WALTHAM, Mass., April 9, 2021 /PRNewswire/ -- Raytheon
Technologies (NYSE: RTX) today announced that Chief Financial
Officer Anthony ("Toby") O'Brien has stepped down from his role as
CFO. Neil Mitchill, corporate vice
president, financial planning & analysis and investor relations
for Raytheon Technologies and former CFO of Pratt & Whitney,
has been appointed as CFO of Raytheon Technologies and will report
directly to Chief Executive Officer Greg
Hayes.
Raytheon Technologies CEO Greg
Hayes commented, "Neil is a proven leader who successfully
guided our Finance team through the merger. He has been
instrumental in overseeing our capital allocation strategy, which
enabled us to exceed our cash savings target as well as our
merger-related synergy expectations for 2020. I know he will
continue to deliver significant value to the organization given his
experience across our global businesses. I look forward to his
partnership as we continue to execute on our strategic priorities
and deliver long-term value for shareholders."
As CFO, Mr. Mitchill, age 46, will serve as a member of the
senior leadership team and direct the company's financial strategy
and its global finance team.
In 2019, Mr. Mitchill was named as acting senior vice president
and CFO of United Technologies Corporation (UTC), a role in which
he served until the merger with Raytheon Company, when he was
appointed corporate vice president, financial planning &
analysis and investor relations of Raytheon Technologies.
Mr. Mitchill joined UTC in 2014 as vice
president, global financial services. In 2015,
he was appointed corporate vice president, controller, and
in 2016 was named vice president and CFO of Pratt
& Whitney.
Prior to joining UTC, Mr. Mitchill was a partner at
PricewaterhouseCoopers LLP, where he was the Hartford Products
& Services Assurance Leader, providing assurance and business
advisory services for global, industrial products
companies. He has over 20 years of finance experience, which
includes technical accounting skills and experience on complex
business transactions, as well as acquisitions and
divestitures. Mr. Mitchill holds a Bachelor of Science degree
in Accountancy from Providence
College.
Mr. O'Brien held financial leadership positions spanning 34
years at Raytheon Company, prior to its merger with UTC in 2020,
including serving as Raytheon's CFO and vice president of finance
since 2015.
Hayes also commented, "Toby has played a pivotal role in the
establishment and integration of Raytheon Technologies. We thank
him for his many contributions and wish him well in the
future."
Raytheon Technologies previously communicated its first quarter
2021 sales outlook in the range of $14.8 to $15.4
billion and first quarter adjusted EPS outlook in the range
of $0.70 to $0.75. Based on preliminary financial
information, the company expects sales for the first quarter of
2021 to be above the mid-point of the previously communicated range
and expects first quarter adjusted EPS in the range of $0.87 to $0.90. The
outlook for full-year 2021 has not changed. CEO Greg Hayes and Neil
Mitchill in his new role as CFO will provide further details
on Raytheon Technologies' performance and outlook during the next
quarterly earnings call.
About Raytheon Technologies
Raytheon Technologies Corporation is an aerospace and defense
company that provides advanced systems and services for commercial,
military and government customers worldwide. With four
industry-leading businesses ― Collins Aerospace Systems, Pratt
& Whitney, Raytheon Intelligence & Space and Raytheon
Missiles & Defense ― the company delivers solutions that push
the boundaries in avionics, cybersecurity, directed energy,
electric propulsion, hypersonics, and quantum physics. The company,
formed in 2020 through the combination of Raytheon Company and the
United Technologies Corporation aerospace businesses, is
headquartered in Waltham, Massachusetts.
Use and Definitions of Non-GAAP Financial Measures
Raytheon Technologies Corporation ("RTC") reports its financial
results in accordance with accounting principles generally accepted
in the United States ("GAAP"). We
supplement the reporting of our financial information determined
under GAAP with certain non-GAAP financial information. The
non-GAAP information presented provides investors with additional
useful information, but should not be considered in isolation or as
substitutes for the related GAAP measures. Moreover, other
companies may define non-GAAP measures differently, which limits
the usefulness of these measures for comparisons with such other
companies. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure.
Adjusted earnings per share ("EPS") is a non-GAAP financial
measure. Adjusted EPS represents diluted earnings per share from
continuing operations (a GAAP measure), excluding restructuring
costs, acquisition accounting adjustments and other significant
items. When we provide our expectation for adjusted EPS on a
forward-looking basis, a reconciliation of the differences between
this non-GAAP expectation and the corresponding GAAP measure
generally is not available without unreasonable effort due to
potentially high variability, complexity and low visibility as to
the items that would be excluded from the GAAP measure in the
relevant future period, such as unusual gains and losses, the
ultimate outcome of pending litigation, fluctuations in foreign
currency exchange rates, the impact and timing of potential
acquisitions and divestitures, and other structural changes or
their probable significance. The variability of the excluded items
may have a significant, and potentially unpredictable, impact on
our future GAAP results.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains statements which, to
the extent they are not statements of historical or present fact,
constitute "forward-looking statements" under the securities laws.
From time to time, oral or written forward-looking statements may
also be included in other information released to the public. These
forward-looking statements are intended to provide RTC management's
current expectations or plans for our future operating and
financial performance, based on assumptions currently believed to
be valid. Forward-looking statements can be identified by the use
of words such as "believe," "expect," "expectations," "plans,"
"strategy," "prospects," "estimate," "project," "target,"
"anticipate," "will," "should," "see," "guidance," "outlook,"
"confident," "on track" and other words of similar meaning.
