The following is a summary of the RTX Corporation (RTX) Q1 2024 Earnings Call Transcript:

Financial Performance:

RTX Corporation reported Q1 sales of $19.3 billion, marking a 12% increase in organic sales since last year.
The company backlog now stands at $202 billion, up 12% from the prior year.
The company experienced a 10% growth in the segment operating profit that was partially offset by lower pension income and higher interest expenses.
Adjusted earnings per share were up 10% year-over-year to $1.34.
The free cash flow outflow was $125 million, which aligned with expectations and indicated a $1.3 billion year-over-year improvement.

Business Progress:

The departure of CEO Greg Hayes was announced with Chris Calio slated to be his successor.
The business saw a 33% increase in commercial OE sales and Defense sales saw 7% growth year-over-year with a backlog of $77 billion.
The fiscal year 2024 will see significant defense spending up by 3%, targeted towards programs and technologies including next-generation propulsion and critical munitions.
Investments are being made in differentiated technologies to fill the product pipeline, with a focus on areas like advanced materials and microelectronics.
The company made significant strides in securing alternative sourcing strategies this quarter, particularly for aerospace-grade titanium for its landing gear manufacturing at Collins.
The corporation expects margin expansion in the next year’s framework and is strategizing to fix the supply chain health and to respond to client’s needs effectively.
Around 60% of new orders come from foreign sales, hinting at the global recognition and acceptance of the company’s products.