WALTHAM, Mass., Jan. 29,
2015 /PRNewswire/ -- Raytheon Company (NYSE: RTN) announced
fourth quarter 2014 EPS from continuing operations of $1.86 compared to $1.46 in the fourth quarter 2013. Fourth quarter
2014 Adjusted EPS was $1.71 per
diluted share compared to $1.58 per
diluted share in the fourth quarter 2013. Fourth quarter 2014
Adjusted EPS excluded a favorable FAS/CAS Adjustment of
$0.15. Fourth quarter 2013 Adjusted
EPS excluded an unfavorable FAS/CAS Adjustment of $0.12.
Full-year 2014 EPS from continuing operations was $6.97 compared to $5.96 for the full-year 2013. Full-year 2014
Adjusted EPS was $6.12 per diluted
share compared to $6.38 per diluted
share for the full-year 2013.
"Raytheon finished 2014 with strong fourth quarter operating
performance, driven by continued global demand for our advanced
solutions and solid execution from the Raytheon team," said
Thomas A. Kennedy, Raytheon Chairman
and CEO. " As we look to the year ahead, we will continue our focus
on investing in innovative technologies, building on our
capabilities to position the company for the future, and providing
ongoing strong returns for shareholders."
The Company had bookings of $7.1
billion in the fourth quarter 2014, resulting in a
book-to-bill ratio of 1.16. Full-year 2014 bookings were
$24.1 billion, resulting in a
book-to-bill ratio of 1.05 for the year.
____________________________
1 Adjusted EPS is diluted EPS from continuing
operations attributable to Raytheon Company common stockholders,
excluding the impact of the FAS/CAS Adjustment, and from time to
time, certain other items. Adjusted EPS is a non-GAAP financial
measure. See attachment F for a reconciliation of this measure and
a discussion of why the Company is presenting this information.
_____________________________
Net sales for the fourth quarter 2014 were $6.1 billion, up 5 percent compared to
$5.9 billion in the fourth quarter
2013. Net sales in 2014 were $22.8
billion, down 4 percent compared to $23.7 billion in 2013. Net sales for both the
fourth quarter and full-year 2014 were in-line with the Company's
prior financial guidance.
The Company generated strong operating cash flow for both the
fourth quarter and full-year. Operating cash flow from continuing
operations for the fourth quarter 2014 was $829 million compared to $1.1 billion for the fourth quarter 2013. Fourth
quarter 2014 included a $600 million
pretax discretionary cash contribution to the Company's pension
plans compared to $300 million in the
fourth quarter 2013. For the full-year 2014 and 2013, the Company
generated $2.1 billion and
$2.4 billion of operating cash flow
from continuing operations, respectively.
Summary Financial
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4th
Quarter
|
|
%
|
|
Twelve
Months
|
|
%
|
($ in millions,
except per share data)
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings
|
$
|
7,109
|
|
$
|
7,517
|
|
-5.4%
|
|
$
|
24,052
|
|
$
|
22,132
|
|
8.7%
|
Net Sales
|
$
|
6,143
|
|
$
|
5,870
|
|
4.7%
|
|
$
|
22,826
|
|
$
|
23,706
|
|
-3.7%
|
Income from
Continuing Operations attributable to Raytheon Company
|
$
|
576
|
|
$
|
467
|
|
23.3%
|
|
$
|
2,179
|
|
$
|
1,932
|
|
12.8%
|
Adjusted
Income*
|
$
|
530
|
|
$
|
506
|
|
4.7%
|
|
$
|
1,913
|
|
$
|
2,069
|
|
-7.5%
|
EPS from Continuing
Operations
|
$
|
1.86
|
|
$
|
1.46
|
|
27.4%
|
|
$
|
6.97
|
|
$
|
5.96
|
|
16.9%
|
Adjusted
EPS*
|
$
|
1.71
|
|
$
|
1.58
|
|
8.2%
|
|
$
|
6.12
|
|
$
|
6.38
|
|
-4.1%
|
Operating Cash Flow
from Continuing Operations
|
$
|
829
|
|
$
|
1,106
|
|
|
|
$
|
2,064
|
|
$
|
2,382
|
|
|
Workdays in Fiscal
Reporting Calendar
|
60
|
|
59
|
|
|
|
249
|
|
249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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.
Twelve 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. Twelve 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
For the full-year 2014, the Company repurchased 7.7 million
shares of common stock for $750
million.
