Raytheon reports higher quarterly sales

By John Liang / April 26, 2018 at 5:34 PM

Raytheon today reported quarterly net sales of $6.3 billion, up 4.5 percent compared to $6 billion in the same quarter the previous year.

Quarterly earnings per share from continuing operations were also up at $2.20 compared to $1.73 in the first quarter of 2017. The company attributed the increase in quarterly earnings to "operational improvements and lower taxes."

"We delivered strong operating performance in the first quarter with our sales, earnings per share and cash flow all ahead of our expectations," Raytheon chief executive Tom Kennedy said in an earnings call with Wall Street analysts. "We continue to position the company for the future by executing our strategy and investing in advanced capabilities that align with our global customers' evolving requirements."

Raytheon Chief Financial Officer Toby O'Brien said during the call that the company expects overall sales "to increase throughout the year with a strong second half driven by our bookings over the past several quarters." 

Raytheon's Integrated Defense Systems business unit reported quarterly net sales of nearly $1.5 billion, up 7 percent compared to nearly $1.4 billion in the previous year's quarter. The sales increase "was primarily driven by higher net sales from an international Patriot program awarded in the first quarter 2018," the company said.

The company's Intelligence, Information and Services unit reported quarterly net sales of $1.582 billion, up 5 percent compared to $1.507 billion the same quarter the previous year. "The increase in net sales for the quarter was primarily driven by higher net sales on classified and training programs," the company said.

Raytheon's Missile Systems unit had quarterly net sales of $1.8 billion, up 5 percent compared to $1.7 billion in the first quarter of last year, citing "higher net sales on classified programs" as the cause.

The Space and Airborne Systems unit saw net sales rise 1 percent to $1.568 billion, the company said.

Forcepoint, Raytheon's cybersecurity business, reported lower quarterly net sales of $141 million compared to $144 million the previous year.

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