WALTHAM, Mass., Oct. 23, 2014 /PRNewswire/ -- Raytheon
Company (NYSE: RTN) announced third quarter 2014 EPS from
continuing operations of $1.65
compared to $1.51 in the third
quarter 2013. Third quarter 2014 EPS from continuing operations was
reduced by $0.06[2] due to
the enactment of pension funding stabilization as part of the
Highway and Transportation Funding Act of 2014 (HATFA) and other
actuarial updates. Third Quarter 2014 Adjusted EPS was $1.57 per diluted share compared to $1.60 per diluted share in the third quarter
2013. Third Quarter 2014 Adjusted EPS excluded a favorable FAS/CAS
Adjustment of $0.09. Third quarter
2013 Adjusted EPS excluded an unfavorable FAS/CAS Adjustment of
$0.09. Net sales for the third
quarter 2014 were $5.5 billion
compared to $5.8 billion in the third
quarter 2013.
"Raytheon's solid third quarter operating results reflect strong
program execution and our continued focus on operational
efficiency," said Thomas A. Kennedy,
Raytheon's Chairman and CEO. "Bookings strength across our broad
portfolio of proven technology solutions positions the company well
for the future."
The Company had bookings of $5.9
billion in the third quarter 2014, resulting in a
book-to-bill ratio of 1.07. In the third quarter 2013, bookings
were $5.7 billion. Year-to-date 2014
bookings were $16.9 billion compared
to year-to-date 2013 bookings of $14.6
billion, an increase of $2.3
billion.
_____________________________
[1] Adjusted EPS is diluted EPS from continuing
operations attributable to Raytheon Company common stockholders,
and Adjusted Operating Margin is total operating margin; in each
case, excluding the impact of the FAS/CAS Adjustment, and from time
to time, certain other items. Adjusted EPS and Adjusted Operating
Margin are non-GAAP financial measures. See attachment F for a
reconciliation of these measures and a discussion of why the
Company is presenting this information.
[2] Included in the $0.06
is an $0.11 unfavorable impact due to
lower CAS expense related to the HATFA partially offset by a
$0.02 favorable impact for other
actuarial updates, both of which are retroactive year-to-date
amounts that were recorded in the third quarter 2014 and were tax
effected at the 35% federal statutory tax rate. The $0.06 also includes a $0.03 favorable impact from the reduction of the
effective tax rate due to the HATFA.
Operating cash flow from continuing operations for the third
quarter 2014 was $423 million
compared to $895 million for the
third quarter 2013. The change in operating cash flow from
continuing operations in the third quarter 2014 was primarily due
to the timing of collections. Year-to-date operating cash flow from
continuing operations was $1.2
billion in 2014 versus $1.3
billion for the comparable period in 2013.
|
Summary Financial
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
%
|
|
Nine
Months
|
|
%
|
($ in millions,
except per share data)
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings
|
$
|
5,878
|
|
$
|
5,685
|
|
3.4%
|
|
$
|
16,943
|
|
$
|
14,615
|
|
15.9%
|
Net Sales
|
$
|
5,474
|
|
$
|
5,842
|
|
-6.3%
|
|
$
|
16,683
|
|
$
|
17,836
|
|
-6.5%
|
Income from
Continuing Operations attributable to
Raytheon
Company
|
$
|
515
|
|
$
|
487
|
|
5.7%
|
|
$
|
1,603
|
|
$
|
1,465
|
|
9.4%
|
Adjusted
Income*
|
$
|
488
|
|
$
|
517
|
|
-5.6%
|
|
$
|
1,383
|
|
$
|
1,563
|
|
-11.5%
|
EPS from Continuing
Operations
|
$
|
1.65
|
|
$
|
1.51
|
|
9.3%
|
|
$
|
5.11
|
|
$
|
4.50
|
|
13.6%
|
Adjusted
EPS*
|
$
|
1.57
|
|
$
|
1.60
|
|
-1.9%
|
|
$
|
4.41
|
|
$
|
4.80
|
|
-8.1%
|
Operating Cash Flow
from Continuing Operations
|
$
|
423
|
|
$
|
895
|
|
|
|
$
|
1,235
|
|
$
|
1,276
|
|
|
Workdays in Fiscal
Reporting Calendar
|
63
|
|
63
|
|
|
|
189
|
|
190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted Income
is income from continuing operations attributable to Raytheon
Company common stockholders, and Adjusted EPS is diluted EPS from
continuing operations attributable to Raytheon Company common
stockholders; in each case, excluding the after-tax impact of the
FAS/CAS Adjustment and, from time to time, certain other items.
