Raytheon Company Earnings Cheat Sheet: Beats Wall Street Expectations

S&P 500 (NYSE:SPY) component Raytheon Company (NYSE:RTN) reported net income above Wall Street’s expectations for the second quarter. Raytheon Co. provides provides electronics, mission systems integration, and other capabilities to customers in the defense, homeland security and other government markets throughout the world.

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Raytheon Company Earnings Cheat Sheet for the Second Quarter

Results: Net income for the aerospace/defense company rose to $438 million ($1.23 per share) vs. $208 million (55 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 4.2% to $6.22 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: RTN reported adjusted net income of $1.39 per share. By that measure, the company beat the mean estimate of $1.16 per share. Analysts were expecting revenue of $6.19 billion.

Quoting Management: “Raytheon’s strong second quarter performance continues to reflect our focus on execution and cost reduction activities,” said William H. Swanson, Raytheon’s Chairman and CEO. “We also saw global demand for our technologies and innovative solutions which resulted in robust bookings in the quarter.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 29 cents in the first quarter, by 41 cents in the fourth quarter of the last fiscal year, and by 13 cents in the third quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 0.1% to $6.06 billion in the first quarter. The figure rose 3.3% in the fourth quarter of the last fiscal year from the year earlier and climbed 1.1% in the third quarter of the last fiscal year from the year-ago quarter.

Last quarter’s profit increase breaks a streak of two consecutive quarters of year-over-year profit decreases. In the first quarter, net income fell 13.7% while the figure dropped in the fourth quarter of the last fiscal year.

Competitors to Watch: The Boeing Company (NYSE:BA), Northrop Grumman Corp. (NYSE:NOC), General Dynamics Corp. (NYSE:GD), Lockheed Martin Corp. (NYSE:LMT), Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS), ITT Corporation (NYSE:ITT), Rockwell Collins, Inc. (NYSE:COL), Honeywell Intl. Inc. (NYSE:HON), FLIR Systems, Inc. (NASDAQ:FLIR), and Alliant Techsystems Inc. (NYSE:ATK).

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(Source: Xignite Financials)

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