RTX Corporation reported significant financial improvements for the quarter and nine months ended September 30, 2024, compared to the same periods in 2023. For Q3 2024, net sales reached $20,089 million, a substantial increase from $13,464 million in Q3 2023. For the nine months, net sales totaled $59,115 million, up from $48,993 million in the prior year. The organic net sales increase for Q3 was $1.6 billion, driven by contributions from Pratt & Whitney, Collins Aerospace, and Raytheon.
Operating profit for Q3 2024 was $2,028 million, a turnaround from an operating loss of $(1,396) million in Q3 2023. For the nine months, operating profit rose to $4,427 million from $1,784 million. The net income for Q3 2024 was $1,535 million, compared to a net loss of $(933) million in Q3 2023. For the nine months, net income increased to $3,453 million from $1,907 million. Earnings per share (EPS) for Q3 2024 were $1.10, compared to a loss of $(0.68) in Q3 2023.
The company attributed these improvements to the absence of a $5.4 billion net sales charge related to the Powder Metal Matter recorded in Q3 2023, as well as increased sales in commercial aerospace and defense sectors. Notably, Pratt & Whitney's sales surged to $7,239 million in Q3 2024 from $926 million in the same quarter of 2023, reflecting a 682% increase.
Strategically, RTX completed the sale of its Cybersecurity, Intelligence and Services (CIS) business for approximately $1.3 billion in cash in March 2024, resulting in a pre-tax gain of $0.4 billion. The company also announced plans to sell its Goodrich Hoist & Winch business for about $0.5 billion, pending regulatory approvals. Additionally, RTX recorded a pre-tax charge of $918 million in Q2 2024 related to various legal matters, including investigations and compliance issues.
As of September 30, 2024, total assets increased to $164,822 million from $161,869 million at the end of 2023. Total equity rose to $62,826 million, up from $61,410 million. The company reported cash and cash equivalents of $6,682 million, a slight increase from $6,587 million at the end of 2023.
RTX's defense bookings for Q3 2024 were approximately $25 billion, significantly higher than the $12 billion recorded in the same quarter of 2023, indicating strong demand in the defense sector. The company continues to navigate challenges related to supply chain disruptions and geopolitical conditions, which have impacted costs and operational efficiency.
About RTX Corp
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