Nine Months 2014 Adjusted Income and Adjusted EPS excluded the
approximately $80 million and $0.26 favorable tax impact,
respectively, resulting from cash repatriation in the first quarter
2014. Nine Months 2013 Adjusted Income and Adjusted EPS excluded
the $25 million and $0.08 impact, respectively, of the 2012 R&D
tax credit. See attachment F for a reconciliation of these measures
and a discussion of why the Company is presenting this
information.
|
|
In the third quarter 2014, the Company repurchased 2.1 million
shares of common stock for $200
million. Year-to-date 2014, the Company repurchased
6.8 million shares of common stock for $650
million.
The Company ended the third quarter 2014 with $623 million of net debt. Net debt is defined as
total debt less cash and cash equivalents and short-term
investments.
Backlog
($ in
millions)
|
Period
Ending
|
|
Q3
2014
|
|
Q3
2013
|
|
2013
|
|
Backlog
|
$
|
33,247
|
|
|
$
|
32,235
|
|
|
$
|
33,685
|
|
Funded
Backlog
|
$
|
22,888
|
|
|
$
|
22,144
|
|
|
$
|
23,014
|
|
Backlog at the end of the third quarter was $33.2 billion, an increase of approximately
$1.0 billion compared to the third
quarter 2013.
Outlook
The Company has updated its financial outlook for 2014, which
now reflects the recent enactment of pension funding stabilization
as part of the HATFA and other actuarial updates. Charts containing
additional information on the Company's 2014 outlook are available
on the Company's website at www.raytheon.com/ir.
2014 Financial
Outlook
|
|
|
|
|
Current*
|
|
Prior
(7/24/14)
|
Net Sales
($B)
|
22.7 -
23.0
|
|
22.5 -
23.0
|
FAS/CAS Adjustment
($M)
|
287
1
|
|
346
|
Interest Expense, net
($M)
|
(200) -
(205)
|
|
(200) -
(210)
|
Diluted Shares
(M)
|
312 - 313
|
|
312 - 314
|
Effective Tax
Rate
|
Approx.
27.5%
|
|
Approx.
28.5%
|
Adjusted
EPS**
|
$5.91 -
$6.01
|
|
$5.76 -
$5.91
|
EPS from Continuing
Operations
|
$6.77 -
$6.87
|
|
$6.74 -
$6.89
|
Operating Cash Flow
from Continuing Operations ($M)
|
2,150 -
2,350
|
|
2,300 -
2,500
|
|
|
|
|
1Pension funding stabilization
as part of the HATFA and other actuarial updates had a net
unfavorable impact on the FAS/CAS Adjustment of $59 million for
full-year 2014 (of which $44 million was a
retroactive year-to-date amount recorded in the third quarter
2014 and an estimated unfavorable $15 million is expected to be
recorded in the fourth quarter 2014).
|
* Denotes change
from prior guidance.
|
|
|
|
** Adjusted EPS is
diluted EPS from continuing operations attributable to Raytheon
Company common stockholders, excluding the after-tax impact of the
FAS/CAS Adjustment and, from time to time, certain other items. In
addition to the FAS/CAS Adjustment, 2014 Adjusted EPS guidance also
excludes the $0.26 favorable tax impact of approximately $80
million resulting from cash repatriation in the first quarter 2014.
See attachment F for a reconciliation of this measure and a
discussion of why the Company is presenting this
information.
|
Segment Results
The Company's reportable segments are: Integrated Defense
Systems (IDS); Intelligence, Information and Services (IIS);
Missile Systems (MS); and Space and Airborne Systems (SAS).
Integrated Defense
Systems
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
|
|
Nine
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,428
|
|
$
|
1,603
|
|
-11%
|
|
$
|
4,458
|
|
$
|
4,920
|
|
-9%
|
Operating
Income
|
$
|
230
|
|
$
|
286
|
|
-20%
|
|
$
|
675
|
|
$
|
874
|
|
-23%
|
Operating
Margin
|
16.1%
|
|
17.8%
|
|
|
|
15.1%
|
|
17.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense Systems (IDS) had third quarter 2014 net
sales of $1,428 million compared to
$1,603 million in the third quarter
2013. The change in net sales was primarily due to the scheduled
completion of production phases on certain international Patriot
programs.
IDS recorded $230 million of
operating income compared to $286
million in the third quarter 2013. The change in operating
income was primarily driven by a change in program mix and lower
volume.
During the quarter, IDS booked $301
million on the Standard Terminal Automation Replacement
System (STARS) program for the Federal Aviation Administration
(FAA). IDS also booked $212 million
to provide radar digital processors for the Patriot system to the
U.S. Army and international customers, $160
million to provide Patriot Guidance Enhanced
Missile-Tactical (GEM-T) missiles for an international customer,
$130 million on the All Electronic
Tolling System (AETS) for the Massachusetts Department of
Transportation (MassDOT), $109
million to provide Patriot engineering services support for
U.S. and international customers, $105
million on the Wide Area Augmentation System Dual Frequency
Operations (WAAS DFO) program for the FAA, and $91 million to provide Patriot technical and
logistics support for Taiwan.
