RTX cuts 2025 profit forecast as tariff costs weigh
Trump's imposition of tariffs on imports of aluminum and steel has shrouded the markets with uncertainty, threatening to add pressure on an already-strained supply chain.
RTX had warned of an $850 million hit from the trade war, though it was based on the assumption that steel and aluminum tariffs remain at 25%, China tariffs remain at 145% and global reciprocal tariffs remain at 10%.
Since then, levies on steel and aluminum have doubled to 50% and Trump has unveiled new tariffs on most trading partners, but those on China have significantly reduced.
RTX now expects adjusted profit between $5.80 and $5.95 per share for 2025, down from its prior forecast of $6.00 and $6.15 per share.
Maintenance and repair service providers for commercial aircraft have banked on a shortage of new jets, as production delays force airlines to operate an older, cost-intensive fleet.
Demand in its defense business has remained strong in the face of growing geopolitical tensions around the world. RTX's Patriot air defense systems have been widely used on the battlefield in Ukraine to counter missile threats from Russia.
Raytheon, RTX's defense unit, reported sales that rose 8% to $7 billion in the second quarter.
The company raised its adjusted 2025 sales forecast to between $84.75 and $85.5 billion, from $83 billion to $84 billion.
RTX's Pratt and Whitney unit, which produces engines for Airbus' A320neo jets and competes with CFM International, saw sales rise 12%.
Pratt has struggled with output problems in recent years and is in the middle of an inspection drive for potentially flawed components in its geared turbofan engines that have grounded hundreds of planes in recent months.
The Arlington, Virginia-based company reported a 9% rise in total revenue to $21.6 billion. Its adjusted per-share profit stood at $1.56 in the quarter, compared with $1.41 last year.
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The Independent
16 minutes ago
- The Independent
CNN host laughs at Republican senator as he fact-checks him on Epstein ‘sweetheart' deal
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Scottish Sun
16 minutes ago
- Scottish Sun
Keir Starmer & John Swinney face difficult ‘balancing act' after Donald Trump admits he's in a grumpy mood
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SIR Keir Starmer and John Swinney face a difficult 'balancing act' in talks with Donald Trump - after the US President admitted he was in a grumpy mood. The Prime Minister will fly to Scotland on Monday morning to meet Mr Trump at his Turnberry golf resort in Ayrshire for a 'wide-ranging' summit on issues including trade and the Israel-Hamas war. Sign up for Scottish Sun newsletter Sign up 3 Donald Trump is 'not in a good mood' before summit 3 The Prime Minister and First Minister are set to meet with the US President 3 He made the admission after he striking an EU trade deal Later, the PM and the First Minister will attend a banquet-style dinner hosted by the US leader in the north-east, ahead of him opening a new 18-hole golf course in honour of his late Scottish mother, Mary Anne Macleod, at Menie, Aberdeenshire, on Tuesday. 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The President insisted it was nothing to do with imminent talks with EU chief Ursula von der Leyen, and asked why he was in a bad mood and if it was to do with his latest golf round, Mr Trump said: 'No, the golf was beautiful. Golf can never be bad.' But minutes later, a tetchy-sounding President launched into another of his trademark attacks on windfarms, which he famously battled against - in vain - off the Aberdeenshire coast. In a two-and-half minute blast, he claimed he would 'not allow a windmill to be built in the US' as 'they're killing the beauty of our scenery, our valleys, our beautiful planes - and I'm not talking about aeroplanes, I'm talking about beautiful planes, beautiful areas in the US'. He said 'almost all' were made in China and 'when they start to rust and rot in eight years, you can't really turn them off, you can't bury them'. Mr Trump said windmills 'kill the birds' and said: 'You have a certain place in the Massachusetts area that over the last 20 years had one or two whales wash ashore .. cause it's driving them loco. It's driving them crazy.' TRUMP V WINDMILLS Slamming windfarms off the Ayrshire coast, he said 'I mean, today, I'm playing the best course I think in the world, Turnberry - even though I own it, it's probably the best course in the world, right - and I look over the horizon and I see nine windmills right at the end of the 18th hole. 'And I said, 'Isn't that a shame? What a shame.' UK and Scottish government aides are known to be on edge about today's talks with Mr Trump, which will take place between the PM and President at Turnberry, before the pair fly together to Aberdeen, where Mr Swinney will then meet the US leader. All three will then attend a private ceremonial dinner said to involve a 'broad range' of guests including politicians and business figures. Sir Keir is under intense pressure from Labour backbenchers and opposition parties including the SNP to push Mr Trump for the US to revive Gaza ceasefire talks, and also to further the recent UK-US trade deal by pressuring for the removal of punishing ten per cent tariffs on products including Scotch whisky. And Mr Swinney is under fire from left-wingers in the SNP and at Holyrood for even meeting with Mr Trump. The First Minister was blasted by critics at the weekend for announcing £180,000 to help Mr Trump's Menie course to host a golf comp, which wannabe Greens leader Ross Greer claimed was like 'bending the knee' to the US President or 'giving the school bully your lunch money'. A senior Nats source defended Mr Swinney's approach, with the Tories also accusing him of hypocrisy after claims he had last wee 'whipped up' anti-Trump protests, but was now trying to curry favour with the world's most powerful man. The insider said 'There will be complaints about our approach to Trump whatever we do. 