RTX's $289 Billion Backlog, Explained
The makeup of RTX's massive backlog might not be what you would expect.
Overview
RTX (NYSE: RTX) is one of the world's largest defense companies by revenue, and it's posting strong sales and earnings growth amid a tense geopolitical backdrop and rising military spending. The company's revenue rose 14% year over year to $24.7 billion in the second quarter, and non-GAAP (generally accepted accounting principles) adjusted earnings per share increased 21% to $1.89.
Strikingly, the company's backlog -- deals that have been signed but not yet delivered or recorded as revenue -- increased by 22% compared to the prior-year period, reaching $289 billion. But while RTX's massive backlog is undeniably impressive, its composition might not be what you would expect.
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Originally published at www.fool.com.