Raytheon raises adjusted profit forecast on commercial aerospace demand

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Demand for air travel is rising ahead of the holiday season, helped by the U.S. government’s decision to open its borders to vaccinated individuals from abroad.

Raytheon (NYSE:RTN), whose Pratt and Whitney unit supplies aircraft engines to companies like Boeing (NYSE:BA) Co, said it expects 2021 adjusted profit per share to be between $4.10 to $4.20, up from its prior forecast of $3.85 to $4.00 per share.

The maker of Tomahawk missiles reported net income rose to$1.39 billion, or 93 cents per share, in the third quarter ended Sept. 30, from $264 million, or 17 cents per share, a year earlier.

Raytheon’s quarterly revenue rose 9.9% to $16.21 billion.