Raytheon Reports Solid Second Quarter 2014 Results
Raytheon Company (NYSE: RTN) announced second quarter 2014 EPS from continuing operations of $1.59 compared to $1.50 in the second quarter 2013.
— Strong bookings of $6.8 billion; book-to-bill of 1.19
— Net sales of $5.7 billion
— Reported operating margin of 13.3 percent; Adjusted Operating Margin1 of 11.8 percent
— EPS from continuing operations of $1.59; Adjusted EPS1 of $1.41
— Solid operating cash flow from continuing operations of $153 million
Second quarter 2014 Adjusted EPS1 was $1.41 per diluted share compared to $1.64 per diluted share in the second quarter 2013. Second quarter 2014 Adjusted EPS1 excluded a favorable FAS/CAS Adjustment of $0.18, compared with an unfavorable FAS/CAS Adjustment of $0.14 in the second quarter 2013. Net sales for the second quarter 2014 were $5.7 billion compared to $6.1 billion in the second quarter 2013.
“Demand for Raytheon’s innovative and affordable solutions from our global customers was strong in the quarter, and international opportunities in the second half of the year are significant,” said Thomas A. Kennedy, Raytheon’s CEO. “Second quarter sales, earnings and cash flow all exceeded our expectations, reflecting the continuing hard work and dedication of the Raytheon team.”
The Company had bookings of $6.8 billion in the second quarter 2014, resulting in a book-to-bill ratio of 1.19. In the second quarter 2013, bookings were $5.3 billion. Year-to-date 2014 bookings were $11.1 billion compared to year-to-date 2013 bookings of $8.9 billion.
