking for earnings of $0.85 per share on sales of $15.73 billion for the quarter.