Raytheon Technologies Corp. said on Tuesday in its third-quarter earnings results that its revenue annually increased by 5% to reach $17 billion, slightly missing market estimates.

The company's earnings per share remained virtually unchanged at $0.94, with operating cash flow from continuing operations standing at $778 million. Raytheon repurchased $616 million of company stocks in the past quarter. Raytheon adjusted its outlook and now sees a slightly smaller full-year revenue of up to $68.75 billion.

Commenting on the results, Chief Executive Greg Hayes asserted Raytheon "remains focused on operational excellence" despite near-term challenges impacting the aerospace & defense industry.