Missile maker Raytheon raises full-year outlook

Raytheon raises full-year outlook; says net income rose nearly 4 percent in 2nd quarter

Associated Press

WALTHAM, Mass. (AP) -- Raytheon Co., the maker of the Patriot missile, said Thursday that its second-quarter net income rose nearly 4 percent on higher demand for its weapons. The defense contractor also raised its outlook for the year.

The Waltham, Mass.-based company said it earned $488 million, or $1.50 per share, in the three months ending June 30. That's up from $471, or $1.41 per share, in the same quarter a year ago.

After removing the effect of a tax credit and other items, the company said that it earned $1.64 per share. That's above the $1.30 per share that analysts, on average, were expecting, according financial information company FactSet.

Revenue rose 2 percent to $6.1 billion from $6 billion. Analysts expected revenue of $5.7 billion, according to FactSet.

The company expects its revenue for 2013 to be between $23.5 billion and $23.7 billion. That's higher than its prior forecast of $23.2 billion to $23.2 billion. It expects adjusted earnings between $6 per share and $6.10 per share, up from an earlier forecast of $5.75 per share to $5.90 per share.

Analysts expect earnings of $5.44 per share and revenue of $23.5 billion for the year, according to FactSet.

Raytheon said that it ended the second quarter with a backlog of $32.4 billion, compared to $33.9 billion in the same period a year ago. Having a backlog can indicate future revenue for the company.

The company said that revenue rose 5 percent at its integrated defense systems business and its missile systems unit. Revenue fell 3 percent and 4 percent at its intelligence, information business and services business and its space and airborne systems business, respectively.

Shares of the company slipped 43 cents to $69.32 in morning trading Thursday, after hitting a 52-week high of $70.71 in earlier trading.

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