Raytheon Co.'s (RTN) net income attributable to company for the fourth quarter slid to $469 million, or $1.42 per share, from last year's $543 million, or $1.57 per share. Earnings per share from continuing operations were $1.41, down from $1.56 a year earlier.
The recent period included a $0.06 net charge related to the impact of early debt retirement, as well as an unfavorable FAS/CAS adjustment of $0.13, compared with an unfavorable FAS/CAS adjustment of $0.16 in the 2011 fourth quarter, according to the company.
Adjusted earnings per share were $1.60 this quarter, lower than $1.72 in 2011. The change was due to the timing of operational improvements in the latest quarter versus last year. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $1.31 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales totaled $6.44 billion, compared with $6.42 billion in the previous year. Analysts estimated revenues of $6.41 billion for the quarter.
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