East Hartford jet-engine maker Pratt & Whitney on Tuesday said its second-quarter sales increased 16% due to a mix of higher engine and parts sales and an increase in aftermarket services.
Pratt & Whitney, subsidiary of Raytheon Technologies, reported second quarter adjusted sales of just under $4.97 billion from April-June, up 16%, or about $700 million, from the year-ago period.
According to Raytheon, the increase was driven by a 26% increase in commercial aftermarket services, a 22% increase in commercial original equipment and a 5% increase in military contracts.
“The increase in commercial sales was primarily due to higher shop visits and related spare part sales and favorable large engine mix and volume,” Raytheon said in its earning results.
Raytheon said the increase in military sales was driven primarily by a Lot 15 and 16 F135 production contract and higher F135 aftermarket volume.
Pratt & Whitney recorded adjusted operating profit of $303 million in the quarter, Raytheon said, up 216% from last year’s second-quarter posting of $96 million.
Overall, Raytheon Technologies Corp. reported second quarter profits of $1.7 billion, or $1.16 per share, vs. $1.56 billion, or $1.03 per share, in the year-ago period. Raytheon said its second-quarter sales of $16.3 billion were up 3% from 2021. Shares for the company were down by as much as 4% Tuesday morning.