Uncategorized
RTX Reports 2023 Results and Announces 2024 Outlook
RTX (NYSE: RTX) reported fourth quarter 2023 results and announces 2024 outlook.
Fourth quarter 2023
Reported sales of $19.9 billion, up 10 percent versus prior year
Adjusted sales* of $19.8 billion, up 10 percent versus prior year
GAAP EPS from continuing operations of $1.05 included $0.29 of acquisition accounting adjustments and a $0.05 benefit from restructuring and net significant and/or non-recurring items
Adjusted EPS* of $1.29, up 2 percent versus prior year
Operating cash flow from continuing operations of $4.7 billion; Free cash flow* of $3.9 billion
Company backlog of $196 billion; including $118 billion of commercial and $78 billion of defense
Repurchased $10.3 billion of RTX shares
Full year 2023
Reported sales of $68.9 billion, up 3 percent versus prior year, reflecting the impact of the previously disclosed Pratt powder metal matter
Adjusted sales* of $74.3 billion, up 11 percent versus prior year
GAAP EPS of $2.23, down 36 percent versus the prior year, reflecting the impact of the previously disclosed Pratt powder metal matter
Adjusted EPS* of $5.06, up 6 percent versus the prior year
Operating cash flow from continuing operations of $7.9 billion; Free cash flow* of $5.5 billion
Achieved approximately $295 million of incremental RTX gross synergies
Repurchased $12.9 billion of RTX shares
Outlook for full year 2024
Sales of $78.0 – $79.0 billion
Adjusted EPS* of $5.25 – $5.40
Free cash flow* of approximately $5.7 billion
2025 RTX financial commitments
Updates 2020 to 2025 adjusted annual sales* growth to 5.5 to 6.0 percent1, down from 6.0 to 7.0 percent
Updates 2020 to 2025 adjusted segment margin* expansion to 500 to 550 basis points1, down from 550 to 650 basis points
Reaffirms 2025 free cash flow* commitment of $7.5 billion
Reaffirms 2025 capital return commitment of $36 to $37 billion through 2025
“RTX reported solid full-year results, delivering 11 percent organic sales* growth and $5.5 billion in free cash flow* for the year, exceeding our expectations” said RTX Chairman and CEO Greg Hayes. “Across our portfolio, we supported the continued recovery in commercial aerospace and provided critical platforms and advanced technologies to our customers, achieving $95 billion in new awards and ending the year with a record backlog of $196 billion. I am extremely proud of what RTX has been able to accomplish, and I’m even more excited to see the innovations that RTX will deliver in the future.”
“RTX is beginning 2024 with strong momentum and we are projecting another year of strong sales growth and continued segment margin expansion,” said RTX President and COO Chris Calio. “The financial and operational outlook of our GTF fleet management plans remain consistent from October and continues to be a top priority as we focus on driving performance across all three businesses to support our customers and deliver shareowner value. With the execution of our $10 billion accelerated share repurchase program, we’ve delivered over $29 billion to shareowners since the merger, achieving significant progress toward our capital return commitment of between $36 – $37 billion through 2025.”
Fourth quarter 2023RTX reported fourth quarter sales of $19.9 billion, up 10 percent over the prior year, which included a benefit of $0.1 billion related to a customer settlement. On an adjusted basis, sales* were $19.8 billion, up 10 percent over the prior year. GAAP EPS from continuing operations of $1.05 was up 9 percent versus the prior year, and included $0.29 of acquisition accounting adjustments, a $0.06 benefit related to a customer settlement and $0.01 of restructuring and other net significant and/or non-recurring charges. Adjusted EPS* of $1.29 was up 2 percent versus the prior year.
The company recorded net income from continuing operations attributable to common shareowners in the fourth quarter of $1.4 billion which included $394 million of acquisition accounting adjustments, a benefit of $87 million related to a customer settlement and $20 million of restructuring and other net significant and/or non-recurring charges. Adjusted net income* was $1.8 billion, down 6 percent versus prior year as adjusted segment operating profit* growth was more than offset by higher interest expense and tax expense, and lower non-operating pension income. Operating cash flow from continuing operations in the fourth quarter was $4.7 billion. Capital expenditures were $805 million, resulting in free cash flow* of $3.9 billion.
