April 26, 2012 at 07:00 AM EDT
Raytheon Reports Solid First Quarter 2012 Results
- Adjusted EPS of $1.46, up 7 percent; EPS from continuing operations was $1.33(1)

WALTHAM, Mass., April 26, 2012 /PRNewswire/ -- Raytheon Company (NYSE: RTN) announced first quarter 2012 Adjusted EPS of $1.46 per diluted share compared to $1.37 per diluted share in the first quarter 2011(1), up 7 percent.  The increase was driven by capital deployment actions and operational improvements. First quarter 2012 EPS from continuing operations was $1.33 compared to $1.06 in the first quarter 2011.  First quarter 2012 included an unfavorable FAS/CAS Adjustment of $0.14, compared with an unfavorable FAS/CAS Adjustment of $0.16 in the first quarter 2011. First quarter 2011 EPS from continuing operations also included a $0.16 unfavorable impact associated with the UKBA Letters of Credit (LOC) Adjustment(2).

"Our focus on performance drove solid operating results in the first quarter," said William H. Swanson, Raytheon's Chairman and CEO. "These results reflect our ongoing commitment to providing best value in meeting our customers' evolving requirements for affordable, innovative solutions."

Q1 2011 vs. Q1 2012 EPS Variance

                     EPS


       Adjusted EPS*

Q1 2011

$                        1.06


$                        1.37

Operational Improvements

0.04


0.04

Reduced Share Count

0.09


0.09

Other Items, net (primarily tax-related)

(0.04)


(0.04)

FAS/CAS Adjustment**

0.02


-

UKBA LOC Adjustment

0.16


-

Q1 2012

$                        1.33


$                        1.46

 

* Adjusted EPS is a non-GAAP financial measure. See attachment F for a reconciliation of this measure and a discussion of why the Company is presenting this information.  Amounts may not add due to rounding.

**  Represents the difference between the 2012 and 2011 FAS/CAS Adjustments of $(0.14) and $(0.16), respectively.

Net sales for the first quarter 2012 were $5,938 million, compared to $6,052 million in the first quarter 2011. 

Operating cash flow from continuing operations for the first quarter 2012 was $111 million compared to $60 million for the first quarter 2011. 

In the first quarter 2012, the Company repurchased 7.9 million shares of common stock for $400 million as part of its previously announced share repurchase program.  In addition, as announced in March 2012, the Company's Board of Directors voted to increase the Company's annual dividend rate by 16 percent from $1.72 to $2.00 per share, the eighth consecutive annual dividend increase.   

The Company ended the first quarter 2012 with $1.1 billion of net debt.  Net debt is defined as total debt less cash and cash equivalents.

Summary Financial Results*








1st Quarter



($ in millions, except per share data)

2012


2011


% Change







Net sales

$5,938


$6,052


-2%

Income from continuing operations attributable to Raytheon Company

$   450


$   381


18%

Adjusted Income**

$   496


$   495


-

EPS from continuing operations

$  1.33


$  1.06


25%

Adjusted EPS**

$  1.46


$  1.37


7%

Operating cash flow from cont. ops.

$   111


$     60



Workdays in fiscal reporting calendar 

64


64




* Excludes the results of Raytheon Airline Aviation Services (RAAS), the Company's former turbo-prop commuter aircraft portfolio, which was reclassified to discontinued operations beginning in the first quarter of 2012.

** Adjusted Income is income from continuing operations attributable to Raytheon Company common stockholders, excluding the after-tax impact of the FAS/CAS Adjustment and, from time to time, certain other items.  Adjusted Income and Adjusted EPS are non-GAAP financial measures. See attachment F for a reconciliation of these measures and a discussion of why the Company is presenting this information.

Bookings and Backlog







Bookings






($ in millions)

1st Quarter




2012


2011



Bookings

$         5,162


$         5,103









Backlog






($ in millions)

 Period Ending 


Q1 2012


2011


Q1 2011

Backlog

$      34,303


$      35,312


$      33,705

Funded Backlog

$      22,970


$      22,462


$      21,743







The Company ended the first quarter 2012 with a backlog of $34.3 billion, compared to $33.7 billion at the end of the first quarter 2011. 

