Raytheon Technologies, the aerospace and defence specialist, has published its Q1 financial results, claiming solid results in the face of the Covid-19 pandemic.

It reported net sales of $18.2 billion, down one per cent year-on-year. Net income in the quarter, however, was a loss of $83 million, down 106 percent versus the prior year and included $1.6 billion of net nonrecurring charges, said the Massachusetts-based company. This represents a a loss of $0.10 in terms of (GAAP) earnings per share.

“I’m proud of what our team has done to support our customers and do our part in fighting this global pandemic,” said Raytheon Technologies CEO Greg Hayes (pictured). “During the quarter, we delivered solid results, exceeding our expectations for adjusted EPS and free cash flow, while also completing the spin-offs of Otis and Carrier and our merger with Raytheon.”

“Looking ahead, the merits and strategic rationale of the merger are clear. Raytheon Technologies has a diversified portfolio of industry-leading technologies across commercial aerospace and defense with solid positions on key platforms. We have a strong balance sheet, ample liquidity, and are well positioned to deliver value for our shareowners and customers over the long term.”

In terms of Covid-19, the company says its financial impact cannot be reasonably estimated at this time

“Given the ongoing uncertainty regarding the scope, severity and duration of the COVID-19 pandemic, RTC is not providing an outlook at this time and will revisit providing a 2020 outlook at our next earnings release.”