As previously announced on October 6,
2014, IDS was awarded $19.5
million for the Engineering and Manufacturing Development
(EMD) phase of the Three Dimensional Expeditionary Long Range Radar
(3DELRR)for the U.S. Air Force. The contract includes options that
could bring the cumulative value of this award to $71.8 million. 3DELRR is one of the first
programs under the DoD's Better Buying Power initiative to be
designed for exportability, enabling U.S. forces, allies and
security partners to benefit from the system. This award was
protested on October 21, 2014.
Intelligence,
Information and Services
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
|
|
Nine
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,478
|
|
$
|
1,496
|
|
-1%
|
|
$
|
4,446
|
|
$
|
4,587
|
|
-3%
|
Operating
Income
|
$
|
125
|
|
$
|
134
|
|
-7%
|
|
$
|
377
|
|
$
|
389
|
|
-3%
|
Operating
Margin
|
8.5%
|
|
9.0%
|
|
|
|
8.5%
|
|
8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intelligence, Information and Services (IIS) had third quarter
2014 net sales of $1,478 million
compared to $1,496 million in the
third quarter 2013.
IIS recorded $125 million of
operating income compared to $134
million in the third quarter 2013. The change in operating
income was primarily driven by higher net program efficiencies in
the third quarter 2013.
During the quarter, IIS booked $190
million on domestic and foreign training programs in support
of Warfighter FOCUS activities. IIS also booked $174 million on a contract to provide
intelligence, surveillance and reconnaissance (ISR) support to the
U.S. Air Force. IIS booked $571
million on a number of classified contracts.
Missile
Systems
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
|
|
Nine
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,477
|
|
$
|
1,635
|
|
-10%
|
|
$
|
4,590
|
|
$
|
4,961
|
|
-7%
|
Operating
Income
|
$
|
190
|
|
$
|
202
|
|
-6%
|
|
$
|
588
|
|
$
|
629
|
|
-7%
|
Operating
Margin
|
12.9%
|
|
12.4%
|
|
|
|
12.8%
|
|
12.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missile Systems (MS) had third quarter 2014 net sales of
$1,477 million compared to
$1,635 million in the third quarter
2013. The change in net sales was primarily driven by lower sales
on U.S. Army programs and lower sales due to the planned transition
from development to production on the Standard Missile-3
(SM-3®) program.
MS recorded $190 million of
operating income compared to $202
million in the third quarter 2013. The change in operating
income was primarily due to lower volume, partially offset by
improved program performance in the third quarter 2014.
During the quarter, MS booked $263
million for Tomahawk for the U.S. Navy and an international
customer. MS also booked $244 million
for Phalanx Weapon Systems for the U.S. Navy and international
customers, $149 million for the Iron
Dome Tamir Co-Production program for an international customer,
$117 million for Laser Guided Rockets
for an international customer, and $75
million for AIM-9X Sidewinder short-range air-to-air
missiles for the U.S. Navy.
Space and Airborne
Systems
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
|
|
Nine
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,509
|
|
$
|
1,556
|
|
-3%
|
|
$
|
4,412
|
|
$
|
4,758
|
|
-7%
|
Operating
Income
|
$
|
237
|
|
$
|
224
|
|
6%
|
|
$
|
629
|
|
$
|
667
|
|
-6%
|
Operating
Margin
|
15.7%
|
|
14.4%
|
|
|
|
14.3%
|
|
14.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Space and Airborne Systems (SAS) had third quarter 2014 net
sales of $1,509 million compared to
$1,556 million in the third quarter
2013. The change in net sales was primarily due to lower volume on
intersegment sales.
SAS recorded $237 million of
operating income compared to $224
million in the third quarter 2013. The increase in operating
income was primarily due to improved program performance.
During the quarter, SAS booked $138
million to provide radar subsystems for the U.S. Navy. SAS
also booked $92 million on an optical
sensor satellite program for a commercial customer and $81 million to provide radar components for an
international customer. SAS booked $523
million on a number of classified contracts.
About Raytheon
Raytheon Company, with 2013 sales of $24
billion and 63,000 employees worldwide, is a technology and
innovation leader specializing in defense, security and civil
markets throughout the world. With a history of innovation spanning
92 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 cyber security and a broad range of mission
support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit
us at www.raytheon.com and follow us on Twitter @raytheon.
