Raytheon Technologies Corp. /zigman2/quotes/203237915/composite RTX +0.98% said Tuesday its third-quarter net income increased sharply to $1.4 billion, or 93 cents a share, from $151 million, or 10 cents a share in the year-ago period. The aerospace and defense contractor's adjusted profit rose to $1.26 a share from 56 cents a share. Sales increased to $16.21 billion, from $14.747 billion. Analysts were expecting a profit of $1.09 a share on revenue of $16.399 billion, according to a FactSet survey. Citing increased demand for its products, Raytheon increased its 2021 profit forecast to between $4.10 and $4.20 a share, from its earlier view of $3.85 to $4 a share. Analysts expected the company to earn $4.06 a share. Raytheon stock rose 0.6% in premarket trades. The stock is up 27.7% this year, compared to a rise of 20.6% by the S&P 500.