'The funding for the event at Trump International Golf Links was a positive announcement and it's our job to make the best of this visit as we possibly can.' Tomorrow morning Mr Trump will carry out the ceremonial opening of the Macleod course at his Menie estate, which it emerged on Saturday was set to get £180,000 from the Scottish Government's tourism and events organisation, VisitScotland, to support its hosting of the 2025 Nexo Championship next month. Police lock down Scots country park and beach ahead of Donald Trump's arrival HOLIDAYMAKERS have been ordered to leave a country park boasting one of Scotland's best beaches as police prepared for Donald Trump's visit to his nearby golf course. Visitors were told to vacate the beauty spot as security is beefed up ahead of US president's trip to his neighbouring Menie Estate in Aberdeenshire tomorrow. Officers locked down Balmedie Country Park and its coastal stretch — which has won 20 awards for the quality of its sand and water. Locals have vowed to protest after the Scottish Government announced a tournament held at his Trump International resort is being given £180,000 of taxpayers' cash. An onlooker said: 'Police were shutting off the beach and the park. 'It's one of the country's best and we're in the middle of the school holidays. 'Trump doesn't own it so it feels ridiculous that people who live here are being told to leave. "Loads of people were told to go. 'Is it any wonder most people around here hate him so much?' Downing Street last night said Mr Trump and Sir Keir are expected to discuss progress on implementing the UK-US trade deal agreed in May, hopes for a ceasefire in the Middle East and applying pressure on Vladimir Putin to end the war in Ukraine. It comes amid pressure on Starmer from Labour MPs to urge the US to rejoin Israel-Hamas peace talks, amid the starvation of kids in Gaza. No10 said in a statement that the 'strength of the UK-US relationship will be on display again' as the PM meets Mr Trump in 'for wide-ranging talks'. It said: 'The leaders are expected to talk one-on-one about advancing implementation of the landmark Economic Prosperity Deal so that Brits and Americans can benefit from boosted trade links between their two countries. 'The Prime Minister is also expected to welcome the President's administration working with partners in Qatar and Egypt to bring about a ceasefire in Gaza. 'Mr Trump's visit comes amid mounting global anger over the humanitarian conditions in Gaza. Police lock down Scots country park and beach ahead of Donald Trump's arrival Foreign Secretary David Lammy said access to aid in Gaza must be 'urgently accelerated', after air drops by Jordan and the United Arab Emirates yesterday. It came hours after Israel opened up aid corridors and 'refuted' the 'false claim of intentional starvation'. Mr Swinney said: 'My meeting with the US President during his visit to Scotland presents a significant opportunity to speak up for the issues that matter to people in Scotland on the highest platform. Global, humanitarian issues are rightly at the forefront of many people's minds. 'It is of utmost importance that we discuss what action can be taken to end the horrific suffering we are witnessing around the world, particularly the unimaginable hardship being endured by people in Gaza and the need for an urgent ceasefire. 'Both the US President and I share a fundamental desire to build peace across the world and to end the suffering endured by so many. I hope that our discussion helps to further that aim.' Mr Trump will visit the UK again in September for the official state visit announced earlier this year. But a senior whisky industry source warned: 'If the PM comes away from the Trump visit with nothing more on trade there will be serious questions to answer about whether he really fought as hard as possible for Scotland and the UK's interests, or if he just went there and tried not to upset Trump.'
The Sun
16 minutes ago
- The Sun
Investigators quiz jailed Ghislaine Maxwell about Prince Andrew, claim reports
INVESTIGATORS quizzed jailed madam Ghislaine Maxwell about Prince Andrew, it is reported. She answered 'honestly and truthfully' during nine hours of questions. 3 3 US Deputy Attorney General Todd Blanche asked her about more than 100 people linked to her paedophile ex-boyfriend Jeffrey Epstein. Brit socialite Maxwell, 63, is serving 20 years in Florida after being convicted of offences including sex trafficking. The meeting came after President Donald Trump faced questions over his own links to Epstein, who killed himself in jail awaiting trial in 2019. A source, quoted by The Mail on Sunday, said: 'Ghislaine has never told her story to anyone in government before. 'At times it was very emotional but she answered every question asked of her. 'She was asked about a list of people including Prince Andrew, Bill Gates, Bill Clinton, Alan Dershowitz and powerful Wall Street financiers. 'It's ironic that Elon Musk kicked this whole thing off when he fell out with Trump and then made that post on X about Trump allegedly preventing the release of the full Epstein documents as some sort of 'cover-up'. 'Well, Elon is in there, as is his brother. "It was a monumental moment for Ghislaine to finally be asked about these people and to tell the truth.' Jeffrey Epstein's brother insists he was 'most likely murdered' amid mystery around 'missing minute' of 'suicide' video 3