Outlook

The Company has updated its full-year 2012 outlook. Charts containing additional information on the Company's 2012 outlook are available on the Company's website at www.raytheon.com/ir

2012 Financial Outlook 



Current


Prior (1/26/12)

Net Sales ($B)


 24.5 - 25.0  


 24.5 - 25.0  

FAS/CAS Adjustment ($M)


(284)


(284)

Interest Expense, Net ($M)


 (190) - (200) 


 (190) - (200) 

Diluted Shares (M)


 334 - 336* 


 334 - 340 

Effective Tax Rate


 ~32% 


 ~32% 

EPS from Continuing Operations


 $5.00 - $5.15* 


 $4.90 - $5.05 

Adjusted EPS**


 $5.55 - $5.70* 


 $5.45 - $5.60 

Operating Cash Flow from Cont. Ops. ($B)


 1.6 - 1.8 


 1.6 - 1.8 






* Denotes change from prior guidance





** Adjusted EPS is a non-GAAP financial measure. See attachment F for a reconciliation of this measure and a discussion of why the Company is presenting this information.

Segment Results

The Company's reportable segments are: Integrated Defense Systems, Intelligence and Information Systems, Missile Systems, Network Centric Systems, Space and Airborne Systems, and Technical Services.

Integrated Defense Systems


1st Quarter



($ in millions)

2012


2011


% Change

Net Sales

$    1,220


$    1,219


-

Operating Income

$       216


$       193


12%

Operating Margin

17.7%


15.8%



Integrated Defense Systems (IDS) had first quarter 2012 net sales of $1,220 million compared to $1,219 million in the first quarter 2011.  IDS recorded $216 million of operating income compared to $193 million in the first quarter 2011.  The change in operating income was primarily due to favorable contract mix and improved program performance.

During the quarter, IDS booked $182 million to provide Patriot engineering services support for U.S. and international customers.  IDS also booked $90 million to provide engineering services, production and support for the Aegis weapon system for the U.S. Navy.   

Intelligence and Information Systems                                  


1st Quarter



($ in millions)

2012


2011*


% Change

Net Sales

$       764


$       750


2%

Operating Income

$          62


$        (28)


NM

Operating Margin

8.1%


-3.7%



* First quarter 2011 includes a $80 million reduction to operating income due to the UKBA LOC Adjustment.

NM = Not Meaningful






Intelligence and Information Systems (IIS) had first quarter 2012 net sales of $764 million compared to $750 million in the first quarter 2011.  The change in net sales was primarily due to recent acquisitions in cybersecurity. IIS recorded $62 million of operating income compared to a $28 million loss in the first quarter 2011.  The change in operating income was primarily due to the $80 million UKBA LOC Adjustment in the first quarter 2011. First quarter 2012 operating income included an insurance recovery for legal expenses. 

During the quarter, IIS booked $284 million on a number of classified contracts.

Missile Systems


1st Quarter



($ in millions)

2012


2011


% Change

Net Sales

$    1,351


$    1,329


2%

Operating Income

$       180


$       155


16%

Operating Margin

13.3%


11.7%



Missile Systems (MS) had first quarter 2012 net sales of $1,351 million compared to $1,329 million in the first quarter 2011. The increase in net sales was primarily due to higher sales on Excalibur.  MS recorded $180 million of operating income compared to $155 million in the first quarter 2011.  The increase in operating income was primarily due to favorable contract mix and improved program performance. 

During the quarter, MS booked $497 million for a Advanced Medium-Range Air-to-Air Missiles (AMRAAM) contract for the U.S. Air Force and international customers and $172 million for AIM-9X Sidewinder short range air-to-air missiles for the U.S. Navy and international customers.  MS also booked $171 million for the development of Standard Missile-3 (SM-3) for the Missile Defense Agency (MDA) and $79 million for development on the Accelerated Improved Intercept Initiative (AI3) program for the U.S. Army.