In the fourth quarter 2014, the Company issued $600 million in long-term debt.
The Company ended 2014 with $611
million of net debt. Net debt is defined as total debt less
cash and cash equivalents and short-term investments.
As previously announced, in the fourth quarter 2014, the Company
acquired Blackbird Technologies, which enhances the Company's
offerings in persistent surveillance, secure mobile communications
and cybersecurity solutions in intelligence and special operations
markets, and is now part of Raytheon's Intelligence, Information
and Services (IIS) business.
Backlog
($ in
millions)
|
Period
Ending
|
|
2014
|
|
|
2013
|
|
Backlog
|
$
|
33,571
|
|
|
$
|
33,685
|
|
Funded
Backlog
|
$
|
23,092
|
|
|
$
|
23,014
|
|
Backlog at the end of 2014 was comprised of 40 percent
international compared to 37 percent at the end of 2013.
Outlook
The Company has provided its financial outlook for 2015. Charts
containing additional information on the Company's 2015 outlook are
available on the Company's website at www.raytheon.com/ir.
2015 Financial
Outlook
|
|
|
|
|
2014
Actual
|
|
2015
Outlook
|
Net Sales
($B)
|
22.8
|
|
22.3 -
22.8
|
FAS/CAS Adjustment
($M)
|
286
|
|
197
|
Interest Expense, net
($M)
|
(203)
|
|
(225) -
(235)
|
Diluted Shares
(M)
|
313
|
|
305 - 307
|
Effective Tax
Rate
|
26.5%
|
|
Approx.
27.5%
|
EPS from Continuing
Operations
|
$6.97
|
|
$6.20 -
$6.35
|
Adjusted
EPS**
|
$6.12
|
|
$5.49 -
$5.64
|
Operating Cash Flow
from Continuing Operations ($B)
|
2.1
|
|
2.3 - 2.6
|
|
|
|
|
** 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 and 2015
Adjusted EPS guidance also excludes the impact of certain tax
related items. 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
|
|
|
|
|
|
|
|
|
|
|
|
4th
Quarter
|
|
|
|
Twelve
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,627
|
|
$
|
1,569
|
|
4%
|
|
$
|
6,085
|
|
$
|
6,489
|
|
-6%
|
Operating
Income
|
$
|
299
|
|
$
|
241
|
|
24%
|
|
$
|
974
|
|
$
|
1,115
|
|
-13%
|
Operating
Margin
|
18.4%
|
|
15.4%
|
|
|
|
16.0%
|
|
17.2%
|
|
|
Integrated Defense Systems (IDS) had fourth quarter 2014 net
sales of $1,627 million, up 4 percent
compared to $1,569 million in the
fourth quarter 2013. The increase in net sales was primarily due to
higher sales on international Patriot programs. IDS had
full-year 2014 net sales of $6,085
million compared to $6,489
million in 2013. The change in net sales was primarily due
to the scheduled completion of production phases on certain
international Patriot programs, a missile defense radar program,
and a close combat radar program.
IDS recorded $299 million of
operating income in the fourth quarter 2014 compared to
$241 million in the fourth quarter
2013. The increase in operating income was primarily driven by
improved operating performance and a change in program mix. IDS
recorded $974 million of operating
income in 2014 compared to $1,115
million in 2013. The change in operating income for the
full-year 2014 was primarily driven by lower volume and a change in
mix on international Patriot programs.
During the quarter, IDS booked $2,038
million to provide advanced Patriot air and missile defense
capability for Qatar and
$355 million for the Air Warfare
Destroyer (AWD) program for the Australian Navy. IDS also booked
$192 million to provide Consolidated
Contractor Logistics Support (CCLS) and $154
million for a radar sustainment contract for the Missile
Defense Agency (MDA).
Intelligence,
Information and Services
|
|
|
|
|
|
|
|
|
|
4th
Quarter
|
|
|
|
Twelve
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,538
|
|
$
|
1,458
|
|
5%
|
|
$
|
5,984
|
|
$
|
6,045
|
|
-1%
|
Operating
Income
|
$
|
131
|
|
$
|
121
|
|
8%
|
|
$
|
508
|
|
$
|
510
|
|
—
|
Operating
Margin
|
8.5%
|
|
8.3%
|
|
|
|
8.5%
|
|
8.4%
|
|
|
Intelligence, Information and Services (IIS) had fourth quarter
2014 net sales of $1,538 million, up
5 percent compared to $1,458 million
in the fourth quarter 2013. The increase in net sales was primarily
driven by higher volume on classified programs. IIS had full-year
2014 net sales of $5,984 million
compared to $6,045 million in
2013.
