RACR RAYTHEON UPGRADE
And perhaps most importantly for us, the budget reflects the DoD's decision to move forward with the engine core upgrade for the F135 engine, which we believe is a win for both the war fighter and the taxpayer. It also prioritizes HACM, that's the Hypersonic Attack Cruise Missile, as the future long-range hypersonic missile. The proposed budget includes broad-based support for many of our key programs, technologies and capabilities, including a request to fund multiyear munitions purchases for AMRAAM. And that's on top of last year's nearly 10% top line budget increase. On the defense side, we're very encouraged by the President's most recent fiscal year '24 budget request of $886 billion.
With strong consumer demand and record advanced bookings, we expect total global air traffic to fully recover to 2019 levels as we exit the year. On the international front, we have seen continued improvement in RPMs, reaching nearly 80% of 2019 levels. This was led by a very strong rebound in China following their zero COVID policy reversal. Domestic revenue passenger miles are now back to pre-pandemic levels, 2019 levels, as we exit March.
And I think, importantly, we're seeing some stabilization in the supply chain.īefore we get to the highlights for the quarter, let me just spend a couple of minutes on the macro environment. It was clearly a good start to the year for RTX, and demand remains strong for both our commercial aerospace and our defense businesses. I trust everyone had a chance to see the press release. Thank you, Latif, and good morning, everyone. With that, I will turn the call over to Mr. Once the call becomes open for questions, we ask that you limit your first round to one question per caller to give everyone the opportunity to participate. Raytheon Technologies SEC filings, including its forms 8 -K, 10-Q and 10-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. The company also reminds listeners that the earnings and cash flow expectations and any other forward-looking statements provided in this call are subject to risks and uncertainties.
RACR RAYTHEON DOWNLOAD
This call is being webcast live on the Internet, and there is a presentation available for download from Raytheon Technologies' website at Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding acquisition accounting adjustments and net nonrecurring and/or significant items, often referred to by management as other significant items. On the call today are Greg Hayes, Chairman and Chief Executive Officer Chris Calio, President and Chief Operating Officer Neil Mitchill, Chief Financial Officer and Jennifer Reed, Vice President of Investor Relations. As a reminder, this conference is being recorded for replay purposes. My name is Latif, and I will be your operator for today. Good day, ladies and gentlemen, and welcome to the Raytheon Technologies First Quarter 2023 Earnings Conference Call. Robert Stallard - Vertical Research Partners
Jennifer Reed - Vice President of Investor Relations Gregory Hayes - Chairman and Chief Executive OfficerĬhristopher Calio - President and Chief Operating Officer ( NYSE: RTX) Q1 2023 Earnings Conference Call Ap8:30 AM ET
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