UPDATE 1-Raytheon raises adjusted profit forecast on commercial aerospace demand

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Oct 26 (Reuters) – Raytheon Technologies Corp raised its forecast for full-year adjusted profit on Tuesday, as rising commercial air travel is expected to boost the demand for the aerospace and defense firm’s engines, spare parts and aftermarket services.

Demand for air travel is rising ahead of the holiday season, helped by the U.S. government’s decision to open its borders to vaccinated individuals from abroad.

Raytheon, whose Pratt and Whitney unit supplies aircraft engines to companies like Boeing Co, said it expects 2021 adjusted profit per share to be between $4.10 to $4.20, up from its prior forecast of $3.85 to $4.00 per share.

The maker of Tomahawk missiles reported net income rose to$1.39 billion, or 93 cents per share, in the third quarter ended Sept. 30, from $264 million, or 17 cents per share, a year earlier.

Raytheon’s quarterly revenue rose 9.9% to $16.21 billion. (Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)

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