Conference Call on the Third Quarter 2014 Financial
Results
Raytheon's financial results conference call will be held on
Thursday, October 23, 2014 at
9 a.m. ET. Participants will include
Thomas A. Kennedy, Chairman and CEO;
David C. Wajsgras, senior vice
president and CFO; and other Company executives.
The dial-in number for the conference call will be (877)
415-3180 in the U.S. or (857) 244-7323 outside of the U.S. The
conference call will also be audiocast on the Internet at
www.raytheon.com/ir. Individuals may listen to the call and
download charts that will be used during the call. These charts
will be available for printing prior to the call.
Interested parties are encouraged to check the website ahead of
time to ensure their computers are configured for the audio
stream. Instructions for obtaining the free required
downloadable software are posted on the site.
Disclosure Regarding Forward-looking Statements
This release and the attachments contain forward-looking
statements, including information regarding the Company's financial
outlook, future plans, objectives, business prospects and
anticipated financial performance. These forward-looking statements
are not statements of historical facts and represent only the
Company's current expectations regarding such matters. These
statements inherently involve a wide range of known and unknown
risks and uncertainties. The Company's actual actions and
results could differ materially from what is expressed or implied
by these statements. Specific factors that could cause such a
difference include, but are not limited to: the Company's
dependence on the U.S. Government for a significant portion of its
business and the risks associated with U.S. Government sales,
including changes or shifts in defense spending due to budgetary
constraints, spending cuts resulting from sequestration under the
amended Budget Control Act of 2011, a government shutdown, or
otherwise, uncertain funding of programs, potential termination of
contracts, and difficulties in contract performance; the resolution
of program terminations; the ability to procure new contracts; the
risks of conducting business in foreign countries; the
unpredictability of timing of international bookings; the ability
to comply with extensive governmental regulation and obtain
approvals, including import and export policies, the Foreign
Corrupt Practices Act, the International Traffic in Arms
Regulations, industrial cooperation agreement obligations, and
procurement and other regulations; the impact of competition; the
ability to develop products and technologies; the impact of changes
in the financial markets and global economic conditions; the risk
that actual pension returns, discount rates or other actuarial
assumptions are significantly different than the Company's
assumptions; the risk of cost overruns, particularly for the
Company's fixed-price contracts; dependence on component
availability, subcontractor and partner performance and key
suppliers; risks of a negative government audit; the use of
accounting estimates in the Company's financial statements; risks
associated with acquisitions, dispositions, joint ventures and
other business arrangements; risks of an impairment of goodwill or
other intangible assets; the outcome of contingencies and
litigation matters, including government investigations; the
ability to recruit and retain qualified personnel; the impact of
potential security and cyber threats, and other disruptions; and
other factors as may be detailed from time to time in the Company's
public announcements and Securities and Exchange Commission
filings. The Company undertakes no obligation to make any revisions
to the forward-looking statements contained in this release and the
attachments or to update them to reflect events or circumstances
occurring after the date of this release, including any
acquisitions, dispositions or other business arrangements that may
be announced or closed after such date. This release and the
attachments also contain non-GAAP financial measures. A GAAP
reconciliation and a discussion of the Company's use of these