Network Centric Systems


1st Quarter



($ in millions)

2012


2011


% Change

Net Sales

$    1,000


$    1,121


-11%

Operating Income

$       116


$       160


-28%

Operating Margin

11.6%


14.3%



Network Centric Systems (NCS) had first quarter 2012 net sales of $1,000 million compared to $1,121 million in the first quarter 2011.  The change in net sales, as anticipated, was primarily due to lower sales on U.S. Army programs.  NCS recorded $116 million of operating income compared to $160 million in the first quarter 2011.  The change in operating income was primarily due to lower volume in the first quarter 2012 as well as production program efficiencies in the first quarter 2011.

During the quarter, NCS booked $81 million on the Navy Multiband Terminal (NMT) program for the U.S. Navy.

Space and Airborne Systems


1st Quarter



($ in millions)

2012


2011


% Change

Net Sales

$    1,257


$    1,265


-1%

Operating Income

$       173


$       156


11%

Operating Margin

13.8%


12.3%



Space and Airborne Systems (SAS) had first quarter 2012 net sales of $1,257 million compared to $1,265 million in the first quarter 2011.  SAS recorded $173 million of operating income compared to $156 million in the first quarter 2011.  The increase in operating income was primarily due to improved program performance.

During the quarter, SAS booked $159 million to supply radar spare parts on APG-63 for an international customer, $99 million on a radar performance-based logistics (PBL) contract for international customers and $77 million for the production of radar warning receivers for the U.S. Navy. SAS also booked $925 million on a number of classified contracts.

Technical Services


1st Quarter



($ in millions)

2012


2011


% Change

Net Sales

$       802


$       799


-

Operating Income

$         71


$         81


-12%

Operating Margin

8.9%


10.1%



Technical Services (TS) had first quarter 2012 net sales of $802 million compared to $799 million in the first quarter 2011.  TS recorded operating income of $71 million compared to $81 million in the first quarter 2011.  First quarter 2011 operating income included a favorable contract modification, contract extension, and a legal settlement.

During the quarter, TS booked $119 million on foreign training programs and $68 million on domestic training programs in support of Warfighter FOCUS activities. 

About Raytheon
Raytheon Company, with 2011 sales of $25 billion and 71,000 employees worldwide, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 90 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit us at www.raytheon.com and follow us on Twitter at @raytheon.

Conference Call on the First Quarter 2012 Financial Results
Raytheon's financial results conference call will be held on Thursday, April 26, 2012 at 9 a.m. ET. Participants will include William H. Swanson, Chairman and CEO; David C. Wajsgras, senior vice president and CFO; and other Company executives. 

The dial-in number for the conference call will be (866) 510-0712 in the U.S. or (617) 597-5380 outside of the U.S.  The conference call will also be audiocast on the Internet at www.raytheon.com/ir.  Individuals may listen to the call and download charts that will be used during the call.  These charts will be available for printing prior to the call.

Interested parties are encouraged to check the website ahead of time to ensure their computers are configured for the audio stream.  Instructions for obtaining the free required downloadable software are posted on the site.

