As demand for air travel returned quicker than expected, airlines rushed to return planes to skies and recall crews, thus boosting demand for Raytheon (NYSE:RTN)’s aviation technologies and services.
However, the recovery could be thwarted by the highly transmissible COVID-19 Delta variant that has led to a rise in cases in several countries, with the United States planning to keep existing travel restrictions despite months of lobbying by airlines.
The company now expects full-year earnings of $3.85 and $4.00 per share, above its previous forecast of $3.50 and $3.70.
Net income attributable to common shareowners was $1.03 billion, or $69 cents per share, in the second quarter ended June 30, from a loss of $3.84 billion, or $2.55 per share, a year earlier.
Net revenue rose to $15.88 billion from $14.06 billion.