Comment on Raytheon CEO says the company will 'load up' on share buybacks in 2021 after strong 4th-quarter earnings

Raytheon CEO says the company will 'load up' on share buybacks in 2021 after strong 4th-quarter earnings

Raytheon Technologies posted strong fourth quarter earnings results Tuesday. AaronP/Bauer-Griffin/Getty Images Raytheon Technologies CEO Greg Hayes told CNBC Tuesday he expects to "load up" on share buybacks in 2021. Raytheon outperformed analyst estimates in the fourth quarter, especially in terms of cash flow. The aerospace defense conglomerate posted $2.3 billion in pro forma free cash flow in 2020. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Raytheon Technologies CEO Greg Hayes appeared on CNBC Tuesday morning, saying he plans to use his company's liquidity to "load up" on share buybacks in 2021.The move by Hayes comes after Raytheon revealed strong fourth-quarter earnings, especially in terms of cash flow.The aerospace defense conglomerate pulled in $1.4 billion in cash from operations in the fourth quarter and posted $700 million in free cash flow while funding $800 million in discretionary pension spending."We closed the year on a strong note with fourth-quarter sales, EPS, and free cash flow exceeding our expectations, as we delivered on our customer commitments and drove strong execution against our cost and cash actions," said Greg Hayes.

 

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