Raytheon Co. (RTN) Thursday posted higher profit for the first quarter in spite of lesser revenue, reflecting lower taxes for the period. The company further revised up its earnings expectations for the full-year while revising down its revenue view to reflect first quarter 2013 results and its current expectations of the effects of sequestration under the Budget Control Act of 2011.
For the quarter net income attributable to company was $488 million compared with $448 million posted a year earlier. On a per share basis, earnings totaled $1.49 versus $1.32 a year back.
On an adjusted basis the company posted earnings per share of $1.56 for the quarter. Nineteen analysts on average polled by Thomson Reuters estimated earnings per share of $1.28 for the quarter. Analysts estimates typically exclude one-time items.
The company clocked revenue of $5.879 billion, down from $5.938 billion a year back. Analysts were looking for revenue of $5.70 billion.
Looking ahead the firm said it now expects EPS from continuing operations of $5.26 to $5.41 as opposed to the previous view of $5.16 to $5.31 and adjusted earnings of $5.75 to $5.90 versus previous expectations of $5.65 to $5.80. Analysts are currently looking for earnings of $5.32 for the full-year.
On the other hand the company now sees revenue of $23.2 billion to $23.7 billion for the full-year, down from prior view of between $23.6 billion and $24.1 billion. Street is currently looking for revenue of $23.80 billion for the full-year.
The firm said its Board of Directors voted to increase its annual dividend rate by 10 percent from $2.00 per share to $2.20 per share.
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