UPDATE: Raytheon Reports Drop In Q3 Earnings

Raytheon Co

reported a decline in its third-quarter earnings. Raytheon's quarterly earnings declined to $501 million, or $1.43 per share, from $728 million, or $1.94 per share, in the year-earlier period. Its sales dropped to $6.13 billion from $6.27 billion. On an adjusted basis, Raytheon earned $1.39 per share. However, analysts were expecting earnings of $1.33 per share. For the year, Raytheon raised the lower end of its adjusted earnings forecast to $5.55 to $5.65 per share, versus its earlier forecast of $5.50 to $5.65 per share. Raytheon shares dropped 0.92% to $42.05 in pre-market trading.