Raytheon Technologies Corp. revealed in its first-quarter earnings report on Tuesday that its earnings per share (EPS) soared 45% compared to Q1 2021 and landed at $0.74. Sales came to $15.7 billion, 3% higher annually, while net income jumped 43% to $1.1 billion. The company revised its sales outlook for full-year 2022 down due to sanctions against Russia to between $68.5 billion and $69.5 billion.

"We remain confident in the long-term outlook for our businesses, supported by the return to travel and growing global defense budgets. Now more than ever, we are committed to investing in next-generation technologies and serving our customers to meet their mission-critical needs across aerospace and defense," CEO Greg Hayes said.

Raytheon gained 1.4% in premarket trade following the announcement.