Shares of Raytheon jumped to an all-time high of $170.74 in midday trading Thursday after the company said it was getting a boost from President Donald Trump.
"We have an administration now that is significantly supporting international work for the domestic U.S. industry and that has opened several doors for us," CEO Tom Kennedy said on a call with investors.
Raytheon announced second-quarter earnings that beat Wall Street's estimates, posting revenues of $6.28 billion. When asked whether the White House was helping further Raytheon's profits, with Trump "acting as chief sales person for U.S. defense," Kennedy said that it "changes the game."
"We do not compete against companies, we compete against countries," Kennedy said.
The defense contractor says it has a robust international foundation, and Kennedy says Trump's support means Raytheon can keep "building on" that base.
The military specialist hit a previous all-time high on May 22, when Trump signed a weapons deal with Saudi Arabia worth $350 billion. Raytheon could benefit richly if its Patriot missile system is purchased as a part of the deal. To be sure, questions have been raised about whether the Saudi deal was completely new or a compilation of many projects already approved.
"The bottom line is it's just accelerating our ability to grow internationally," Kennedy said.
Secretary of Defense James Mattis is also pushing to increase U.S. military capabilities, and Kennedy said the focus on "readiness" has notable potential for Raytheon.
"[It] puts a significant demand signal on our missile systems, our sensors and precision munitions across the board," Kennedy said.
Raytheon shares are up 18 percent this year, compared with an 11 percent increase in the S&P 500 index.