Diamonds and Dogs
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7/25/24
Raytheon (RTX) jumps 9% to a new high on strong earnings and raised guidance. Earnings beat as revenue rose 7.7% to $19.72 billion. Organic sales growth of 10% in the quarter gave management the confidence to raise guidance. Commercial aerospace was a bright spot for RTX while demand for their military products remains strong.
Ford Motor Co. (F) can't get out of its own way. The truck giant is down 18% as earnings missed while sales rose 6.3% to $47.81 billion. The profit woes at Ford are due to warranty repair costs for older vehicles. This is a recurring quality problem at Ford, but an $800 million spike in the second quarter caught investors by surprise. The "one time" jump due to quality-related issues for models built in 2021 and earlier.
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