-Aerospace and defense firm Raytheon Technologies Corp lowered its full-year revenue forecast on Tuesday, hurt by the cessation of its activities in Russia.
Russia has been hit by Western sanctions over its invasion of Ukraine, leading to a large number of U.S. companies severing ties with Moscow, and the aviation industry is among the sectors severely impacted.
Raytheon expects full-year revenue to be between $67.75 billion and $68.75 billion, lower than its previous forecast of $68.5 billion to $69.5 billion.
However, the company said revenue rose 3% to $15.72 billion in the quarter, driven by a recovery in air travel demand, which boosted sales of its aerospace products and services.
Raytheon posted a net income of $1.08 billion, or 72 cents per share, in the quarter ended March 31, compared with $753 million, or 50 cents per share, last year.
(Reporting by Nilanjana Basu in Bengaluru; Editing by Amy Caren Daniel)
