RTX Corporation（NYSE：RTX）股价在4月22日下跌9.81％至113.75美元

RTX Corporation（NYSE：RTX）股价在4月22日发行了2025年第一季度的结果后，股价下跌9.81％至113.75美元。

RTX Corporation (NYSE:RTX) shares slumped 9.81% on Saturday, April 22, following first-quarter 2025 results that came in better than expected. The drop came despite strong earnings and sales performance, as investors focused on growing concerns about tariffs and global trade pressures.

RTX Corporation（NYSE：RTX）在4月22日（星期六）股价下跌了9.81％，此前2025年第一季度的结果取得的成绩比预期的要好。尽管收益和销售业绩很高，但下降仍在下降，因为投资者专注于对关税和全球贸易压力的日益关注。

RTX is set to report its next earnings between July 21 and July 25, 2025.

RTX将在2025年7月21日至7月25日之间报告其下一项收益。

What Happened: RTX adjusted sales for the quarter came in at $20.3 billion, marking a 5% year-over-year increase and 8% organic growth. Segment margins also saw an improvement of 120 bps, and segment operating profit reached $2.5 billion, up 18% from last year.

发生的事情：RTX调整后的销售额为203亿美元，标志着同比增长5％，有机增长8％。细分市场的利润率也提高了120个基点，而细分市场的营业利润达到25亿美元，比去年增长了18％。

Adjusted earnings per share reached $1.47, showing a 10% increase. GAAP EPS from continuing operations came in at $1.14.

调整后的每股收益达到1.47美元，显示出10％的增长。继续运营的GAAP EPS为1.14美元。

Commercial aftermarket sales soared by 21%, while commercial OE and defense sales rose by 3% and 4%, respectively.

商业售后市场销售飙升了21％，而商业OE和国防销售分别增长了3％和4％。

The company reported $792 million in free cash flow during the quarter and returned $890 million to shareholders, primarily via dividends. RTX also holds a $217 billion backlog, up 8% year-over-year, highlighting long-term demand visibility.

该公司在本季度报告了7.92亿美元的自由现金流，并主要通过股息向股东返还了8.9亿美元。 RTX还拥有2170亿美元的积压，同比增长8％，突出了长期需求的可见性。

Segment Highlights: Collins Aerospace reported $7.2 billion in sales, showing a 9% increase organically. Pratt & Whitney delivered $7.4 billion in revenue, indicating a 14% rise both adjusted and organically.

细分市场亮点：柯林斯航空航天报告的销售额为72亿美元，显示出9％的有机增长。普拉特（Pratt＆Whitney）提供了74亿美元的收入，表明调整和有机增长了14％。

Raytheon segment sales were affected by the divestiture of the Cybersecurity business, leading to a 5% drop in adjusted sales. However, organic growth in the segment stood at 2%. The book-to-bill ratio for the quarter was 0.70, and the rolling 12-month figure was 1.35, indicating a healthy pipeline.

雷神分段的销售受到网络安全业务剥离的影响，导致调整后的销售量下降了5％。但是，该节段的有机生长为2％。该季度的书籍比率为0.70，滚动12个月的数字为1.35，表明健康管道。

Key Insight: While RTX exceeded earnings expectations and reported strength in sales and segment performance, investors reacted negatively to warnings about potential tariff impacts.

主要见解：尽管RTX超过了销售和细分市场绩效的盈利预期并报告了实力，但投资者对有关潜在关税影响的警告产生了负面反应。

RTX estimated that up to $850 million in sales could be affected by tariffs, an aspect that has not been baked into the company’s outlook for 2025. This lack of specificity from RTX sparked concerns among investors regarding future margins and earnings consistency.

RTX估计，高达8.5亿美元的销售可能会受到关税的影响，这一方面尚未融入该公司2025年的前景。RTX缺乏特殊性引发了投资者对未来利润率和收益一致性的担忧。

Moreover, management highlighted risks to the company’s operations and delivery schedules due to supply chain disruptions linked to global trade instability. These headwinds could pressure the company’s performance in the coming quarters.

此外，管理层强调了由于与全球贸易不稳定有关的供应链中断而导致的公司运营和交付计划的风险。这些逆风可能会在未来几个季度向公司的表现施加压力。

Stock Performance: In the year to date, RTX shares have declined by 1.20%, still outperforming the S&P 500’s 10.10% drop. Over the past year, RTX has returned 14.46%, and over five years, the stock has delivered a strong 103.10% gain, outpacing the broader index.

股票绩效：在迄今为止，RTX股票下跌了1.20％，仍然比标准普尔500指数的10.10％下降。在过去的一年中，RTX返回了14.46％，在五年中，该股票的增长率为103.10％，超过了广泛的指数。

With solid free cash flow of $5.37 billion over the trailing 12 months and moderate debt levels, RTX remains financially sound. However, the stock’s near-term trajectory could remain volatile as investors weigh trade uncertainties against long-term growth potential.

在落后的12个月内，固体自由现金流为53.7亿美元，债务水平中等，RTX在财务上仍然是合理的。但是，随着投资者权衡贸易不确定性与长期增长潜力，该股票的近期轨迹可能保持波动。

RTX’s performance reflects a solid business with strong execution, but global macroeconomic headwinds could pressure margins and limit upside in the coming quarters.

RTX的表现反映了一项稳固的业务，但执行力很强，但是全球宏观经济的逆风可能会在未来几个季度施加压力和限制上涨空间。