Pratt & Whitney engines on Airbus A320neo jets recalled, 1,200 engines to be inspected
RTX, formerly Raytheon, said that a “significant portion” of its Pratt & Whitney GTF engines that power Airbus A320neo jets will need “accelerated removals and inspections,” sending shares down 14 per cent intraday.
“Pratt & Whitney has determined that a rare condition in powder metal used to manufacture certain engine parts will require accelerated fleet inspection,” forcing an inspection of 1,200 out of more than 3,000 engines over the next nine to 12 months, RTX said on Tuesday. There was no impact on engines that are in production, the company said.
RTX began notifying customers about the problem last week, the person said. In June, defense contractor Raytheon Technologies Corporation officially changed its name to RTX Corporation.
The engine issue caused RTX to reduce its 2023 cash flow forecast by $500 million to $4.3 billion as inspections occur, while the company increased its 2023 sales expectation from $73 billion to $74 billion, compared with its prior forecast of $72 billion to $73 billion.
Major customers that bought Airbus A320neo jets with PW1100G-JM engines during the timeframe — also known as the geared turbofan or GTF engine — include Spirit Airlines, JetBlue Airways, and Wizz Air, according to Cirium data.
About 200 “accelerated removals” from the jet fleet containing PW1100G-JM engines will be needed by mid-September this year, RTX said. An additional 1,000 engines will be inspected over the following nine to 12 months.