Raytheon 1Q earnings rise
Raytheon Co.’s quarterly profit rose 14 percent on stronger sales of missiles, radars and defense electronics, spurring the nation’s fifth-largest defense contractor to raise its 2009 earnings forecast.
The bigger profit is further evidence that business remains relatively brisk for many companies that sell weapons to the Pentagon, even though military spending may eventually sag under budget pressures.
Raytheon on Thursday reported first-quarter net earnings of $452 million, or $1.12 per share, up from $398 million, or 92 cents per share, a year earlier. On a continuing operations basis, the company earned $1.11 per share, surpassing Wall Street expectations of $1.01 per share….
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Raytheon Reports Strong First Quarter Results; Increases Full-Year Guidance
– Net sales of $5.9 billion, up 10 percent
– Operating income of $712 million, up 17 percent
– Earnings per share (EPS) from continuing operations of $1.11, up 21 percent
– Solid bookings of $5.2 billion; backlog of $37.9 billion
– Increased annual dividend by 11 percent to $1.24 per share, as previously announced
Raytheon Company reported first quarter 2009 income from continuing operations of $457 million or $1.11 per diluted share compared to $401 million or $0.92 per diluted share in the first quarter 2008.
“We delivered strong results across all of our businesses during the quarter,” said William H. Swanson, Raytheon’s Chairman and CEO. “Raytheon’s strong domestic and international business and diverse portfolio of more than 8,000 programs position us well today and for the future.”
Net sales for the first quarter 2009 were $5.9 billion, up 10 percent from $5.4 billion in the first quarter 2008, with growth across all of the Company’s businesses.
Operating cash flow from continuing operations for the first quarter 2009 was $411 million compared to $67 million for the first quarter 2008. The increase in operating cash flow was primarily due to a $337 million tax refund received in the first quarter 2009.
In the first quarter 2009 the Company repurchased 6.8 million shares of common stock for $300 million, as part of the Company’s previously announced share repurchase program. In addition, as announced in March 2009, the Company’s Board of Directors voted to increase the Company’s annual dividend payout rate by 11 percent from $1.12 to $1.24 per share.
The Company ended the first quarter 2009 with $87 million of net debt. Net debt is defined as total debt less cash and cash equivalents.