Market Overview

Raytheon Reports Solid Q3 Results, Revises Q4 Expectations


Raytheon Company (NYSE: RTN) reported its third quarter results on Thursday morning. The company earned $1.65 per share, topping the consensus estimate by $0.05, while revenue of $5.47 billion fell short of what analysts were expecting by $140 million.

Net income for the quarter rose to $515 million from $489 million in the same quarter last year, despite a 6.3 percent drop in revenue.

Segment Breakdown

Integrated Defense Systems revenue fell 11 percent from a year ago to $1.43 billion. The decrease was attributed to the scheduled completion of production phases on certain international Patriot programs. Operating income for the segment fell 20 percent to $230 million.

Intelligence, Information and Services revenue dipped 1 percent from a year ago to $1.48 billion, but the segment's operating income fell 7 percent to $125 million due to higher net program efficiencies in the quarter.

Missile Systems revenue fell 10 percent from a year ago to $1.48 billion due to lower sales on U.S. Army programs and a planned transition from development to production on the Standard Missile-3 program. Operating income fell 6 percent to $190 million.

Finally, Space and Airborne Systems revenue dipped 3 percent from a year ago to $1.51 billion, however operating income improved 6 percent to $237 million due to improved program performance.


Raytheon updated its financial outlook for fiscal 2014. The company raised the lower end of its revenue guidance to $22.7 billion from $22.5 billion while maintaining the upper level of guidance at $23.0 billion.

Earnings per share for the full fiscal year is expected to be $6.77 to $6.87. The company previously projected its earnings to be $6.74 to $6.89.

Shares of Raytheon were trading slightly higher by 1 percent at $98.51 Thursday afternoon.

Posted-In: Raytheon CompanyEarnings News Guidance Intraday Update


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