measures are included in this release or the attachments.
Attachment
A
|
|
|
|
|
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
|
Preliminary Statement
of Operations Information
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except
per share amounts)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
5,474
|
|
|
$
|
5,842
|
|
|
$
|
16,683
|
|
|
$
|
17,836
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
4,171
|
|
|
4,534
|
|
|
12,633
|
|
|
13,892
|
|
General and administrative
expenses
|
|
540
|
|
|
551
|
|
|
1,740
|
|
|
1,715
|
|
Total operating
expenses
|
|
4,711
|
|
|
5,085
|
|
|
14,373
|
|
|
15,607
|
|
Operating
income
|
|
763
|
|
|
757
|
|
|
2,310
|
|
|
2,229
|
|
Non-operating
(income) expense, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
53
|
|
|
53
|
|
|
158
|
|
|
159
|
|
Interest income
|
|
(3)
|
|
|
(3)
|
|
|
(8)
|
|
|
(9)
|
|
Other (income) expense,
net
|
|
1
|
|
|
(5)
|
|
|
(5)
|
|
|
(9)
|
|
Total non-operating
(income) expense, net
|
|
51
|
|
|
45
|
|
|
145
|
|
|
141
|
|
Income from
continuing operations before taxes
|
|
712
|
|
|
712
|
|
|
2,165
|
|
|
2,088
|
|
Federal and foreign
income taxes
|
|
193
|
|
|
221
|
|
|
552
|
|
|
608
|
|
Income from
continuing operations
|
|
519
|
|
|
491
|
|
|
1,613
|
|
|
1,480
|
|
Income (loss) from
discontinued operations, net of tax
|
|
—
|
|
|
2
|
|
|
59
|
|
|
—
|
|
Net income
|
|
519
|
|
|
493
|
|
|
1,672
|
|
|
1,480
|
|
Less: Net income
attributable to noncontrolling
|
|
|
|
|
|
|
|
|
|
|
|
|
interests in subsidiaries
|
|
4
|
|
|
4
|
|
|
10
|
|
|
15
|
|
Net income
attributable to Raytheon Company
|
|
$
|
515
|
|
|
$
|
489
|
|
|
$
|
1,662
|
|
|
$
|
1,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share attributable to Raytheon
|
|
|
|
|
|
|
|
|
|
|
|
|
Company common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$
|
1.66
|
|
|
$
|
1.51
|
|
|
$
|
5.12
|
|
|
$
|
4.51
|
|
Income (loss) from
discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
0.19
|
|
|
—
|
|
Net income
|
|
1.66
|
|
|
1.52
|
|
|
5.31
|
|
|
4.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share attributable to Raytheon
|
|
|
|
|
|
|
|
|
|
|
|
|
Company common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$
|
1.65
|
|
|
$
|
1.51
|
|
|
$
|
5.11
|
|
|
$
|
4.50
|
|
Income (loss) from
discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
0.19
|
|
|
—
|
|
Net income
|
|
1.65
|
|
|
1.51
|
|
|
5.30
|
|
|
4.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable
to Raytheon Company common
|
|
|
|
|
|
|
|
|
|
|
|
|
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$
|
515
|
|
|
$
|
487
|
|
|
$
|
1,603
|
|
|
$
|
1,465
|
|
Income (loss) from
discontinued operations, net of tax
|
|
—
|
|
|
2
|
|
|
59
|
|
|
—
|
|
Net income
|
|
$
|
515
|
|
|
$
|
489
|
|
|
$
|
1,662
|
|
|
$
|
1,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
310.9
|
|
|
322.5
|
|
|
312.9
|
|
|
324.9
|
|
Diluted
|
|
311.4
|
|
|
323.3
|
|
|
313.6
|
|
|
325.7
|
|
Attachment
B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary Segment
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
Net Sales
|
|
Operating
Income
|
|
As a Percent of Net
Sales
|
(In millions, except
percentages)
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
$
|
1,428
|
|
|
$
|
1,603
|
|
|
$
|
230
|
|
|
$
|
286
|
|
|
16.1
|
%
|
|
17.8
|
%
|
Intelligence,
Information and Services
|
|
1,478
|
|
|
1,496
|
|
|
125
|
|
|
134
|
|
|
8.5
|
%
|
|
9.0
|
%
|
Missile
Systems
|
|
1,477
|
|
|
1,635
|
|
|
190
|
|
|
202
|
|
|
12.9
|
%
|
|
12.4
|
%
|
Space and Airborne
Systems
|
|
1,509
|
|
|
1,556
|
|
|
237
|
|
|
224
|
|
|
15.7
|
%
|
|
14.4
|
%
|
FAS/CAS
Adjustment
|
|
—
|
|
|
—
|
|
|
42
|
|
|
(46)
|
|
|
|
|
|
|
|
Corporate and
Eliminations
|
|
(418)
|
|
|
(448)
|
|
|
(61)
|
|
|
(43)
|
|
|
|
|
|
|
|
Total
|
|
$
|
5,474
|
|
|
$
|
5,842
|
|
|
$
|
763
|
|
|
$
|
757
|
|
|
13.9
|
%
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
Net Sales
|
|
Operating
Income
|
|
As a Percent of Net
Sales
|
(In millions, except
percentages)
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
$
|
4,458
|
|
|
$
|
4,920
|
|
|
$
|
675
|
|
|
$
|
874
|
|
|
15.1
|
%
|
|
17.8
|
%
|
Intelligence,
Information and Services
|
