Raytheon reports strong third-quarter financial results
| RP news wires |
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Raytheon Company reported third-quarter 2009 income from continuing operations of $499 million, up 14 percent compared to $437 million in the third quarter 2008. Earnings per share (EPS) from continuing operations for the third quarter 2009 was $1.25, up 24 percent compared to $1.01 in the third quarter 2008.
"Our continued solid performance and outlook for future growth demonstrate the strength of our company," said William H. Swanson, Raytheon's chairman and CEO. "Our technology and innovative solutions are well aligned with our U.S. and international customers' evolving priorities."
Net sales for the third quarter 2009 were $6.2 billion, up 6 percent from $5.9 billion in the third quarter 2008.
Operating cash flow from continuing operations in the third quarter 2009 was $749 million compared to $758 million in the third quarter 2008. In the third quarter 2009, the company made $547 million in cash contributions to its pension plans compared to $137 million in the third quarter 2008. This substantially completed the company's planned cash contributions to its pension plans of approximately $1.1 billion in 2009, consistent with the total cash contributions made in full-year 2008. The higher cash contributions in the third quarter 2009 were largely offset by a $397 million improvement in working capital.
In the third quarter 2009, the company repurchased 6.4 million shares of common stock for $300 million, as part of the company's previously announced share repurchase program. Year-to-date 2009, the company repurchased 19.8 million shares of common stock for $900 million.
The company ended the third quarter 2009 in a net cash position of $149 million ($2.4 billion in cash and cash equivalents less total debt of $2.3 billion).
Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.