Raytheon Technologies (RTX), formerly United Technologies, will start with a $0.475 quarterly dividend, down 35.4 percent from the last quarterly dividend paid by United Technologies prior to the merger with Raytheon.
If taking into account the separation of Otis Worldwide (OTIS) and Carrier Global (CARR) the dividend for all combined new companies may be unchanged. However OTIS and CARR did not yet announce a dividend since both companies were spun-off from the former UTX.
The next dividend of 47.5 cents per share will be payable on June 18, 2020, to shareowners of record at the close of business on May 15, 2020. The new yield for RTX is 2.9% based on today's closing price of $65.07.
In the company's press release announcing the new quarterly dividend Raytheon Technologies CEO Greg Hayes stated: "The long-term fundamentals of our newly merged company are strong. Raytheon Technologies' quarterly dividend demonstrates our confidence in our strong balance sheet, ample liquidity, and our ongoing commitment to delivering value to shareowners".
Raytheon Technologies Corporation, formerly United Technologies Corporation, is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. It comprises four businesses – Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense. The company was formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses and is headquartered in Waltham, Massachusetts. RTX has paid cash dividends on its common stock every year since 1936.