Disclosure Regarding Forward-looking Statements
This release and the attachments contain forward-looking statements, including information regarding the Company's financial outlook, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are not statements of historical facts and represent only the Company's current expectations regarding such matters.  These statements inherently involve a wide range of known and unknown risks and uncertainties.  The Company's actual actions and results could differ materially from what is expressed or implied by these statements.  Specific factors that could cause such a difference include, but are not limited to: the Company's dependence on the U.S. Government for a significant portion of its business and the risks associated with U.S. Government sales, including changes or shifts in defense spending, uncertain funding of programs, potential termination of contracts, and difficulties in contract performance; the resolution of program terminations; the ability to procure new contracts; the risks of conducting business in foreign countries; the ability to comply with extensive governmental regulation, including import and export policies, the Foreign Corrupt Practices Act, the International Traffic in Arms Regulations, and procurement and other regulations; the impact of competition; the ability to develop products and technologies; the impact of changes in the financial markets and global economic conditions; the risk that actual pension returns, discount rates or other actuarial assumptions are significantly different than the Company's assumptions; the risk of cost overruns, particularly for the Company's fixed-price contracts; dependence on component availability, subcontractor performance and key suppliers; risks of a negative government audit; the use of accounting estimates in the Company's financial statements; risks associated with acquisitions, dispositions, joint ventures and other business arrangements; risks of an impairment of goodwill or other intangible assets; the outcome of contingencies and litigation matters, including government investigations; the ability to recruit and retain qualified personnel; the impact of potential security and cyber threats, and other disruptions; and other factors as may be detailed from time to time in the Company's public announcements and Securities and Exchange Commission filings. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this release and the attachments or to update them to reflect events or circumstances occurring after the date of this release, including any acquisitions, dispositions or other business arrangements that may be announced or closed after such date.  This release and the attachments also contain non-GAAP financial measures.  A GAAP reconciliation and a discussion of the Company's use of these measures are included in this release or the attachments.

Investor Relations Contact
Todd Ernst
781.522.5141

Media Contact
Jon Kasle
781.522.5110

(1) Adjusted EPS is EPS from continuing operations attributable to Raytheon Company common stockholders and Adjusted Operating Margin is total operating margin, in each case, excluding the impact of the FAS/CAS Adjustment, and from time to time, certain other items.  Adjusted EPS and Adjusted Operating Margin are non-GAAP financial measures. See attachment F for a reconciliation of these measures and a discussion of why the Company is presenting this information.

(2) See attachment F for a discussion of the previously disclosed UKBA LOC Adjustment.

Attachment A

Raytheon Company

Preliminary Statement of Operations Information*

First Quarter 2012







(In millions, except per share amounts)

Three Months Ended




01-Apr-12


03-Apr-11







Net sales


$     5,938


$        6,052

Operating expenses




     Cost of sales

4,659


4,898

     Administrative and selling expenses

405


426

     Research and development expenses

168


139







Total operating expenses

5,232


5,463







Operating income

706


589







Non-operating (income) expense, net




     Interest expense

50


43

     Interest income

(2)


(4)

     Other (income) expense

(8)


-







Total non-operating (income) expense, net

40


39







Income from continuing operations before taxes

666


550







Federal and foreign income taxes

212


164







Income from continuing operations

454


386







Income (loss) from discontinued operations, net of tax

(2)


3







Net income

452


389








Less: Net income (loss) attributable to noncontrolling interests in subsidiaries

4


5







Net income attributable to Raytheon Company

$        448


$           384







Basic earnings (loss) per share attributable to Raytheon Company





common stockholders:





     Income from continuing operations

$       1.33


$          1.07


     Income (loss) from discontinued operations, net of tax

-


0.01


     Net income

1.33


1.07







Diluted earnings (loss) per share attributable to Raytheon Company





common stockholders:





     Income from continuing operations

$       1.33


$          1.06


     Income (loss) from discontinued operations, net of tax

-


0.01


     Net income

1.32


1.06







Amounts attributable to Raytheon Company common stockholders:





     Income from continuing operations

$        450


$           381


     Income (loss) from discontinued operations, net of tax

(2)


3


     Net income

$        448


$           384







Average shares outstanding






Basic

337.5


357.4



Diluted                             

338.7


360.8













*

This Preliminary Statement of Operations Information was prepared on the same basis as our annual consolidated financial statements, except for the reclassification of Raytheon Airline Aviation Services LLC (RAAS) as a discontinued operation.

