Defense contractor Raytheon Technologies’ third quarter report showed a 5% year over year surge in revenues as the war in Ukraine continues to pour money into the company, and rising air-travel demand increases its parts and services sales.
The report showed third quarter adjusted sales of $3.678 billion in the Raytheon Missile and Defense unit. Supply chain issues and declines in some military programs had produced a 6% year over year decline, however higher volume on strategic missile defense orders partially offset the decline.
Notable in the quarter was a $1 billion US Air Force contract for developing the Hypersonic Cruise Attack Missile, as well as another $972 million contract for the Advanced Medium-Range Air-to-Air Missile (AMRAAM), for the Navy, Air Force, and various international customers.
The US Army paid Raytheon $182 million to supply Ukraine with the National Advanced Surface to Air Missile System (NASAM), as part of a $2.98 billion package of military aid to the war-torn country. Officials report eight NASAMs have already been delivered, with two more to be delivered in the immediate future.
Raytheon is also profiting from the use of Javelin missiles in Ukraine, alongside Lockheed Martin. As the Pentagon has depleted its stocks by shipping them to Ukraine, it announced a new $311 million contract to replenish what it has delivered to Kiev.