IIS recorded $131 million of
operating income in the fourth quarter 2014 compared to
$121 million in the fourth quarter
2013. The increase in operating income was primarily driven by
higher volume. IIS recorded $508
million of operating income in 2014 compared to $510 million in 2013.
During the quarter, IIS booked $111
million on the Allied System for Geospatial Intelligence
(ASG) program for the United
Kingdom. IIS also booked $391
million on a number of classified contracts.
Missile
Systems
|
|
|
|
|
|
|
|
|
|
4th
Quarter
|
|
|
|
Twelve
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,719
|
|
$
|
1,638
|
|
5%
|
|
$
|
6,309
|
|
$
|
6,599
|
|
-4%
|
Operating
Income
|
$
|
212
|
|
$
|
201
|
|
5%
|
|
$
|
800
|
|
$
|
830
|
|
-4%
|
Operating
Margin
|
12.3%
|
|
12.3%
|
|
|
|
12.7%
|
|
12.6%
|
|
|
Missile Systems (MS) had fourth quarter 2014 net sales of
$1,719 million, up 5 percent compared
to $1,638 million in the fourth
quarter 2013. The increase in net sales was primarily driven by
higher volume on the Advanced Medium-Range Air-to-Air Missile
(AMRAAM) and Evolved Sea Sparrow Missile (ESSM) programs. MS had
full-year 2014 net sales of $6,309
million compared to $6,599
million in 2013. The change in net sales was primarily
driven by lower sales on U.S. Army programs.
MS recorded $212 million of
operating income in the fourth quarter 2014 compared to
$201 million in the fourth quarter
2013. The increase in operating income was primarily due to higher
volume. MS recorded $800 million of
operating income in 2014 compared to $830
million in 2013. The change in operating income for the
full-year 2014 was primarily due to lower volume.
During the quarter, MS booked $509
million for AMRAAM for the U.S. Air Force, U.S. Navy and
international customers. MS also booked $146
million for ESSM for the U.S. Navy and international
customers and $102 million for
Tube-launched, Optically-tracked, Wireless-guided (TOW) missiles
for the U.S. Army, U.S. Marines and international customers.
Space and Airborne
Systems
|
|
|
|
|
|
|
|
|
|
4th
Quarter
|
|
|
|
Twelve
Months
|
|
|
($ in
millions)
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
2013
|
|
%
Change
|
Net Sales
|
$
|
1,660
|
|
$
|
1,613
|
|
3%
|
|
$
|
6,072
|
|
$
|
6,371
|
|
-5%
|
Operating
Income
|
$
|
217
|
|
$
|
253
|
|
-14%
|
|
$
|
846
|
|
$
|
920
|
|
-8%
|
Operating
Margin
|
13.1%
|
|
15.7%
|
|
|
|
13.9%
|
|
14.4%
|
|
|
Space and Airborne Systems (SAS) had fourth quarter 2014 net
sales of $1,660 million, up 3 percent
compared to $1,613 million in the
fourth quarter 2013. The increase in net sales was primarily driven
by higher volume on an electronic warfare systems program. SAS had
full-year 2014 net sales of $6,072
million compared to $6,371
million in 2013. The change in net sales for the full-year
2014 was primarily due to lower volume on intersegment sales and on
classified programs.
SAS recorded $217 million of
operating income in the fourth quarter 2014 compared to
$253 million in the fourth quarter
2013. The change in operating income was primarily due to the
timing of program efficiencies. SAS recorded $846 million of operating income in 2014 compared
to $920 million in 2013. The change
in operating income for the full-year 2014 was primarily due to a
change in program mix and lower volume.
During the quarter, SAS booked $105
million for Advanced Targeting Forward Looking Infrared
(ATFLIR) pods and spares for the U.S. Navy and international
customers. SAS also booked $76
million on the Navy Multiband Terminal (NMT) program and
$150 million on a number of
classified contracts.
