Raytheon reports sales, profit boosts in 2016

Raytheon on Thursday reported that 2016 sales hit $24.1 billion, up nearly 4 percent from $23.2 billion the prior year. The company's profit in 2016 reached about $2.2 billion, up from nearly $2.1 billion in 2015.

Raytheon's quarterly sales, however, were down about 1 percent, reaching $6.2 billion. The company's quarterly profit hit $544 million, down from $571 million during the same three-month period the prior year.

The company said its integrated defense systems business saw lower sales for the year, "primarily driven by lower net sales on an international communications program and on the Air Warfare Destroyer (AWD) program." Additionally, the company reported lower sales on "various missile defense radar production programs."

The company's missile systems business saw a sales boost, which Raytheon said was attributable to higher sales on its Paveway guided bomb program.