RTX shares tumble on Pratt & Whitney airliner engine problem
Pratt & Whitney on Tuesday hit fresh turbulence over a problem-plagued engine model, prompting a 10% drop in shares of parent RTX $RTX Corp(RTX.US$ as it said more than 1,000 engines must removed from Airbus planes and checked for microscopic cracks.
It was the latest setback to the U.S. engine maker's efforts to conquer the biggest market segment -- narrowbody jets -- and could exacerbate a capacity crunch as some airlines struggle with a plane shortage during the peak summer travel season.
RTX Corp said a "rare condition" in powdered metal meant 1,200 of more than 3,000 engines, built for the twin-engined Airbus A320neo between 2015 and 2021, have to be taken off and inspected for micro cracks that would point to fatigue.
Microscopic contaminants were found in a metal used in the engine's high-pressure turbine discs - part of the engine core.
Of the 1,200 engines, 200 must be checked by mid-September because of their time in service. The remainder will need inspection over the next year.
RTX Corp said a "rare condition" in powdered metal meant 1,200 of more than 3,000 engines, built for the twin-engined Airbus A320neo between 2015 and 2021, have to be taken off and inspected for micro cracks that would point to fatigue.
Microscopic contaminants were found in a metal used in the engine's high-pressure turbine discs - part of the engine core.
Of the 1,200 engines, 200 must be checked by mid-September because of their time in service. The remainder will need inspection over the next year. $RTX Corp(RTX.US$
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