Raytheon Technologies Corporation’s RTX fourth-quarter 2021 adjusted earnings per share (EPS) of $1.08 beat the Zacks Consensus Estimate of $1.01 by 6.9%. Moreover, the bottom-line figure improved 46% from the year-ago quarter’s adjusted earnings of 74 cents.Including one-time items, the company reported GAAP earnings of 46 cents compared with 10 cents per share recorded in the year-ago quarter.The year-over-year improvement in the bottom line was attributable to higher year-over-year revenues as well as operating profit generated in the reported quarter.The company reported an adjusted EPS of $4.27 for full-year 2021, which improved 56% from 2020. Full-year earnings exceeded the Zacks Consensus Estimate of $4.19 by 1.9%.Raytheon Technologies Corporation Price, Consensus and EPS Surprise Raytheon Technologies Corporation price-consensus-eps-surprise-chart | Raytheon Technologies Corporation QuoteOperational PerformanceRaytheon Technologies’ fourth-quarter sales of $17,044 million missed the Zacks Consensus Estimate of $17,215 million by 1%. The sales figure, however, rose 4% from $16,419 million recorded in the year-ago quarter.During full-year 2021, the company generated sales worth $64.39 billion, up 14% from the year-ago figure. Full-year sales missed the Zacks Consensus Estimate of $64.60 billion by a whisker.Total costs and expenses dropped 4.6% year over year to $13,616 million. The company generated an operating profit of $1,320 million compared with $142 million in the year-ago quarter.Segmental PerformanceCollins Aerospace: Sales at this segment improved 13% year over year to $4,942 million in fourth-quarter 2021 due to higher commercial aftermarket as well as commercial OEM sales.Its adjusted operating income came in at $469 million compared with the year-ago quarter’s level of $89 million.Pratt & Whitney: Sales at this segment rose 15% year over year to $5,115 million, driven by growth in the commercial aftermarket as well as commercial OEM businesses.Its adjusted operating profit was $162 million against the year-ago quarter’s operating profit of $105 million.Raytheon Intelligence & Space: This segment recorded fourth-quarter sales of $3,870 million, which slipped 2% year over year. Its operating profit was $400 million, up 11%.Raytheon Missiles & Defense: This unit recorded sales of $3,859 million, down 8% year over year. The unit recorded $486 million of operating profit in the fourth quarter, down 16%.Financial UpdateRaytheon Technologies had cash and cash equivalents of $7,832 million as of Dec 31, 2021, compared with $8,802 million as of Dec 31, 2020.Long-term debt was $31,327 million, as of Dec 31, 2021, up from $31,026 million as of Dec 31, 2020.Net cash inflow from operating activities amounted to $7,142 million at the end of 2021 compared with $4,334 million at the end of 2020.Its free cash flow was $5,008 million at the end of 2021 compared with $2,539 million at the end of 2020.GuidanceRaytheon Technologies provided its financial guidance for 2022.The company currently projects adjusted EPS in the range of $4.60-$4.80. The Zacks Consensus Estimate for Raytheon’s 2021 EPS, pegged at $4.90, lies above the company’s guided range.The company currently expects to record revenues in the range of $68.5-$69.5 billion. The Zacks Consensus Estimate for revenues, pegged at $69.79 billion, lies above the company’s new guidance.The company currently expects to generate free cash flow worth approximately $6 billion.Zacks RankRaytheon Technologies currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Stocks to ConsiderHere are a few defense companies that are yet to release their quarterly report:Aerojet Rocketdyne AJRD has an Earnings ESP of +2.00% and a Zacks Rank #2 (Buy). AJRD has a four-quarter average negative earnings surprise of 2.17%.The Zacks Consensus Estimate for Aerojet’s fourth-quarter earnings is pegged at 50 cents per share, implying an improvement of 16.3% from the prior-year quarter’s reported figure. Its fourth-quarter revenue estimate, pegged at $578.5 million, suggests an improvement of 3.9% from last year’s reported figure.Triumph Group TGI has an Earnings ESP of +1.01% and a Zacks Rank #3 (Hold). TGI delivered a four-quarter average earnings surprise of 101.89%.The Zacks Consensus Estimate for Triumph Group’s fourth-quarter earnings, pegged at 20 cents, has deteriorated 9.1% over the past 30 days. TGI boasts a long-term earnings growth rate of 2.6%.Embraer ERJ has an Earnings ESP of +17.65% and a Zacks Rank #3. ERJ delivered a four-quarter average earnings surprise of 42.21%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.The Zacks Consensus Estimate for Embraer’s fourth-quarter earnings, pegged at 9 cents, has moved up 28.6% over the past 30 days. TXT boasts a long-term earnings growth rate of 17%. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EmbraerEmpresa Brasileira de Aeronautica (ERJ): Free Stock Analysis Report Triumph Group, Inc. (TGI): Free Stock Analysis Report Aerojet Rocketdyne Holdings, Inc. (AJRD): Free Stock Analysis Report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research