RTX sinks after Pratt & Whitney finds ‘rare condition’ in powder metal

Shares of RTX are moving lower after the company disclosed in its Q2 earnings report that Pratt & Whitney determined a “rare condition in powder metal used to manufacture certain engine parts will require accelerated fleet inspection.” As a result, the business anticipates that a significant portion of the PW1100G-JM engine fleet, which powers the A320neo, will require accelerated removals and inspections within the next nine to twelve months, including approximately 200 accelerated removals by mid-September of this year. “The business is working to minimize operational impacts and support its customers,” RTX said. The shares are down 14% to $83.40 in midday trading.