ARLINGTON COUNTY, VIRGINIA — According to executives at Raytheon Technologies, the parent company of engine maker Pratt & Whitney, the supply of specialized metal components used in the production of turbofans is expected to remain limited throughout much of this year.

The statement was made on January 24th, the same day that Raytheon Technologies announced its financial results for 2022.Despite supply chain challenges, Pratt & Whitney and Collins Aerospace, the subsidiaries of Raytheon Technologies, recorded profits in 2022. However, both businesses are still recovering from the impact of the pandemic and have not yet returned to their pre-pandemic levels of performance.

Raytheon chief executive Gregory Hayes says Pratt & Whitney and Collins Aerospace are well-positioned to meet the production demands of airplane manufacturers Airbus and Boeing.

Aerospace manufacturers have faced challenges obtaining enough cast and forged metal parts, which are critical components created through intricate and labor-intensive techniques, typically by external suppliers. The shortage of these parts has grown more severe in recent times as the aerospace sector looks to boost production after the reductions brought on by the Covid-19 crisis. Industry experts have noted that suppliers of the cast and forged components are dealing with rising expenses and a shortage of personnel.