|
4,446
|
|
|
4,587
|
|
|
377
|
|
|
389
|
|
|
8.5
|
%
|
|
8.5
|
%
|
Missile
Systems
|
|
4,590
|
|
|
4,961
|
|
|
588
|
|
|
629
|
|
|
12.8
|
%
|
|
12.7
|
%
|
Space and Airborne
Systems
|
|
4,412
|
|
|
4,758
|
|
|
629
|
|
|
667
|
|
|
14.3
|
%
|
|
14.0
|
%
|
FAS/CAS
Adjustment
|
|
—
|
|
|
—
|
|
|
216
|
|
|
(189)
|
|
|
|
|
|
|
|
Corporate and
Eliminations
|
|
(1,223)
|
|
|
(1,390)
|
|
|
(175)
|
|
|
(141)
|
|
|
|
|
|
|
|
Total
|
|
$
|
16,683
|
|
|
$
|
17,836
|
|
|
$
|
2,310
|
|
|
$
|
2,229
|
|
|
13.8
|
%
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
|
|
|
|
|
|
|
|
|
Other Preliminary
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
Funded
Backlog
|
|
Total
Backlog
|
|
|
|
28-Sep-14
|
|
31-Dec-13
|
|
28-Sep-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
|
$
|
8,411
|
|
|
$
|
9,397
|
|
|
$
|
9,877
|
|
|
$
|
10,916
|
|
Intelligence,
Information and Services
|
|
2,964
|
|
|
2,592
|
|
|
6,210
|
|
|
5,856
|
|
Missile
Systems
|
|
|
7,234
|
|
|
6,859
|
|
|
9,611
|
|
|
9,162
|
|
Space and Airborne
Systems
|
|
|
4,279
|
|
|
4,166
|
|
|
7,549
|
|
|
7,751
|
|
Total
|
|
|
$
|
22,888
|
|
|
$
|
23,014
|
|
|
$
|
33,247
|
|
|
$
|
33,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Bookings
|
|
|
$
|
5,878
|
|
|
$
|
5,685
|
|
|
$
|
16,943
|
|
|
$
|
14,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative Expenses
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative and
selling expenses
|
|
$
|
419
|
|
|
$
|
437
|
|
|
$
|
1,384
|
|
|
$
|
1,369
|
|
Research and
development expenses
|
|
$
|
121
|
|
|
$
|
114
|
|
|
$
|
356
|
|
|
$
|
346
|
|
Total general and
administrative expenses
|
|
$
|
540
|
|
|
$
|
551
|
|
|
$
|
1,740
|
|
|
$
|
1,715
|
|
Attachment
D
|
|
|
|
|
|
Raytheon
Company
|
|
Preliminary Balance
Sheet Information
|
|
|
|
|
|
Third Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
28-Sep-14
|
|
31-Dec-13
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,634
|
|
|
$
|
3,296
|
|
Short-term
investments
|
1,480
|
|
|
1,001
|
|
Contracts in process,
net
|
5,340
|
|
|
4,870
|
|
Inventories
|
522
|
|
|
363
|
|
Prepaid expenses and other
current assets
|
309
|
|
|
286
|
|
Total current assets
|
10,285
|
|
|
9,816
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
1,860
|
|
|
1,937
|
|
Goodwill
|
12,762
|
|
|
12,764
|
|
Other assets,
net
|
1,400
|
|
|
1,450
|
|
Total assets
|
$
|
26,307
|
|
|
$
|
25,967
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Advance payments and
billings in excess of costs incurred
|
$
|
2,382
|
|
|
$
|
2,350
|
|
Accounts payable
|
1,060
|
|
|
1,178
|
|
Accrued employee
compensation
|
1,142
|
|
|
1,068
|
|
Other accrued
expenses
|
1,371
|
|
|
1,214
|
|
Total current liabilities
|
5,955
|
|
|
5,810
|
|
|
|
|
|
|
|
Accrued retiree
benefits and other long-term liabilities
|
3,661
|
|
|
4,226
|
|
Long-term
debt
|
4,737
|
|
|
4,734
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Raytheon
Company stockholders' equity
|
|
|
|
|
|
Common stock
|
3
|
|
|
3
|
|
Additional paid-in
capital
|
1,403
|
|
|
1,972
|
|
Accumulated other
comprehensive loss
|
(4,895)
|
|
|
(5,113)
|
|
Retained earnings
|
15,273
|
|
|
14,173
|
|
Total Raytheon Company stockholders' equity
|
11,784
|
|
|
11,035
|
|
Noncontrolling interests in
subsidiaries
|
170
|
|
|
162
|
|
Total equity
|
11,954
|
|
|
11,197
|
|
Total liabilities and equity
|
$
|
26,307
|
|
|
$
|
25,967
|
|
Attachment
E
|
|
|
|
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
|
|
|
|
|
|
Preliminary Cash Flow
Information
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
519
|
|
|
$
|
493
|
|
|
$
|
1,672
|
|
|
$
|
1,480
|
|
(Income) loss from
discontinued operations, net of tax
|
—
|
|
|
(2)
|
|
|
(59)
|
|
|
—
|
|
Income from
continuing operations
|
519
|
|
|
491
|
|
|
1,613
|
|
|
1,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
76
|
|
|
76
|
|
|
225
|
|
|
227
|
|
Amortization
|
35
|
|
|
35
|
|
|
102
|
|
|
105
|
|
Working capital
(excluding pension and income taxes)*
|
(47)
|
|
|
265
|
|
|
(758)
|
|
|
(1,017)
|
|
Other long-term
liabilities
|
—
|
|
|
(5)
|
|
|
(17)
|
|
|
(16)
|
|
Pension and other
postretirement benefit plans
|
74
|
|
|
(71)
|
|
|
46
|
|
|
175
|
|
Other, net
|
(234)
