Raytheon profit rises 16%; firm raises outlook

Raytheon profit rises 16%; firm raises outlook
26 April 2012, by Doug Cameron (MarketWatch)
http://www.marketwatch.com/story/raytheon-profit-rises-16-firm-raises-outlook-2012-04-26

Raytheon Co. Thursday reported a 16% rise in first-quarter profit and nudged up its full-year guidance in spite of a dip in its order backlog.

Net profit rose to $448 million in the three months to Mar. 31 from $384 million a year earlier, with per-share earnings rising to $1.33 from $1.07.

Raytheon, best known as the maker of Patriot missiles, is the smallest of the big five U.S. defense contractors.

It is also seen among the most resilient to Pentagon budget cuts, with a diversified business base and limited reliance on big-ticket projects.

It booked another $5.2 billion in business during the quarter, little changed from a year earlier, though its backlog slipped to $34.3 billion, down $1 billion from the end of last year, but margins rose at four of its six business units.

Full-year revenue is still seen at $24.5 billion to $25 billion, but the company raised its guidance for per-share earnings from continuing operations by 10 cents, lifting the range to $5 to $5.15.