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Raytheon 4Q Profit Rises 18% On Lower Costs

DOW JONES NEWSWIRES Raytheon Co.'s (RTN) fourth-quarter earnings rose 18% as the defense company benefited from lower costs, though it reported broadly weaker sales. For the year, the company projected per-share earnings of $5.45 to $5.60 on revenue $24.5 billion to $25 billion. Analysts polled by Thomson Reuters recently expected $5.23 and $25.13 billion, respectively. Raytheon and other defense companies have been diversifying into growing areas such as cybersecurity and seeking international growth in response to lean U.S. defense spending. Raytheon in November won approval from the U.S. Congress and the State Department to upgrade Saudi Arabia's missile-defense system, in a deal valued at $1.7 billion. The space and airborne systems segment, which includes Applied Signal Technology Inc., which it acquired early last year, was the only segment to see sales growth in the latest period, up 3%, while segment operating earnings grew 31%. Raytheon reported a profit of $543 million, or $1.57 a share, up from $459 million, or $1.25 a share, a year earlier. The latest period included a penny loss from discontinued operations, while the prior-year loss was 11 cents. Excluding pension and early debt retirement impacts, earnings were up at $1.74 from $1.55. Revenue decreased 6.4% to $6.44 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.34 on revenue of $6.73 billion. The latest period had five fewer workdays. Gross margin rose to 22% from 20% on lower costs. Operating expenses were down 8.2%. Bookings were up at $7.1 billion, from $5.98 billion a year earlier. Backlog at year's end rose to $35.31 billion from $34.55 billion. Sales of missiles, its largest segment by revenue, fell 5% though segment operating profit improved by 23%. Shares closed Wednesday at $49.71 and were inactive premarket. The stock is up roughly %2.8 this year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Raytheon (RTN)
DateTimeHeadline
09/26/201617:11:58Statement of Changes in Beneficial Ownership (4)
09/26/201617:11:30Initial Statement of Beneficial Ownership (3)
09/26/201616:40:01Current Report Filing (8-k)
09/23/201609:44:00Dinesh Paliwal elected to Raytheon Board of Directors
09/23/201609:00:00Revenues in Defense Technology Companies Surge in 2016
09/22/201616:05:00Raytheon Company declares quarterly cash dividend
09/14/201617:08:00U.S. Navy links Standard Missile-6 with F-35 Joint Strike Fighter...
09/13/201609:15:00Boys & Girls Clubs of America and Raytheon Create STEM Centers...
09/08/201617:16:14Statement of Changes in Beneficial Ownership (4)
09/06/201611:47:00Poland announces it will officially request Patriot Integrated...
09/06/201611:45:00Poland to Buy Raytheon's Patriot Missile Defense System
08/31/201608:00:00Javelin Joint Venture signs Letter of Intent with India's Tata...
08/30/201608:00:00Raytheon - US Navy collaboration improves mine detection
08/29/201608:00:00Raytheon awarded US Navy MK 54 torpedo contract
08/23/201608:00:00US Army awards Raytheon Long Range Precision Fires risk mitigation...
08/22/201610:51:00Raytheon awarded up to $104 million to modernize ground controls...
08/22/201608:00:00Raytheon unveils Cyber and Electromagnetic Battle Management...
08/19/201617:43:00Raytheon awarded US Navy Enterprise Air Surveillance Radar contract
08/17/201612:00:00Raytheon receives first contract to build Naval Strike Missile...
08/17/201609:00:00U.S. Navy conducts first live fire test with SeaRAM® recently...

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