|
|
|
104
|
|
|
24
|
|
|
322
|
|
Net operating cash
flow from continuing operations
|
$
|
423
|
|
|
$
|
895
|
|
|
1,235
|
|
|
1,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
spending
|
$
|
(72)
|
|
|
$
|
(60)
|
|
|
(173)
|
|
|
(165)
|
|
Internal use software
spending
|
(14)
|
|
|
(13)
|
|
|
(40)
|
|
|
(34)
|
|
Acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
(14)
|
|
Purchases of
short-term investments
|
(819)
|
|
|
(100)
|
|
|
(2,190)
|
|
|
(939)
|
|
Sales of short-term
investments
|
—
|
|
|
—
|
|
|
882
|
|
|
325
|
|
Maturities of
short-term investments
|
237
|
|
|
156
|
|
|
832
|
|
|
518
|
|
Dividends
|
(188)
|
|
|
(177)
|
|
|
(551)
|
|
|
(520)
|
|
Repurchases of common
stock under stock repurchase programs
|
(200)
|
|
|
(225)
|
|
|
(650)
|
|
|
(675)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Working capital
(excluding pension and income taxes) is a summation of changes in:
contracts in process, net and advance payments and billings in
excess of costs incurred, inventories, prepaid expenses and other
current assets, accounts payable, accrued employee compensation,
and other accrued expenses from the Consolidated Statements of Cash
Flows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
F
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures - Adjusted EPS, Adjusted Income and Adjusted Operating
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Guidance
|
|
Prior
Guidance
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Low end
|
|
High end
|
|
Low end
|
|
High end
|
|
|
|
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
of range
|
|
of range
|
|
of range
|
|
of range
|
Diluted EPS from
continuing operations attributable to Raytheon Company common
stockholders
|
$
|
1.65
|
|
|
$
|
1.51
|
|
|
$
|
5.11
|
|
|
$
|
4.50
|
|
|
$
|
6.77
|
|
|
$
|
6.87
|
|
|
$
|
6.74
|
|
|
$
|
6.89
|
|
Per share impact of
the FAS/CAS Adjustment (A)
|
(0.09)
|
|
|
0.09
|
|
|
(0.45)
|
|
|
0.38
|
|
|
(0.60)
|
|
|
(0.60)
|
|
|
(0.72)
|
|
|
(0.72)
|
|
Per share impact of
the tax benefit of cash repatriation (B)
|
—
|
|
|
—
|
|
|
(0.26)
|
|
|
—
|
|
|
(0.26)
|
|
|
(0.26)
|
|
|
(0.25)
|
|
|
(0.26)
|
|
Per share impact of
the 2012 research and development (R&D) tax credit (C)
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.08)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted EPS (2),
(3)
|
$
|
1.57
|
|
|
$
|
1.60
|
|
|
$
|
4.41
|
|
|
$
|
4.80
|
|
|
$
|
5.91
|
|
|
$
|
6.01
|
|
|
$
|
5.76
|
|
|
$
|
5.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
FAS/CAS
Adjustment
|
$
|
(42)
|
|
|
$
|
46
|
|
|
$
|
(216)
|
|
|
$
|
189
|
|
|
$
|
(287)
|
|
|
$
|
(287)
|
|
|
$
|
(346)
|
|
|
$
|
(346)
|
|
|
|
|
Tax effect
(1)
|
15
|
|
|
(16)
|
|
|
76
|
|
|
(66)
|
|
|
100
|
|
|
100
|
|
|
121
|
|
|
121
|
|
|
|
After-tax
impact
|
(27)
|
|
|
30
|
|
|
(140)
|
|
|
123
|
|
|
(187)
|
|
|
(187)
|
|
|
(225)
|
|
|
(225)
|
|
|
|
Diluted
shares
|
311.4
|
|
|
323.3
|
|
|
313.6
|
|
|
325.7
|
|
|
313.0
|
|
|
312.0
|
|
|
314.0
|
|
|
312.0
|
|
|
|
Per share
impact
|
$
|
(0.09)
|
|
|
$
|
0.09
|
|
|
$
|
(0.45)
|
|
|
$
|
0.38
|
|
|
$
|
(0.60)
|
|
|
$
|
(0.60)
|
|
|
$
|
(0.72)
|
|
|
$
|
(0.72)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B)
|
Tax benefit of cash
repatriation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(80)
|
|
|
$
|
—
|
|
|
$
|
(80)
|
|
|
$
|
(80)
|
|
|
$
|
(80)
|
|
|
$
|
(80)
|
|
|
|
Diluted
shares
|
—
|
|
|
—
|
|
|
313.6
|
|
|
—
|
|
|
313.0
|
|
|
312.0
|
|
|
314.0
|
|
|
312.0
|
|
|
|
Per share
impact
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.26)
|
|
|
$
|
—
|
|
|
$
|
(0.26)
|
|
|
$
|
(0.26)
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C)
|
2012 R&D tax
credit
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(25)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Diluted
shares
|
—
|
|
|
—
|
|
|
—
|
|
|
325.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Per share
impact
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.08)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations attributable to Raytheon Company common
stockholders
|
$
|
515
|
|
|
$
|
487
|
|
|
$
|
1,603
|
|
|
$
|
1,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAS/CAS Adjustment
