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RI&S
RIS
Transcript
2023 Q1
28 Apr 23
Pratt & Whitney
pratt
Transcript
2023 Q1
28 Apr 23
Collins.
collins
Transcript
2023 Q1
28 Apr 23
First, the multi-domain command and control solutions of RIS and RMD will transition to the Mission Systems strategic business unit within Collins to create a more focused business to support connected battle space opportunities.
Additionally, RIS' Air Traffic Management business will be integrated into Collins' Connected Aviation Solutions strategic business unit, further consolidating what we call the connected ecosystem of flight data and management into one business.
These two moves will put Collins at the center of our company-wide collaboration efforts. They will now be responsible for more than half of our revenue synergy projects.
In parallel, we will move Collins' intelligence, surveillance and reconnaissance business to the new Raytheon business unit, combining complementary sensing and imaging technologies to improve our offerings for multiple customer applications.
And lastly, the new Raytheon business will merge the remaining RIS and RMD businesses into strategic business units aligned around specific customers, such as the Air Force, Army, Navy, space and missile defense. When this is complete, the top customer of each of these strategic business units will account for 70% or more of that business unit sales
realignment details
Transcript
2023 Q1
28 Apr 23
Additionally, in the quarter, we achieved an incremental $50 million of gross merger cost synergies, and we are quickly approaching the $1.5 billion target, with more opportunities still ahead.
synergires
Transcript
2023 Q1
28 Apr 23
As expected, sales growth was led by commercial aerospace, with aftermarket up close to 20% and OEM shipments up close to 17% year-over-year.
comm aerosapce
Transcript
2023 Q1
28 Apr 23
Importantly, we exited the quarter with a record backlog of $180 billion. This included over $20 billion of new awards from some of our key franchises in the quarter.
backlog,new orders
Transcript
2023 Q1
28 Apr 23
On the defense side, we're very encouraged by the President's most recent fiscal year '24 budget request of $886 billion. That's up about 3%. And that's on top of last year's nearly 10% top line budget increase. The proposed budget includes broad-based support for many of our key programs, technologies and capabilities, including a request to fund multiyear munitions purchases for AMRAAM. It also prioritizes HACM, that's the Hypersonic Attack Cruise Missile, as the future long-range hypersonic missile. And perhaps most importantly for us, the budget reflects the DoD's decision to move forward with the engine core upgrade for the F135 engine, which we believe is a win for both the war fighter and the taxpayer.
This program will solidify Pratt & Whitney's position on the F-35 and will provide additional thrust, range and efficiency necessary to support the needs of the war fighter well into the next decade.
defense budget includug hypersonic , f-35
Transcript
2023 Q1
28 Apr 23
With strong consumer demand and record advanced bookings, we expect total global air traffic to fully recover to 2019 levels as we exit the year.
back to 2019 levels end of year
Transcript
2023 Q1
28 Apr 23
As we look at this reorganization, this is not just about putting RIS and RMD together to recreate the old legacy Raytheon Company.
We’re going to look to take the entire portfolio of RIS, Collins, RMD and move the pieces where they most appropriately aligned from a technology and a customer standpoint.
So you may well see pieces, especially related to JADC2 moving into the Collins business. We’ll see how all of this evolves over the next several months. I would tell you by the time we get to the end of the first quarter, we should have a really good understanding of what the new organization is going to look like. We’ll share that with everybody at that point.
not just ris+rmd=raytheon
Transcript
2022 Q4
1 Mar 23
We’re going to provide an update at our upcoming Investor Day, which will be on June 19 at the Paris Air Show.
update in parus air shiw
Transcript
2022 Q4
1 Mar 23
As Greg noted, our merger integration is nearly complete, having realized gross cost synergies of $1.4 billion.
cost synergoes of 1.4bn from raytheon co
Transcript
2022 Q4
1 Mar 23
RIS had a $2.9 billion of bookings in the quarter, resulting in a book-to-bill of 0.92 and a backlog of $16 billion and on a full year basis, RIS' book-to-bill was 0.96.
ris booking
Transcript
2022 Q4
14 Feb 23
Now we don't have a number for you today in terms of cost savings as we are in the early stages of that analysis, but we do believe there are additional material opportunities to be realized.
no number on realignment
Transcript
2022 Q4
26 Jan 23
We expect commercial aircraft volumes will be up around 20% year-over-year.
comm aircraft volumes
Transcript
2022 Q4
26 Jan 23
n 2022, we captured $86 billion in new bookings, resulting in backlog growth of 12%, a book-to-bill of 1.28 and a near record backlog at the end of the year of $175 billion.
2022 bookings and backlog
Transcript
2022 Q4
26 Jan 23
As I said, we've got a block upgrade going in now through MRO that increases time on wing. On average, about 20% just based on the geography that you're in.
And we've got some other, I'd say, durability and reliability hardware and software fixes that we put in as well.
So we want to – we obviously want to get to the contractual levels that we have promised, and we've got a plan to go do that with these upgrades, Seth. I will tell you, keep in mind, you've got the GTF advantage that's going to start cutting in 2024.
As you know, that's the next generation of the GTF, more thrust, better fuel burn, start flight testing in Q4 with Airbus, and we remain on track there in – for 2024 EIS.
yes issues with time on wing, upgrades in place
Transcript
2022 Q4
25 Jan 23
a little bit about the time on wing. What we've been reading lately from comments from some of the leasing companies and comments in the press is the time on wing on new generation engines has been falling short of expectations.
And so a) kind of to what degree do you share that perception and kind of where does it need to get; b) what specifically in the engine do you need to kind of improve to get it there; and then the last part is, I think you mentioned the GTF aftermarket profits were positive for the first time. And just with a relatively young pool of engines and maybe some time on wing challenges, how do profits get to positive?
gtf time on wing?
Transcript
2022 Q4
25 Jan 23
So that's giving us this confidence. But as Chris said, it's going to be the end of 2023 before we see structural castings back to 2019 levels. Again, we've got confidence they have been bringing people on, they have been training people.
end of 2023 before strruvctursl castings back to 2019 levels
Transcript
2022 Q4
25 Jan 23
commercial large structural casting. It sounded more constructive today than your commentary in previous quarters. I was wondering what changed in the supply chain that you're seeing to make you more confident? How much of that is the OEMs walking away from, like Airbus walking away from the 75 per month versus you're seeing that ease through investments they're making or maybe labor easing?
structural castings?
Transcript
2022 Q4
25 Jan 23