What factors contributed to RTX's consistent earnings beats?

Raytheon Technologies (RTX) has consistently exceeded earnings expectations due to several key factors:

1. **Strong Segment Performance**: RTX's segments, including Collins Aerospace, Pratt & Whitney, and Raytheon, have shown robust growth. For instance, Collins Aerospace's aftermarket sales increased by 12%, while Pratt & Whitney's revenue grew by 18%. Raytheon's defense business also performed well, reflecting increased demand for its missile systems and sensor technologies.
2. **Global Aerospace Industry Growth**: The global aerospace industry is experiencing a growth wave, driven by increased demand from both commercial and defense sectors. This surge in demand has led to significant order backlogs and new contract awards, benefiting RTX's performance.
3. **Commercial Aviation Recovery**: The commercial aviation sector is recovering from the pandemic, with record passenger traffic pushing airlines to modernize their fleets. This has created a demand for new, fuel-efficient aircraft, which RTX is well-positioned to provide.
4. **Defense Technology Advancements**: RTX's focus on innovation in defense technology has led to the development of integrated solutions that offer enhanced situational awareness and protection. This has likely contributed to increased sales and operational profit in the defense segment.
5. **Strategic Acquisitions and Partnerships**: RTX's history of strategic acquisitions and partnerships has enhanced its capabilities and market position. For example, the merger with United Technologies created a powerhouse in both commercial aerospace and defense industries.
6. **Operational Efficiency and Cost Management**: RTX's efforts to improve operational efficiency and manage costs effectively have resulted in higher profit margins. The company's adjusted operating profit increased significantly, driven by higher sales and better operating profit than the prior year.

In summary, RTX's consistent earnings beats can be attributed to strong segment performance, global aerospace industry growth, commercial aviation recovery, defense technology advancements, strategic acquisitions, operational efficiency, and cost management. These factors combined have contributed to the company's solid financial performance and positive market outlook.