Raytheon Technologies has confirmed that another 1,500 jobs have been cut within its Collins Aerospace division.
The reduction was confirmed by Raytheon chief financial officer Anthony O’Brien during the company’s post-earnings conference call with analysts.
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During the call, it was also reported that between 20,000 and 21,000 job cuts were executed across the company during fiscal 2021.
It follows plans revealed by Raytheon Technologies president and CEO Greg Hayes to reduce the workforce across its aerospace and corporate organisations by 15,000 jobs In September last year.
In Q4 2020, Collins Aerospace reported adjusted sales of $4,388m, down by 32%, and $89m adjusted operating profit, marking a 92% decline.
Raytheon Technologies CEO Greg Hayes said: “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.”
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By GlobalData“In 2021, our strategy of harnessing next-generation technologies across our resilient and balanced portfolio will continue to drive differentiated value for customers and advance our industry leadership for years to come.
“Combined with our recent structural actions, we’re well-positioned for sustainable growth and profitability in 2021 and beyond and remain committed to returning $18 to $20bn to shareowners in the four years following the merger.”