Summary Financial Results – Continuing Operations Attributable to Common Shareowners
4th Quarter
Twelve Months
($ in millions, except EPS)
2023
2022
% Change
2023
2022
% Change
Reported
Sales
$ 19,927
$ 18,093
10 %
$ 68,920
$ 67,074
3 %
Net Income
$ 1,426
$ 1,422
— %
$ 3,195
$ 5,216
(39) %
EPS
$ 1.05
$ 0.96
9 %
$ 2.23
$ 3.51
(36) %
Adjusted*
Sales
$ 19,824
$ 18,093
10 %
$ 74,305
$ 67,074
11 %
Net Income
$ 1,753
$ 1,868
(6) %
$ 7,263
$ 7,098
2 %
EPS
$ 1.29
$ 1.27
2 %
$ 5.06
$ 4.78
6 %
Operating Cash Flow from Continuing Operations
$ 4,711
$ 4,628
2 %
$ 7,883
$ 7,168
10 %
Free Cash Flow*
$ 3,906
$ 3,773
4 %
$ 5,468
$ 4,880
12 %
Backlog and BookingsBacklog at the end of the fourth quarter was $196 billion, of which $118 billion was from commercial aerospace and $78 billion was from defense.
Notable defense bookings during the quarter included:
$2.8 billion for GEM-T production at Raytheon
$1.3 billion of classified bookings at Raytheon
$838 million for F135 sustainment at Pratt & Whitney
$443 million for F119 sustainment at Pratt & Whitney
$408 million for HACM development at Raytheon
$355 million for F100 sustainment at Pratt & Whitney
$343 million for StormBreaker production at Raytheon
$321 million for Silent Knight production at Raytheon
Segment ResultsThe company’s reportable segments are Collins Aerospace, Pratt & Whitney, and Raytheon.
Collins Aerospace
4th Quarter
Twelve Months
($ in millions)
2023
2022
% Change
2023
2022
% Change
Reported
Sales
$ 7,120
$ 6,231
14 %
$ 26,253
$ 23,052
14 %
Operating Profit
$ 1,126
$ 843
34 %
$ 3,825
$ 2,816
36 %
ROS
15.8 %
13.5 %
230
bps
14.6 %
12.2 %
240
bps
Adjusted*
Sales
$ 7,008
$ 6,231
12 %
$ 26,198
$ 23,052
14 %
Operating Profit
$ 1,035
$ 845
22 %
$ 3,896
$ 3,047
28 %
ROS
14.8 %
13.6 %
120
bps
14.9 %
13.2 %
170
bps
Collins Aerospace had fourth quarter 2023 reported sales of $7,120 million, up 14 percent versus the prior year. Reported sales benefited from a customer settlement. The remaining increase in sales was driven by a 23 percent increase in commercial aftermarket, a 17 percent increase in commercial OE, and a 1 percent increase in military. The increase in commercial sales was driven primarily by strong demand across commercial aerospace end markets, which resulted in higher flight hours and higher OE production rates. The increase in military sales was driven primarily by the timing of deliveries. On an adjusted basis, sales* were up 12 percent versus the prior year.
Collins Aerospace recorded operating profit of $1,126 million, up 34 percent versus the prior year. The increase in operating profit was primarily driven by drop through on higher commercial aftermarket volume and favorable mix, partially offset by lower commercial OE as drop through on volume was more than offset by higher production costs. Higher R&D expenses were offset by lower SG&A. Reported operating profit included a $112 million benefit from a customer settlement. On an adjusted basis, operating profit* of $1,035 million was up 22 percent versus the prior year.
Pratt & Whitney
4th Quarter
Twelve Months
($ in millions)
2023
2022
% Change
2023
2022
% Change
Reported
Sales
$ 6,439
$ 5,652
14 %
$ 18,296
$ 20,530
(11) %
Operating Profit
$ 382
$ 306
25 %
$ (1,455)
$ 1,075
(235) %
ROS
5.9 %
5.4 %
50
bps
(8.0) %
5.2 %
(1,320)
bps
Adjusted*
Sales
$ 6,439
$ 5,652
14 %
$ 23,697
$ 20,530
15 %
Operating Profit
$ 405
$ 321
26 %
$ 1,688
$ 1,250
35 %
ROS
6.3 %
5.7 %
60
bps
7.1 %
6.1 %
100
bps
Pratt & Whitney had fourth quarter 2023 reported sales of $6,439 million, up 14 percent versus the prior year. The increase in sales was driven by a 20 percent increase in commercial OE, an 18 percent increase in commercial aftermarket, and a 4 percent increase in military sales. The increase in commercial sales was primarily due to higher aftermarket volume, higher OE volume and favorable mix. The increase in military sales was driven by higher sustainment volume partially offset by lower material inputs on production programs.
