By Doug Cameron
Raytheon Co. on Thursday raised its full-year profit guidance,
even as the defense company reported an 8% drop in first-quarter
earnings.
The company, which this week announced plans to expand its
commercial cyber business with a $1.6 billion acquisition, reported
net profit of $554 million for the quarter ended March 28, compared
with $600 million a year earlier, with per-share earnings dipping
to $1.79 from $1.89.
Raytheon is a closely watched barometer of the industry's health
because of its overseas exposure, with a run of success in winning
deals for missile defense systems from Qatar, Saudi Arabia and
Poland.
Sales dipped at all four divisions, slipping to $5.3 billion in
the quarter from $5.5 billion a year earlier, while bookings rose
to $4.5 billion from $4.3 billion and lifted its cash flow outlook
by $100 million. Per-share earnings from continuing operations are
forecast at $6.67 to $6.82, 7% above the midpoint of its January
guidance.
Write to Doug Cameron at doug.cameron@wsj.com
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