The company said that in February February 2024, following the Canadian government's imposition of sanctions, it recorded $175 million in charges in the Q1 2024 within its Collins segment. The company explained that these charges are primarily related to unfavorable purchase commitments and an impairment of contract fulfillment costs that are not recoverable.

10-QQuarterly reportFiled Apr 23, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said that in February February 2024, following the Canadian government's imposition of sanctions, it recorded $175 million in charges in the Q1 2024 within its Collins segment. The company explained that these charges are primarily related to unfavorable purchase commitments and an impairment of contract fulfillment costs that are not recoverable.
The company said it recognized a gain of about $0.4 billion on the sale of the CIS business, net of transaction and other related costs, in Q1 2024, and received cash proceeds of about $1.3 billion from the sale. The company explained that the $1.3 billion change in investing cash flows year over year is mainly related to this sale.
The company said net sales for the quarter ended March 31, 2024 increased $2.1 billion organically year over year. It cited higher organic sales at Pratt & Whitney of $1.2 billion, at Collins of $0.5 billion, and at Raytheon of $0.4 billion as the main factors behind the increase.
The company said the $1.2 billion year-over-year change in operating cash flow in Q1 2024 reflects the favorable impact of the timing of receivable collections and the resulting increase in factoring. The company also estimated cash outflows of about $1.3 billion related to the Powder Metal Matter in 2024.

Key figures

Quarter ended March 31, 2024

Revenue: $19.3B
Operating income: $1.9B
Net income: $1.7B
EPS: $1.28
Operating cash flow: $342M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Collins Titanium Sourcing Charges of $175 million

The company said that in February February 2024, following the Canadian government's imposition of sanctions, it recorded $175 million in charges in the Q1 2024 within its Collins segment. The company explained that these charges are primarily related to unfavorable purchase commitments and an impairment of contract fulfillment costs that are not recoverable.

Source · Based on the MD&A text of the filing

Raytheon CIS Sale and Investing Cash Flows

The company said it recognized a gain of about $0.4 billion on the sale of the CIS business, net of transaction and other related costs, in Q1 2024, and received cash proceeds of about $1.3 billion from the sale. The company explained that the $1.3 billion change in investing cash flows year over year is mainly related to this sale.

Source · Based on the MD&A text of the filing

Quarterly Net Sales and Organic Growth by Segment

The company said net sales for the quarter ended March 31, 2024 increased $2.1 billion organically year over year. It cited higher organic sales at Pratt & Whitney of $1.2 billion, at Collins of $0.5 billion, and at Raytheon of $0.4 billion as the main factors behind the increase.

Source · Based on the MD&A text of the filing

Operating Cash Flow for Q1 2024 and Powder Metal Matter

The company said the $1.2 billion year-over-year change in operating cash flow in Q1 2024 reflects the favorable impact of the timing of receivable collections and the resulting increase in factoring. The company also estimated cash outflows of about $1.3 billion related to the Powder Metal Matter in 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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