About Raytheon
Raytheon Company, with 2014 sales of $23
billion and 61,000 employees worldwide, is a technology and
innovation leader specializing in defense, security and civil
markets throughout the world. With a history of innovation spanning
93 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 Fourth Quarter and Full-Year 2014
Financial Results
Raytheon's financial results conference call will be held on
Thursday, January 29, 2015 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)
474-9502 in the U.S. or (857) 244-7555 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
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except
per share amounts)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
6,143
|
|
|
$
|
5,870
|
|
|
$
|
22,826
|
|
|
$
|
23,706
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
4,662
|
|
|
4,640
|
|
|
17,295
|
|
|
18,532
|
|
General and administrative
expenses
|
|
612
|
|
|
521
|
|
|
2,352
|
|
|
2,236
|
|
Total operating
expenses
|
|
5,274
|
|
|
5,161
|
|
|
19,647
|
|
|
20,768
|
|
Operating
income
|
|
869
|
|
|
709
|
|
|
3,179
|
|
|
2,938
|
|
Non-operating
(income) expense, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
55
|
|
|
51
|
|
|
213
|
|
|
210
|
|
Interest income
|
|
(2)
|
|
|
(3)
|
|
|
(10)
|
|
|
(12)
|
|
Other (income) expense,
net
|
|
(2)
|
|
|
(8)
|
|
|
(7)
|
|
|
(17)
|
|
Total non-operating
(income) expense, net
|
|
51
|
|
|
40
|
|
|
196
|
|
|
181
|
|
Income from
continuing operations before taxes
|
|
818
|
|
|
669
|
|
|
2,983
|
|
|
2,757
|
|
Federal and foreign
income taxes
|
|
238
|
|
|
200
|
|
|
790
|
|
|
808
|
|
Income from
continuing operations
|
|
580
|
|
|
469
|
|
|
2,193
|
|
|
1,949
|
|
Income (loss) from
discontinued operations, net of tax
|
|
6
|
|
|
64
|
|
|
65
|
|
|
64
|
|
Net income
|
|
586
|
|
|
533
|
|
|
2,258
|
|
|
2,013
|
|
Less: Net income
attributable to noncontrolling
|
|
|
|
|
|
|
|
|
|
|
|
|
interests in subsidiaries
|
|
4
|
|
|
2
|
|
|
14
|
|
|
17
|
|
Net income
attributable to Raytheon Company
|
|
$
|
582
|
|
|
$
|
531
|
|
|
$
|
2,244
|
|
|
$
|
1,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share attributable to Raytheon
|
|
|
|
|
|
|
|
|
|
|
|
|
Company common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$
|
1.86
|
|
|
$
|
1.46
|
|
|
$
|
6.98
|
|
|
$
|
5.97
|
|
Income (loss) from
discontinued operations, net of tax
|
|
0.02
|
|
|
0.20
|
|
|
0.21
|
|
|
0.20
|
|
Net income
|
|
1.88
|
|
|
1.66
|
|
|
7.19
|
|
|
6.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share attributable to Raytheon
|
|
|
|
|
|
|
|
|
|
|
|
|
Company common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$
|
1.86
|
|
|
$
|
1.46
|
|
|
$
|
6.97
|
|
|
$
|
5.96
|
|
Income (loss) from
discontinued operations, net of tax
|
|
0.02
|
|
|
0.20
|
|
|
0.21
|
|
|
0.20
|
|
Net income
|
|
1.88
|
|
|
1.66
|
|
|
7.18
|
|
|
6.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable
to Raytheon Company common
|
|
|
|
|
|
|
|
|
|
|
|
|
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$
|
576
|
|
|
$
|
467
|
|
|
$
|
2,179
|
|
|
$
|
1,932
|
|
Income (loss) from
discontinued operations, net of tax
|
|
6
|
|
|
64
|
|
|
65
|
|
|
64
|
|
Net income
|
|
$
|
582
|
|
|
$
|
531
|
|
|
$
|
2,244
|
|
|
$
|
1,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
309.1
|
|
|
318.8
|
|
|
312.0
|
|
|
323.4
|
|
Diluted
|
|
309.7
|
|
|
319.6
|
|
|
312.6
|
|
|
324.2
|
|
Attachment
B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
|
|
|
|
Preliminary Segment
