Raytheon Company (RTN, Financial) filed Quarterly Report for the period ended 2009-06-28.
Raytheon Company is a global technology company. The company providesproducts and services in the areas of defense and commercial electronicsengineering and construction and business and special mission aircraft.Raytheon has operations throughout the United States and serves customers in numerous countries around the world. Raytheon Company has a market cap of $18.03 billion; its shares were traded at around $45.75 with a P/E ratio of 10.7 and P/S ratio of 0.8. The dividend yield of Raytheon Company stocks is 2.7%. Raytheon Company had an annual average earning growth of 14.7% over the past 5 years.
Income from continuing operations was $504 million and $1.24 per diluted share on 397.3 million average diluted shares outstanding in the second quarter of 2009 compared to $432 million and $0.99 per diluted share on 430.0 million average diluted shares outstanding in the second quarter of 2008. The increase in Income from continuing operations of $72 million in the second quarter of 2009 compared to the second quarter of 2008 was due to $52 million of operational improvements (the change in pre-tax operating income net of the FAS/CAS Pension adjustment) and a $45 million lower FAS/CAS Pension Adjustment, both discussed below in Segment Results, and higher Other income, net of $11 million as discussed above. These were partially offset by $25 million of higher taxes related primarily to our higher income and higher net interest expense of $11 million as discussed above.
Income from continuing operations was $961 million and $2.35 per diluted share on 400.6 million average diluted shares outstanding in the first six months of 2009 compared to $833 million and $1.91 per diluted share on 432.3 million average diluted shares outstanding in the first six months of 2008. The increase in Income from continuing operations of $128 million in the first six months of 2009 compared to the first six months of 2008 was due to $111 million of operational improvements (the change in pre-tax operating income net of the FAS/CAS Pension adjustment) and $89 million lower FAS/CAS Pension Adjustment, both discussed below in Segment Results and higher Other (income) expense, net of $11 million as discussed above. These were partially offset by $55 million of higher taxes related primarily to our higher income and higher net interest expense of $28 million.
Net income was $501 million in the second quarter of 2009 compared to $432 million in the second quarter of 2008. Net income was $961 million in the first six months of 2009 compared to $831 million in the first six months of 2008.
Net income attributable to noncontrolling interests was $12 million in the second quarter of 2009 compared to $6 million in the second quarter of 2008. Net income attributable to noncontrolling interests was $20 million in the first six months of 2009 compared to $7 million in the first six months of 2008.
Net income attributable to Raytheon Company common stockholders was $489 million and $1.23 per diluted share in the second quarter of 2009 compared to $426 million and $0.99 per diluted share in the second quarter of 2008. Net income attributable to Raytheon Company common stockholders was $941 million and $2.35 per diluted share in the first six months of 2009 compared to $824 million and $1.91 per diluted share in the first six months of 2008.
Read the The complete ReportRTN is in the portfolios of Lee Ainslie of Maverick Capital, NWQ Managers of NWQ Investment Management Co.
Raytheon Company is a global technology company. The company providesproducts and services in the areas of defense and commercial electronicsengineering and construction and business and special mission aircraft.Raytheon has operations throughout the United States and serves customers in numerous countries around the world. Raytheon Company has a market cap of $18.03 billion; its shares were traded at around $45.75 with a P/E ratio of 10.7 and P/S ratio of 0.8. The dividend yield of Raytheon Company stocks is 2.7%. Raytheon Company had an annual average earning growth of 14.7% over the past 5 years.
Highlight of Business Operations:
Gross margin included a FAS/CAS Pension Adjustment of $11 million of income compared to $34 million of expense in the second quarter of 2009 and 2008, respectively, and $22 million of income compared to $67 million of expense in the first six months of 2009 and 2008, respectively. The FAS/CAS Pension Adjustment, which we report as a separate line item in our segment results, represents the difference between our pension expense or income under U.S. Generally Accepted Accounting Principles (GAAP) and our pension expense under U.S. Government cost accounting standards (CAS). For more information on the FAS/CAS Pension Adjustment, see our discussion below in Segment Results. The results of each segment only include pension expense under CAS that we generally recover through the pricing of our products and services to the U.S. Government.Income from continuing operations was $504 million and $1.24 per diluted share on 397.3 million average diluted shares outstanding in the second quarter of 2009 compared to $432 million and $0.99 per diluted share on 430.0 million average diluted shares outstanding in the second quarter of 2008. The increase in Income from continuing operations of $72 million in the second quarter of 2009 compared to the second quarter of 2008 was due to $52 million of operational improvements (the change in pre-tax operating income net of the FAS/CAS Pension adjustment) and a $45 million lower FAS/CAS Pension Adjustment, both discussed below in Segment Results, and higher Other income, net of $11 million as discussed above. These were partially offset by $25 million of higher taxes related primarily to our higher income and higher net interest expense of $11 million as discussed above.
Income from continuing operations was $961 million and $2.35 per diluted share on 400.6 million average diluted shares outstanding in the first six months of 2009 compared to $833 million and $1.91 per diluted share on 432.3 million average diluted shares outstanding in the first six months of 2008. The increase in Income from continuing operations of $128 million in the first six months of 2009 compared to the first six months of 2008 was due to $111 million of operational improvements (the change in pre-tax operating income net of the FAS/CAS Pension adjustment) and $89 million lower FAS/CAS Pension Adjustment, both discussed below in Segment Results and higher Other (income) expense, net of $11 million as discussed above. These were partially offset by $55 million of higher taxes related primarily to our higher income and higher net interest expense of $28 million.
Net income was $501 million in the second quarter of 2009 compared to $432 million in the second quarter of 2008. Net income was $961 million in the first six months of 2009 compared to $831 million in the first six months of 2008.
Net income attributable to noncontrolling interests was $12 million in the second quarter of 2009 compared to $6 million in the second quarter of 2008. Net income attributable to noncontrolling interests was $20 million in the first six months of 2009 compared to $7 million in the first six months of 2008.
Net income attributable to Raytheon Company common stockholders was $489 million and $1.23 per diluted share in the second quarter of 2009 compared to $426 million and $0.99 per diluted share in the second quarter of 2008. Net income attributable to Raytheon Company common stockholders was $941 million and $2.35 per diluted share in the first six months of 2009 compared to $824 million and $1.91 per diluted share in the first six months of 2008.
Read the The complete ReportRTN is in the portfolios of Lee Ainslie of Maverick Capital, NWQ Managers of NWQ Investment Management Co.
