Due to the adverse impact of COVID-19 on the aviation business, Raytheon Technologies Corp, cut about 8,000 jobs in its commercial aviation business, as reported by Bloomberg News.
In a conference call on July 28 with analysts, CEO Greg Hays said that the impact of the virus was “ a lot worse” than was originally projected, according to Bloomberg.
The company reported sales of $14.1 billion in Q2, with an operating cash flow of $210 million.
A $600 million cost reduction was achieved in Q2 as well.
"During the quarter, we continued to deliver good performance in our defense business, while we saw challenges in commercial aerospace as expected," Hayes said in a statement.
"Looking ahead, we expect the pressures in commercial aerospace to persist as OEM production levels and aftermarket activity remain low. As a result, we are taking difficult but necessary actions to strengthen the business, including achieving the previously announced cost and cash savings this year. At the same time, we continue to deliver cost synergies from the Rockwell Collins acquisition and the Raytheon merger."