Pratt & Whitney recorded operating profit of $382 million, up 25 percent versus the prior year. The increase in operating profit was primarily driven by drop through on higher commercial aftermarket volume and favorable commercial OE mix. This was partially offset by higher commercial OE volume, higher production costs, an unfavorable military contract adjustment, and the absence of a benefit from a prior year customer contract adjustment. Higher R&D expenses were offset by lower SG&A. On an adjusted basis, operating profit* of $405 million was up 26 percent versus the prior year.
Raytheon
4th Quarter
Twelve Months
($ in millions)
2023
2022
% Change
2023
2022
% Change
Reported
Sales
$ 6,886
$ 6,661
3 %
$ 26,350
$ 25,176
5 %
Operating Profit
$ 604
$ 528
14 %
$ 2,379
$ 2,448
(3) %
ROS
8.8 %
7.9 %
90
bps
9.0 %
9.7 %
(70)
bps
Adjusted*
Sales
$ 6,886
$ 6,661
3 %
$ 26,350
$ 25,176
5 %
Operating Profit
$ 618
$ 570
8 %
$ 2,434
$ 2,498
(3) %
ROS
9.0 %
8.6 %
40
bps
9.2 %
9.9 %
(70)
bps
Raytheon had fourth quarter 2023 reported sales of $6,886 million, up 3 percent versus prior year. The increase in sales was primarily driven by higher volume on advanced technology and air power programs.
Raytheon recorded operating profit of $604 million, up 14 percent versus the prior year. The increase in operating profit was driven primarily by higher volume and lower operating expenses, partially offset by unfavorable net program efficiencies. The prior year operating profit also included a charge of $42 million related to a divestiture. On an adjusted basis, operating profit* of $618 million was up 8 percent versus the prior year.
The post RTX Reports 2023 Results and Announces 2024 Outlook appeared first on HIPTHER Alerts.
Uncategorized
Scientists use generative AI to answer complex questions in physics
Scientists from MIT and the University of Basel in Switzerland have introduced a novel machine-learning framework that employs generative artificial intelligence (AI) models to automatically map out phase diagrams for novel physical systems. This groundbreaking approach addresses the challenge of quantifying phase changes in complex systems with limited data.
Phase transitions, such as the freezing of water, are commonplace, but detecting phase changes in novel materials or intricate physical systems presents unique challenges. Traditional manual techniques rely heavily on theoretical expertise and can be time-consuming. To overcome these limitations, the researchers turned to generative AI models to develop a more efficient and data-driven approach.
Their framework, detailed in a paper published in Physical Review Letters, leverages generative models to recognize phases and detect transitions in physical systems. Unlike conventional machine-learning techniques that require extensive labeled datasets, this approach utilizes physics-informed machine learning and does not depend on large training datasets.
The researchers demonstrated the effectiveness of their method in detecting phase transitions by identifying order parameters that signify changes in the system. By incorporating knowledge about the physical system directly into the machine-learning scheme, the framework outperforms traditional techniques and enhances computational efficiency.
Moreover, this approach opens up possibilities for various binary classification tasks in physical systems, such as detecting entanglement in quantum systems or selecting the most suitable theoretical model for a given problem. It could also contribute to improving large language models like ChatGPT by optimizing parameters for better performance.
Looking ahead, the researchers aim to explore theoretical guarantees regarding the number of measurements required to detect phase transitions effectively and estimate the computational resources needed for implementation.
Funding for this research was provided by the Swiss National Science Foundation, the MIT-Switzerland Lockheed Martin Seed Fund, and MIT International Science and Technology Initiatives.
Source: news.mit.edu
The post Scientists use generative AI to answer complex questions in physics appeared first on HIPTHER Alerts.
