Defense contractor Raytheon Co. (RTN) on Thursday boosted its forecast for the full-year, after reporting an increase in its second-quarter earnings, helped by strong sales performance across its major segments.
The Raytheon-based company posted income from continuing operations of $504 million or $1.24 per share, compared to $432 million or $0.99 per share in the second quarter of 2008.
Net income attributable to Raytheon rose to $489 million or $1.23 per share from $426 million or $0.99 per share in the prior year quarter.
The company earned $501 million during the quarter, up from $432 million in the same quarter last year.
On average, 19 analysts surveyed by Thomson Reuters expected the company to report earnings of $1.13 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased to $6.12 billion from $5.87 billion from last year, but fell shy of fifteen analysts' consensus estimate of $6.18 billion.
Segment-wise, Integrated Defense Systems recorded net sales of $1.33 billion in the quarter, up 6% from last year, mainly due to growth on international Patriot programs. Intelligence and Information Systems' net sales decreased 2% to $812 million from $829 million a year ago.
In the quarter, net sales from Missile Systems were $1.38 billion, a 2% rise from $1.36 billion last year. Network Centric Systems' net sales totaled $1.2 billion, up 2% from last year's $1.17 billion.
The company's net sales from Space and Airborne Systems rose 6% to $1.14 billion, primarily due to growth on international airborne tactical radar programs and classified business. Net sales from Technical Services surged 21% to $780 million, boosted by strong growth in training programs.
Total bookings for the second quarter were $7.6 billion, compared to $6.0 billion in the prior year. The company ended the second quarter with a backlog of $37.3 billion, compared to $37.5 billion at the end of the second quarter 2008.
For the first six months of fiscal 2009, income from continuing operations were $961 million or $2.35 per share, higher than $833 million or $1.91 per share in the comparable period. Net sales for the first-half grew to $12 billion from last year's $11.22 billion.
Moving forward to fiscal 2009, Raytheon lifted its outlook for earnings from continuing operations to a range of $4.60 - $4.75 per share from prior range of $4.55 - $4.70 per share.
Net sales for the full year are now projected between $24.5 billion and $25.0 billion, up from previous expectations of $24.4 billion - $24.9 billion. Wall Street analysts estimate earnings of $4.73 per share on revenues of $24.78 billion for 2009.
William Swanson, Raytheon's Chairman and CEO, said, "We are well positioned domestically and internationally on a broad base of programs which create long-term shareholder value."
RTN is currently trading at $45.70, up $0.71 or 1.58%. In the past 52 weeks, shares have been trading in a broad range of $33.20 - $63.86.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.