RTX results boost European aviation, defence stocks

US Aerospace

24/10/2023 14:14

** Shares in European aerospace and defence companies rise
in afternoon trade, after U.S. peer RTX  RTX.N  reported
better-than-expected quarterly earnings and raised its FY
outlook
    ** Despite previously reported issues with its Pratt &
Whitney geared turbofan engines that sent ripples across the
sector last month, RTX raised its outlook for 2023, forecasting
adjusted sales of $74 billion, up from $73 billion
    ** A trader points out the results support European peers,
while Vertical Research analyst Robert Stallard adds they boost
shares of German aircraft engine maker MTU Aero Engines
 MTXGn.DE 
    ** J.P. Morgan says RTX has "come out swinging" in Q3, with
no change to the Pratt fleet management plan, higher 2023
guidance for Pratt and for company-wide FCF, and an accelerated
share repurchase plan    
    ** MTU Aero Engines  MTXGn.DE  rises 4.8%
    ** France's Safran  SAF.PA  edges up 0.5%, Airbus  AIR.PA 
inches up 1.7%, while Thales rises 1.4%
    ** Britain's Rolls-Royce  RR.L  inches up 0.3%, while
Italy's Leonardo  LDOF.MI  is up 1.3%

 (Reporting by Anna Mackenzie)
 ((anna.mackenzie@thomsonreuters.com))