July 23, 2009
Highlights
- Earnings per share (EPS) from continuing operations of $1.24, up 25 percent
- Income from continuing operations of $504 million, up 17 percent
- Continued strong bookings of $7.6 billion; sales of $6.1 billion
- Solid operating cash flow from continuing operations of $512 million
- Increased full-year 2009 guidance for net sales, EPS, and return on invested capital (ROIC)
WALTHAM, Mass., July 23, 2009 - Raytheon Company (NYSE: RTN) reported second quarter 2009 income from continuing operations of $504 million, up 17 percent compared to $432 million in the second quarter 2008. EPS from continuing operations for the second quarter 2009 was $1.24, up 25 percent compared to $0.99 in the second quarter 2008.
"We are pleased with the Company's continued, solid performance and strong financial position," said William H. Swanson, Raytheon's Chairman and CEO. "We are well positioned domestically and internationally on a broad base of programs which create long-term shareholder value."
Net sales for the second quarter 2009 were $6.1 billion, up from $5.9 billion in the second quarter 2008.
Operating cash flow from continuing operations in the second quarter 2009 was $512 million compared to $767 million for the second quarter 2008, primarily due to the timing of $395 million of cash contributions made to the Company's pension plans in the second quarter of 2009.
In the second quarter 2009 the Company repurchased 6.6 million shares of common stock for $300 million, as part of the Company's previously announced share repurchase program. Year-to-date 2009, the Company repurchased 13.4 million shares of common stock for $600 million.
The Company ended the second quarter 2009 with $96 million of net debt. Net debt is defined as total debt less cash and cash equivalents.
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Financial Results, Q2 Second Quarter, Raytheon (NYSE:RTN)
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