(1)
|
(27)
|
|
|
30
|
|
|
(140)
|
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit of cash
repatriation
|
—
|
|
|
—
|
|
|
(80)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 R&D tax
credit
|
—
|
|
|
—
|
|
|
—
|
|
|
(25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income (2),
(4)
|
$
|
488
|
|
|
$
|
517
|
|
|
$
|
1,383
|
|
|
$
|
1,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Margin Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Guidance
|
|
Prior
Guidance
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Low end
|
|
High end
|
|
Low end
|
|
High end
|
|
|
|
|
|
|
28-Sep-14
|
|
29-Sep-13
|
|
28-Sep-14
|
|
29-Sep-13
|
|
of range
|
|
of range
|
|
of range
|
|
of range
|
Operating
Margin
|
13.9
|
%
|
|
13.0
|
%
|
|
13.8
|
%
|
|
12.5
|
%
|
|
14.0
|
%
|
|
14.1
|
%
|
|
14.1
|
%
|
|
14.3
|
%
|
FAS/CAS
Adjustment
|
(0.8)
|
%
|
|
0.8
|
%
|
|
(1.3)
|
%
|
|
1.1
|
%
|
|
(1.3)
|
%
|
|
(1.3)
|
%
|
|
(1.5)
|
%
|
|
(1.5)
|
%
|
Adjusted Operating
Margin (2), (5)
|
13.2
|
%
|
|
13.7
|
%
|
|
12.6
|
%
|
|
13.6
|
%
|
|
12.7
|
%
|
|
12.8
|
%
|
|
12.6
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Tax effected at 35%
federal statutory tax rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
These amounts are not
measures of financial performance under U.S. generally accepted
accounting principles (GAAP). They should be considered
supplemental to and not a substitute for financial performance in
accordance with GAAP and may not be defined and calculated by other
companies in the same manner. These amounts exclude the FAS/CAS
Adjustment and, from time to time, certain other items. We are
providing these measures because management uses them for the
purposes of evaluating and forecasting the Company's financial
performance and believes that they provide additional insights into
the Company's underlying business performance. We also believe that
they allow investors to benefit from being able to assess our
operating performance in the context of how our principal customer,
the U.S. Government, allows us to recover pension and
postretirement benefit (PRB) costs and to better compare our
operating performance to others in the industry on that same basis.
Amounts may not recalculate directly due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Adjusted EPS is
diluted EPS from continuing operations attributable to Raytheon
Company common stockholders excluding the after-tax impact of the
FAS/CAS Adjustment and, from time to time, certain other items.
Nine Months Ended September 28, 2014 and Guidance Adjusted EPS
exclude the $0.25 impact of a net tax benefit of approximately $80
million resulting from cash repatriation in connection with a
transaction with a foreign subsidiary in January 2014. Nine Months
Ended September 29, 2013 Adjusted EPS excludes the earnings per
share impact of an R&D tax credit that relates to 2012. In
January 2013, Congress approved legislation that included the
extension of the R&D tax credit. The legislation retroactively
reinstated the R&D tax credit for 2012 and extended it through
December 31, 2013. As a result, we recorded the 2012 benefit in the
first quarter of 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
Adjusted Income is
income from continuing operations attributable to Raytheon Company
common stockholders excluding the after-tax impact of the FAS/CAS
Adjustment and, from time to time, certain other items. Nine Months
Ended September 28, 2014 Adjusted Income excludes the net tax
benefit, as discussed above. Nine Months Ended September 29, 2013
Adjusted Income excludes the R&D tax credit that relates to
2012, as discussed above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
Adjusted Operating
Margin is defined as total operating margin excluding the margin
impact of the FAS/CAS Adjustment and, from time to time, certain
other items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact
Todd Ernst
781.522.5141
Media Contact
Pam Erickson
781.522.5822
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/raytheon-reports-solid-third-quarter-2014-results-915043884.html
SOURCE Raytheon Company