Pratt & Whitney, an RTX company, achieved significant growth in the fourth quarter of 2024, with reported and adjusted sales totalling US$7,569 million, marking an 18% increase compared to the previous year.
This growth was underpinned by a 31% rise in commercial original equipment (OE), a 17% boost in commercial aftermarket, and an 8% increase in military sales. The surge in commercial sales was attributed to increased deliveries and a favourable OE mix in large commercial engines, alongside higher commercial aftermarket volumes. Military sales growth was driven by higher production volumes for the F135 engine, the F135 engine core upgrade programme and F135 sustainment efforts. These gains were partially offset by reduced sustainment activity for legacy platforms, including the F100 and F117.
The company reported an operating profit of US$504 million, representing a 32% increase from the previous year. This rise was primarily due to favourable volume and mix in large commercial engines OE, improved mix in Pratt & Whitney Canada's aftermarket and benefits from higher commercial aftermarket and military volumes. Additionally, Pratt & Whitney received a US$70 million insurance recovery.
The reported operating profit included a US$157 million charge related to a customer bankruptcy. On an adjusted basis, operating profit stood at US$717 million, a substantial 77% increase compared to the prior year.
