Raytheon posts lower quarterly results, boosts year EPS forecast

Thursday, 24 Oct 2013 | 7:56 AM ET

WASHINGTON, Oct 24 (Reuters) - U.S. weapons maker Raytheon Co on Thursday reported lower quarterly earnings and a 3 percent drop in revenues, but raised its forecast for full-year profit and sales.

Raytheon said its income from continuing operations fell 2.8 percent to $487 million in the third quarter from $501 million a year earlier, while earnings per share from continuing operations were flat at $1.51. Analysts polled by Thomson Reuters I/B/E/S had forecast EPS of $1.33.

Sales dropped 3.4 percent to $5.8 billion in the quarter.

Raytheon said it expects full-year EPS from continuing operations of $5.67 to $5.77, 16 cents more than its previous forecast and up from the $5.65 it earned per share in 2012. It increased its forecast for sales by $100 million to a range of $23.6 billion to $23.8 billion.

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