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth 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
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
$
|
1,627
|
|
|
$
|
1,569
|
|
|
$
|
299
|
|
|
$
|
241
|
|
|
18.4
|
%
|
|
15.4
|
%
|
Intelligence,
Information and Services
|
|
1,538
|
|
|
1,458
|
|
|
131
|
|
|
121
|
|
|
8.5
|
%
|
|
8.3
|
%
|
Missile
Systems
|
|
1,719
|
|
|
1,638
|
|
|
212
|
|
|
201
|
|
|
12.3
|
%
|
|
12.3
|
%
|
Space and Airborne
Systems
|
|
1,660
|
|
|
1,613
|
|
|
217
|
|
|
253
|
|
|
13.1
|
%
|
|
15.7
|
%
|
FAS/CAS
Adjustment
|
|
—
|
|
|
—
|
|
|
70
|
|
|
(60)
|
|
|
|
|
|
|
|
Corporate and
Eliminations
|
|
(401)
|
|
|
(408)
|
|
|
(60)
|
|
|
(47)
|
|
|
|
|
|
|
|
Total
|
|
$
|
6,143
|
|
|
$
|
5,870
|
|
|
$
|
869
|
|
|
$
|
709
|
|
|
14.1
|
%
|
|
12.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
Net Sales
|
|
Operating
Income
|
|
As a Percent of Net
Sales
|
(In millions, except
percentages)
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
$
|
6,085
|
|
|
$
|
6,489
|
|
|
$
|
974
|
|
|
$
|
1,115
|
|
|
16.0
|
%
|
|
17.2
|
%
|
Intelligence,
Information and Services
|
|
5,984
|
|
|
6,045
|
|
|
508
|
|
|
510
|
|
|
8.5
|
%
|
|
8.4
|
%
|
Missile
Systems
|
|
6,309
|
|
|
6,599
|
|
|
800
|
|
|
830
|
|
|
12.7
|
%
|
|
12.6
|
%
|
Space and Airborne
Systems
|
|
6,072
|
|
|
6,371
|
|
|
846
|
|
|
920
|
|
|
13.9
|
%
|
|
14.4
|
%
|
FAS/CAS
Adjustment
|
|
—
|
|
|
—
|
|
|
286
|
|
|
(249)
|
|
|
|
|
|
|
|
Corporate and
Eliminations
|
|
(1,624)
|
|
|
(1,798)
|
|
|
(235)
|
|
|
(188)
|
|
|
|
|
|
|
|
Total
|
|
$
|
22,826
|
|
|
$
|
23,706
|
|
|
$
|
3,179
|
|
|
$
|
2,938
|
|
|
13.9
|
%
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
|
|
|
|
|
|
Other Preliminary
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
Funded
Backlog
|
|
Total
Backlog
|
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
|
$
|
8,939
|
|
|
$
|
9,397
|
|
|
$
|
11,495
|
|
|
$
|
10,916
|
|
Intelligence,
Information and Services
|
|
2,902
|
|
|
2,592
|
|
|
5,877
|
|
|
5,856
|
|
Missile
Systems
|
|
|
6,992
|
|
|
6,859
|
|
|
9,269
|
|
|
9,162
|
|
Space and Airborne
Systems
|
|
|
4,259
|
|
|
4,166
|
|
|
6,930
|
|
|
7,751
|
|
Total
|
|
|
$
|
23,092
|
|
|
$
|
23,014
|
|
|
$
|
33,571
|
|
|
$
|
33,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Bookings
|
|
|
$
|
7,109
|
|
|
$
|
7,517
|
|
|
$
|
24,052
|
|
|
$
|
22,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative Expenses
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative and
selling expenses
|
|
$
|
468
|
|
|
$
|
402
|
|
|
$
|
1,852
|
|
|
$
|
1,771
|
|
Research and
development expenses
|
|
$
|
144
|
|
|
$
|
119
|
|
|
$
|
500
|
|
|
$
|
465
|
|
Total general and
administrative expenses
|
|
$
|
612
|
|
|
$
|
521
|
|
|
$
|
2,352
|
|
|
$
|
2,236
|
|
Attachment
D
|
|
|
|
|
|
Raytheon
Company
|
|
Preliminary Balance
Sheet Information
|
|
Fourth Quarter
2014
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
31-Dec-14
|
|
31-Dec-13
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
3,222
|
|
|
$
|
3,296
|
|
Short-term
investments
|
1,497
|
|
|
1,001
|
|
Contracts in process,
net
|
4,985
|
|
|
4,870
|
|
Inventories
|
414
|
|
|
363
|
|
Prepaid expenses and other
current assets
|
174
|
|
|
286
|
|
Total current assets
|
10,292
|
|
|
9,816
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
1,935
|
|
|
1,937
|
|
Goodwill
|
13,061
|
|
|
12,764
|
|
Other assets,
net
|
2,612
|
|
|
1,450
|
|
Total assets
|
$
|
27,900
|
|
|
$
|
25,967
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Advance payments and
billings in excess of costs incurred
|
