More shop visits for parts and repairs and rising jet engine manufacturing powered a 16% increase in second-quarter sales at Pratt & Whitney, its parent company, Raytheon Technologies Corp., said Tuesday.
By several measures, airline travel is gaining momentum after being flattened by COVID-19. But Raytheon’s two defense businesses face labor shortages and supply chain problems, Chief Executive Officer Greg Hayes told industry analysts on a conference call.
Revenue passenger miles — the number of miles traveled by passengers — in the second quarter globally were nearly 70% of pre-pandemic levels, he said. And the number of passengers who move through Transportation Security Administration checkpoints is at 90% of where it was in 2019, Hayes said. In addition, international revenue passenger miles are expected to increase to 75% to 80% of 2019 levels by the end of the year.
