Page 1

Second quarter 2021 ● ● ● Raytheon Technologies ● Adjusted EPS and Free Cash Flow Exceeded Expectations in Q2 ; Raises Adjusted EPS and Free Cash Flow and Low End of Sales Outlook for 2021 ; Increases Gross Merger Cost Synergy Target to $ 1.5 billion Raytheon Technologies Reports Strong Second Quarter 2021 Results ; Raises 2021 Outlook ● Sales of $ 15.9 billion Media Contact Achieved approximately $ 185 million of incremental RTX synergies Repurchased $ 632 million of RTX shares Raytheon Technologies updates its 2021 outlook and now anticipates the following : Outlook for full year 2021 202.360.8473 GAAP EPS from continuing operations of $ 0.69 , which included $ 0.34 of acquisition accounting adjustments and net significant and / or non - recurring charges Adjusted EPS of $ 1.03 Investor Contact 781.522.5123 Sales of $ 64.4 - $ 65.4 billion , up from $ 63.9 - $ 65.4 billion Adjusted EPS of $ 3.85 - $ 4.00 , up from $ 3.50 - $ 3.70 Free cash flow of $ 4.5 - $ 5.0 billion , up from approximately $ 4.5 billion Operating cash flow from continuing operations of $ 1.3 billion ; Free cash flow of $ 966 million Company backlog of $ 151.8 billion ; including defense backlog of $ 66.1 billion and book - to - bill of 1.12 Exhibit 99 WALTHAM , Mass . , July 27 , 2021 - Raytheon Technologies Corporation ( NYSE : RTX ) reported second quarter 2021 results . " Raytheon Technologies delivered strong second quarter results driven by the growth in our defense businesses and our ability to capitalize on the commercial aerospace recovery , " said Raytheon Technologies Chairman and CEO Greg Hayes . " Our solid execution gives us the confidence to raise our adjusted EPS and free cash flow outlook , as well as the low end of our sales outlook range for 2021. In addition , our relentless focus on operational excellence , structural cost reduction and integration execution has enabled us to further raise our merger related gross cost synergy target by $ 200 million to $ 1.5 billion . " Hayes continued , " As a result of our industry - leading franchises and differentiated technologies , we generated significant program wins during the quarter that will drive continued top and bottom - line growth well into the future . " 1 See " Use and Definitions of Non - GAAP Financial Measures " below for information regarding non - GAAP financial measures .