Raytheon Earnings: Net Income is Down A Lot Year Over Year

S&P 500 (NYSE:SPY) component Raytheon Company (NYSE:RTN) reported its results for the first 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 First Quarter

Results: Net income for the aerospace/defense company fell to $384 million ($1.06/share) vs. $445 million ($1.16/share) a year earlier. A decline of 13.7% from the year earlier quarter.

Revenue: Rose 0.1% to $6.06 billion YoY.

Actual vs. Wall St. Expectations: RTN‘s GAAP net income fell short of the mean analyst estimate of $1.09/share. Estimates ranged from $1.04 per share to $1.12 per share.

Quoting Management: “I am very pleased with the Company’s solid performance in the quarter, particularly given the challenging budget environment,” said William H. Swanson, Raytheon’s Chairman and CEO. “Our continued focus on cost efficiencies and program performance is reflected in the year-over-year improvements in our operating results.”

Key Stats:

The company has now seen net income fall in each of the last two quarters. In the fourth quarter of the last fiscal year, net income fell 8.9% from the year earlier quarter.

Over the last five quarters, revenue has increased 1% on average year over year. The biggest increase came in the fourth quarter of the last fiscal year, when revenue rose 3.3% from the year earlier quarter.

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).

Today’s Performance: Shares of RTN are trading at $48.86 as of April 28, 2011 at 9:45 AM ET, down 1.8% from the previous close.

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