$
|
2,284
|
|
|
$
|
2,350
|
|
Accounts payable
|
1,250
|
|
|
1,178
|
|
Accrued employee
compensation
|
1,059
|
|
|
1,068
|
|
Other accrued
expenses
|
1,337
|
|
|
1,214
|
|
Total current liabilities
|
5,930
|
|
|
5,810
|
|
|
|
|
|
|
|
Accrued retiree
benefits and other long-term liabilities
|
6,919
|
|
|
4,226
|
|
Long-term
debt
|
5,330
|
|
|
4,734
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Raytheon
Company stockholders' equity
|
|
|
|
|
|
Common stock
|
3
|
|
|
3
|
|
Additional paid-in
capital
|
1,309
|
|
|
1,972
|
|
Accumulated other
comprehensive loss
|
(7,458)
|
|
|
(5,113)
|
|
Retained earnings
|
15,671
|
|
|
14,173
|
|
Total Raytheon Company stockholders' equity
|
9,525
|
|
|
11,035
|
|
Noncontrolling interests in
subsidiaries
|
196
|
|
|
162
|
|
Total equity
|
9,721
|
|
|
11,197
|
|
Total liabilities and equity
|
$
|
27,900
|
|
|
$
|
25,967
|
|
Attachment
E
|
|
|
|
|
|
|
|
|
|
|
|
Raytheon
Company
|
|
Preliminary Cash Flow
Information
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
586
|
|
|
$
|
533
|
|
|
$
|
2,258
|
|
|
$
|
2,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Income) loss from
discontinued operations, net of tax
|
(6)
|
|
|
(64)
|
|
|
(65)
|
|
|
(64)
|
|
Income from
continuing operations
|
580
|
|
|
469
|
|
|
2,193
|
|
|
1,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
76
|
|
|
76
|
|
|
301
|
|
|
303
|
|
Amortization
|
36
|
|
|
37
|
|
|
138
|
|
|
142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital
(excluding pension and income taxes)*
|
491
|
|
|
569
|
|
|
(267)
|
|
|
(448)
|
|
Other long-term
liabilities
|
—
|
|
|
(14)
|
|
|
(17)
|
|
|
(30)
|
|
Pension and other
postretirement benefit plans
|
(413)
|
|
|
(25)
|
|
|
(367)
|
|
|
150
|
|
Other, net
|
59
|
|
|
(6)
|
|
|
83
|
|
|
316
|
|
Net operating cash
flow from continuing operations
|
$
|
829
|
|
|
$
|
1,106
|
|
|
2,064
|
|
|
2,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
spending
|
$
|
(153)
|
|
|
$
|
(115)
|
|
|
(326)
|
|
|
(280)
|
|
Internal use software
spending
|
(14)
|
|
|
(15)
|
|
|
(54)
|
|
|
(49)
|
|
Acquisitions
|
(427)
|
|
|
5
|
|
|
(427)
|
|
|
(9)
|
|
Purchases of
short-term investments
|
(724)
|
|
|
(302)
|
|
|
(2,914)
|
|
|
(1,241)
|
|
Sales of short-term
investments
|
—
|
|
|
—
|
|
|
882
|
|
|
325
|
|
Maturities of
short-term investments
|
691
|
|
|
261
|
|
|
1,523
|
|
|
779
|
|
Dividends
|
(184)
|
|
|
(174)
|
|
|
(735)
|
|
|
(694)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchases of common
stock under stock repurchase programs
|
(100)
|
|
|
(400)
|
|
|
(750)
|
|
|
(1,075)
|
|
Debt
issuance
|
592
|
|
|
—
|
|
|
592
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
Guidance
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Low end
|
|
High end
|
|
|
|
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
of range
|
|
of range
|
Diluted EPS from
continuing operations attributable to Raytheon Company common
stockholders
|
$
|
1.86
|
|
|
$
|
1.46
|
|
|
$
|
6.97
|
|
|
$
|
5.96
|
|
|
$
|
6.20
|
|
|
$
|
6.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share impact of
the FAS/CAS Adjustment (A)
|
(0.15)
|
|
|
0.12
|
|
|
(0.60)
|
|
|
0.50
|
|
|
(0.42)
|
|
|
(0.42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share impact of
the tax benefit of cash repatriation (B)
|
—
|
|
|
—
|
|
|
(0.26)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share impact of
the 2012 research and development (R&D) tax credit
(C)
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.08)
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share impact of
