Raytheon CEO Gregory Hayes told CNBC's Jim Cramer on Thursday that Americans would soon become antsy to travel again as the nation slowly reopens amid the coronavirus pandemic.
"Just to give you an example, we typically get 80 to 100 engines in a month, takes about 90 days to overhaul those and we generate revenue as we overhaul the engines. For the month of April that was 24 engines instead of the normal 80 to 100, so yeah, it's going to be tough," he added.
Hayes shared that in his discussions with airlines and other industry partners, assuming there was not a resurgence in Covid-19 cases, the recovery process for the commercial aerospace sector would begin in the summer. "So this is going to be a tough quarter on commercial aero but the good news is that we are starting to see some light at the end of the tunnel. So we will see recovery but clearly, Q2 is going to be really tough," he said.
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