Uncategorized
USDOT seeks input on effective and safe AI use in transportation
The Advanced Research Projects Agency – Infrastructure (ARPA-I) of the United States Department of Transportation (USDOT) is inviting input from interested parties regarding the potential utilization of artificial intelligence (AI) within transportation. They are also seeking insights into the emerging challenges and opportunities associated with the development and implementation of AI technologies across all modes of transportation.
The objective of this Request for Information (RFI) is to gather feedback from a diverse range of stakeholders regarding AI opportunities, challenges, and associated matters in transportation, in accordance with Executive Order (EO) 14110 of October 30, 2023, titled “Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.”
Interested parties are encouraged to submit written comments electronically to Docket Number DOT–OST–2024–0049 via the Federal eRulemaking Portal. Comments must be received by July 2, 2024. Submissions, excluding personal information, will be made available to the public on regulations.gov, as per DOT’s Privacy Act Statement.
For inquiries regarding this RFI, individuals may contact [email protected]. Additionally, Mr. Timothy A. Klein, Director of Technology Policy and Outreach at the Office of the Assistant Secretary for Research and Technology, can be reached at 202-366-0075 or via email at [email protected].
Source: traffictechnologytoday.com
The post USDOT seeks input on effective and safe AI use in transportation appeared first on HIPTHER Alerts.
Uncategorized
The man who turned his dead father into a chatbot
In 2016, James Vlahos faced heartbreaking news – his father received a terminal cancer diagnosis.
“I loved my dad, I was losing my dad,” recalls James, based in Oakland, California.
Determined to cherish the time he had left with his father, James embarked on an oral history project, spending countless hours audio recording his father’s life story. This endeavor coincided with James’ burgeoning interest in AI, prompting him to ponder the possibility of creating something interactive from the recordings.
“I thought, gosh, what if I could make something interactive out of this?” he muses. “For a way to more richly keep his memories, and some sense of his personality, which was so wonderful, to keep that around.”
Although James’ father, John, passed away in 2017, James had transformed the recorded memories into an AI-powered chatbot capable of answering questions about his dad’s life – in his father’s voice.
While the concept of using AI to emulate deceased loved ones has long been explored in science fiction, advancements in AI technology have brought it into reality. In 2019, James launched HereafterAI, allowing users to create similar chatbots for their own departed loved ones.
James acknowledges that while the chatbot doesn’t erase the pain of his father’s death, it provides him with solace and an interactive repository of memories to cherish.
Meanwhile, South Korea’s DeepBrain AI takes this concept further by creating video-based avatars of deceased individuals, capturing their likeness, voice, and mannerisms with striking accuracy.
“We are cloning the person’s likeness to 96.5% of the similarity of the original person,” explains Michael Jung, DeepBrain’s chief financial officer. “So mostly the family don’t feel uncomfortable talking with the deceased family member, even though it is an AI avatar.”
DeepBrain envisions its technology as part of a “well dying” culture, where individuals prepare for death in advance, leaving behind a living legacy of family histories and memories.
However, this technology comes at a significant cost, with users paying up to $50,000 (£39,000) for the filming process and avatar creation. Despite the steep price tag, investors remain bullish on its potential, evident in DeepBrain’s substantial fundraising success, having raised $44m in its last funding round.
Source: bbc.com
The post The man who turned his dead father into a chatbot appeared first on HIPTHER Alerts.
-
Artificial Intelligence7 days ago
Sanad Announces Strategic Sale Transaction with CFM Materials, Further Fostering Aviation Industry Collaborations
-
Artificial Intelligence7 days ago
Identity Threat Detection and Response (ITDR) Market worth $35.6 billion by 2029- Exclusive Report by MarketsandMarkets™
-
Artificial Intelligence7 days ago
Northern Data Group’s Peak Mining announces new partnership for 28MW of mining, powered by 100% renewable energy
-
Artificial Intelligence7 days ago
atNorth Shortlisted for Datacloud Global Awards, The Energy Awards and The Women in Green Business Awards
-
Artificial Intelligence6 days ago
WIO Taps Gracenote to Revolutionize Television Broadcast Reporting
-
Artificial Intelligence7 days ago
ProofID wins Judges’ Award for Global Ambition at the 2024 Northern Tech Awards
-
Artificial Intelligence7 days ago
IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility
-
Uncategorized4 days ago
Precisely Showcases Critical Role of Trusted Data in AI at the Gartner® Data & Analytics Summit in London