the IRS tax settlement (D)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.29)
|
|
|
(0.29)
|
|
Adjusted EPS (2),
(3)
|
$
|
1.71
|
|
|
$
|
1.58
|
|
|
$
|
6.12
|
|
|
$
|
6.38
|
|
|
$
|
5.49
|
|
|
$
|
5.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
FAS/CAS
Adjustment
|
$
|
(70)
|
|
|
$
|
60
|
|
|
$
|
(286)
|
|
|
$
|
249
|
|
|
$
|
(197)
|
|
|
$
|
(197)
|
|
|
|
Tax effect
(1)
|
24
|
|
|
(21)
|
|
|
100
|
|
|
(87)
|
|
|
69
|
|
|
69
|
|
|
|
After-tax
impact
|
(46)
|
|
|
39
|
|
|
(186)
|
|
|
162
|
|
|
(128)
|
|
|
(128)
|
|
|
|
Diluted
shares
|
309.7
|
|
|
319.6
|
|
|
312.6
|
|
|
324.2
|
|
|
307.0
|
|
|
305.0
|
|
|
|
Per share
impact
|
$
|
(0.15)
|
|
|
$
|
0.12
|
|
|
$
|
(0.60)
|
|
|
$
|
0.50
|
|
|
$
|
(0.42)
|
|
|
$
|
(0.42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B)
|
Tax benefit of cash
repatriation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(80)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Diluted
shares
|
—
|
|
|
—
|
|
|
312.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Per share
impact
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.26)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C)
|
2012 R&D tax
credit
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(25)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Diluted
shares
|
—
|
|
|
—
|
|
|
—
|
|
|
324.2
|
|
|
—
|
|
|
—
|
|
|
|
Per share
impact
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.08)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D)
|
Expected IRS tax
settlement
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(88)
|
|
|
$
|
(88)
|
|
|
|
Diluted
shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
307.0
|
|
|
305.0
|
|
|
|
Per share
impact
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
|
|
|
|
|
Income from continuing
operations attributable to Raytheon Company common
stockholders
|
$
|
576
|
|
|
$
|
467
|
|
|
$
|
2,179
|
|
|
$
|
1,932
|
|
|
|
|
|
|
|
FAS/CAS Adjustment
(1)
|
(46)
|
|
|
39
|
|
|
(186)
|
|
|
162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit of cash
repatriation
|
—
|
|
|
—
|
|
|
(80)
|
|
|
—
|
|
|
|
|
|
|
|
2012 R&D tax
credit
|
—
|
|
|
—
|
|
|
—
|
|
|
(25)
|
|
|
|
|
|
|
|
Adjusted Income (2),
(4)
|
$
|
530
|
|
|
$
|
506
|
|
|
$
|
1,913
|
|
|
$
|
2,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Margin Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
Guidance
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Low end
|
|
High end
|
|
|
|
|
|
|
31-Dec-14
|
|
31-Dec-13
|
|
31-Dec-14
|
|
31-Dec-13
|
|
of range
|
|
of range
|
Operating
Margin
|
14.1%
|
|
|
12.1%
|
|
|
13.9%
|
|
|
12.4%
|
|
|
13.0%
|
|
|
13.2%
|
|
FAS/CAS
Adjustment
|
(1.1)%
|
|
|
1.0%
|
|
|
(1.3)%
|
|
|
1.1%
|
|
|
(0.9)%
|
|
|
(0.9)%
|
|
Adjusted Operating
Margin (2), (5)
|
13.0%
|
|
|
13.1%
|
|
|
12.7%
|
|
|
13.4%
|
|
|
12.1%
|
|
|
12.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
2014 EPS exclude the $0.26 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. 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. 2015 Guidance Adjusted EPS excludes the earnings
per share impact of an expected IRS tax settlement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. 2014
Adjusted Income excludes the net tax benefit, as discussed above.
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
Mike
Doble
703.284.4345
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/raytheon-reports-solid-fourth-quarter-and-full-year-2014-results-300027430.html
SOURCE Raytheon Company