It's time to discuss one of my largest industrial holdings. Raytheon Technologies (RTX) has been one of the worst performers this year as its commercial aviation segment was hit hard by the global pandemic. Regardless, so far, its defense segment continues to roar, and the upcoming vaccine from Pfizer (NYSE:PFE) is shining new light on commercial aviation stocks. The winter might be bumpy, but I have little doubt that the company will sooner than later return to full strength and continue to buy back shares and increase its dividend. In this article, I will tell you why.

Let's start by mentioning the obvious, Q3 was a total disaster for the company and its employees. In the third quarter, adjusted EPS fell to $0.58. This is down 74% from $2.21 in the prior-year quarter. It's the third consecutive quarterly decline after a 7% contraction in the first quarter and 82% contraction in the second quarter. However, the company beat estimates every single quarter this year. For example, in Q3, analysts were looking for an adjusted EPS result of $0.50.

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