Forward-looking statements may include, among other things,
statements relating to future sales, earnings, cash flow, results
of operations, uses of cash, share repurchases, tax payments and
rates, research and development spending, other measures of
financial performance, potential future plans, strategies or
transactions, credit ratings and net indebtedness, other
anticipated benefits to RTC of UTC's Rockwell Collins acquisition,
the merger between UTC and Raytheon Company ("Raytheon," and such
merger, the "merger") or the spin-offs by UTC of Otis Worldwide
Corporation and Carrier Global Corporation into separate
independent companies (the "separation transactions"), including
estimated synergies and customer cost savings resulting from the
merger and the anticipated benefits and costs of the separation
transactions and other statements that are not solely historical
facts. All forward-looking statements involve risks, uncertainties
and other factors that may cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. For those statements, we claim the protection of the
safe harbor for forward-looking statements contained in the U.S.
Private Securities Litigation Reform Act of 1995. Such risks,
uncertainties and other factors include, without limitation: (1)
the effect of economic conditions in the industries and markets in
which RTC operates in the U.S. and globally and any changes
therein, including financial market conditions, fluctuations in
commodity prices, interest rates and foreign currency exchange
rates, levels of end market demand in both the commercial and
defense segments of the aerospace industry, levels of air travel,
financial condition of commercial airlines, and the impact of
pandemic health issues (including COVID-19 and its effects, among
other things, on global supply, demand and distribution
capabilities as the COVID-19 pandemic continues and results in an
increasingly prolonged period of disruption to air travel and
commercial activities generally, and significant restrictions and
limitations on businesses, particularly within the aerospace and
commercial airlines industries) aviation safety concerns, weather
conditions and natural disasters, the financial condition of our
customers and suppliers, and the risks associated with U.S.
government sales (including changes or shifts in defense spending
due to budgetary constraints, spending cuts resulting from
sequestration or the allocation of funds to governmental responses
to COVID-19, a government shutdown, or otherwise, and uncertain
funding of programs); (2) challenges in the development,
production, delivery, support, performance, safety, regulatory
compliance, and realization of the anticipated benefits (including
our expected returns under customer contracts) of advanced
technologies and new products and services; (3) the scope, nature,
impact or timing of acquisition and divestiture activity, including
among other things the integration of UTC's and Raytheon's
businesses and the integration of RTC with other businesses
acquired before and after the merger, and realization of synergies
and opportunities for growth and innovation and incurrence of
related costs and expenses; (4) RTC's levels of indebtedness,
capital spending and research and development spending; (5) future
availability of credit and factors that may affect such
availability, including credit market conditions and our capital
structure; (6) the timing and scope of future repurchases by RTC of
its common stock, which are subject to a number of uncertainties
and may be discontinued, accelerated, suspended or delayed at any
time due to various factors, including market conditions and the
level of other investing activities and uses of cash; (7) delays
and disruption in delivery of materials and services from
suppliers; (8) company and customer-directed cost reduction efforts
and restructuring costs and savings and other consequences thereof
(including the potential termination of U.S. government contracts
and performance under undefinitized contract actions and the
potential inability to recover termination costs); (9) new business
and investment opportunities; (10) the ability to realize the
intended benefits of organizational changes; (11) the anticipated
benefits of diversification and balance of operations across
product lines, regions and industries; (12) the outcome of legal
proceedings, investigations and other contingencies; (13) pension
plan assumptions and future contributions; (14) the impact of the
negotiation of collective bargaining agreements and labor disputes;
(15) the effect of changes in political conditions in the U.S. and
other countries in which RTC and its businesses operate, including
the effect of changes in U.S. trade policies on general market
conditions, global trade policies and currency exchange rates in
the near term and beyond; (16) changes resulting from the recent
change in the U.S. Administration and potential changes in
Department of Defense policies or priorities; (17) the effect of
changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to
as the Tax Cuts and Jobs Act of 2017), environmental, regulatory
and other laws and regulations (including, among other things,
export and import requirements such as the International Traffic in
Arms Regulations and the Export Administration Regulations,
anti-bribery and anticorruption requirements, including the Foreign
Corrupt Practices Act, industrial cooperation agreement
obligations, and procurement and other regulations) in the U.S. and
other countries in which RTC and its businesses operate; (18) the
possibility that the anticipated benefits from the combination of
UTC's and Raytheon's businesses (including ongoing integration
activities from historic UTC and Raytheon acquisitions prior to the
merger) cannot be realized in full or may take longer to realize
than expected, or the possibility that costs or difficulties
related to the integration of UTC's businesses with Raytheon's will
be greater than expected or may not result in the achievement of
estimated synergies within the contemplated time frame or at all;
(19) the ability of RTC to retain and hire key personnel and the
ability of our personnel to continue to operate our facilities and
businesses around the world in light of, among other factors, the
COVID-19 pandemic and related personnel reductions; and (20) the
intended qualification of (i) the merger as a tax-free
reorganization and (ii) the separation transactions and other
internal restructurings as tax-free to UTC and former UTC
shareowners, in each case, for U.S. federal income tax purposes.
For additional information on identifying factors that may cause
actual results to vary materially from those stated in
forward-looking statements, see the reports of RTC, UTC and
Raytheon on Forms S-4, 10-K, 10-Q and 8-K filed with or furnished
to the Securities and Exchange Commission from time to time. Any
forward-looking statement speaks only as of the date on which it is
made, and RTC assumes no obligation to update or revise such
statement, whether as a result of new information, future events or
otherwise, except as required by applicable law.
Media Contact
Michele
Quintaglie
C: 860.493.4364
michele.quintaglie@rtx.com
Investor Contact
Erin
Somers
C: 704.264.6854
erin.somers@rtx.com
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SOURCE Raytheon Technologies