(RTTNews) -  Defense contractor Raytheon Co. (RTN: News ), Thursday, reported a 15% rise in profit for the first quarter, boosted by strong sales growth in all of its segments. Quarterly earnings per share from continuing operations climbed 21%, and topped market projections by ten cents, and top line also beat estimates. Further, the company lifted its fiscal 2009 earnings and net sales projections.

Net income for the quarter grew to $460 million from $399 million a year ago, and net income attributable to Raytheon Co. increased 14% to $452 million from $398 million the previous year. On a per share basis, earnings climbed 22% to $1.12 from last year's $0.92.

On a continuing operations basis, excluding discontinued operations, first-quarter 2009 income was $457 million, up 14% from $401 million last year, and earnings per share rose 21% to $1.11 from $0.92 a year ago.

On average, 17 analysts surveyed by Thomson Reuters expected the company to report earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 10% to $5.88 billion from $5.35 billion in 2008, with growth across all of its businesses, and topped Wall Street analysts' consensus estimate of $5.60 billion.

William Swanson, Raytheon's chairman and chief executive officer, said, "We delivered strong results across all of our businesses during the quarter. Raytheon's strong domestic and international business and diverse portfolio of more than 8,000 programs position us well today and for the future."
Segment-wise, Integrated Defense Systems recorded net sales of $1.26 billion in the quarter, up 6% from last year, driven by growth on domestic and international Patriot programs. Intelligence and Information Systems net sales rose 13% year-over-year to $784 million, primarily due to higher volume on classified contracts.

In the quarter, net sales from Missile Systems increased 4% to $1.37 billion, mainly helped by higher volume in Standard Missile, Advanced Medium-Range Air-to-Air Missile, and Evolved Sea Sparrow Missile programs. Network Centric Systems net sales were $1.15 billion, up 8% from last year on increased volume on certain U.S. Army programs.

The company's net sales from Space and Airborne Systems rose 7% from last year to $1.05 billion, driven by growth on an international tactical radar program and classified business. The company also recorded a 34% rise in net sales from Technical Services to $696 million, boosted by strong growth in training programs.

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