Attachment A - Pro Forma

Raytheon Company

Pro Forma Statement of Operations Information*

Quarters 2011

















(In millions, except per share amounts)

Three Months Ended





03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11












Net sales



$      6,052


$    6,201


$      6,116


$      6,422

Operating expenses









     Cost of sales



4,898


4,933


4,815


5,018

     Administrative and selling expenses

426


436


426


384

     Research and development expenses

139


162


153


171












Total operating expenses


5,463


5,531


5,394


5,573












Operating income


589


670


722


849












Non-operating (income) expense, net








     Interest expense


43


43


41


45

     Interest income


(4)


(3)


(5)


(2)

     Other (income) expense

-


1


14


(3)












Total non-operating (income) expense, net

39


41


50


40












Income from continuing operations before taxes

550


629


672


809












Federal and foreign income taxes

164


192


165


261












Income from continuing operations

386


437


507


548












Income (loss) from discontinued operations, net of tax

3


8


3


4












Net income



389


445


510


552













Less: Net income (loss) attributable to noncontrolling 
    interests in subsidiaries

5


7


9


9












Net income attributable to Raytheon Company

$         384


$       438


$         501


$         543












Basic earnings (loss) per share attributable to Raytheon Company 
                    common stockholders:









     Income from continuing operations

$        1.07


$      1.21


$        1.42


$        1.56


     Income (loss) from discontinued operations, net of tax

0.01


0.02


0.01


0.02


     Net income


1.07


1.23


1.43


1.58












Diluted earnings (loss) per share attributable to Raytheon Company 
                   
common stockholders:









     Income from continuing operations

$        1.06


$      1.20


$        1.42


$        1.56


     Income (loss) from discontinued operations, net of tax

0.01


0.02


0.01


0.02


     Net income


1.06


1.23


1.43


1.57












Amounts attributable to Raytheon Company common stockholders:









     Income from continuing operations

$         381


$       430


$         498


$         539


     Income (loss) from discontinued operations, net of tax

3


8


3


4


     Net income


$         384


$       438


$         501


$         543












Average shares outstanding










Basic


357.4


355.0


350.5


344.1



Diluted


360.8


357.1


351.4


345.1























*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Pro Forma Statement of Operations Information has been prepared to reflect the reclassification of RAAS as a discontinued operation.

 

Attachment A - Pro Forma

Raytheon Company

Pro Forma Statement of Operations Information*

Full Years 2011, 2010 and 2009















(In millions, except per share amounts)



Twelve Months Ended





31-Dec-11


31-Dec-10


31-Dec-09










Net sales



$       24,791


$        25,150


$         24,843

Operating expenses








     Cost of sales



19,664


20,273


19,703

     Administrative and selling expenses



1,672


1,639


1,520

     Research and development expenses



625


625


565










Total operating expenses



21,961


22,537


21,788










Operating income



2,830


2,613


3,055










Non-operating (income) expense, net








     Interest expense



172


126


123

     Interest income



(14)


(12)


(8)

     Other (income) expense



12


65


3










Total non-operating (income) expense, net



170


179


118










Income from continuing operations before taxes



2,660


2,434


2,937










Federal and foreign income taxes



782


590


956










Income from continuing operations



1,878


1,844


1,981










Income (loss) from discontinued operations, net of tax



18


35


(5)










Net income



1,896


1,879


1,976











Less: Net income (loss) attributable to noncontrolling
    interests in subsidiaries



30


39


41










Net income attributable to Raytheon Company



$         1,866


$          1,840


$           1,935










Basic earnings (loss) per share attributable to Raytheon Company









common stockholders:









     Income from continuing operations



$           5.25


$            4.84


4.97


     Income (loss) from discontinued operations, net of tax


0.05


0.09


(0.02)


     Net income



5.30


4.94


4.96










Diluted earnings (loss) per share attributable to Raytheon Company









common stockholders:









     Income from continuing operations



$           5.22


$            4.79


4.91


     Income (loss) from discontinued operations, net of tax


0.05


0.09


(0.02)


     Net income



5.28


4.88


4.89










Amounts attributable to Raytheon Company common stockholders:









     Income from continuing operations



$         1,848


$          1,805


$           1,940


     Income (loss) from discontinued operations, net of tax



18


35


(5)


     Net income



$         1,866


$          1,840


$           1,935










Average shares outstanding










Basic



351.7


372.7


390.4



Diluted



353.6


377.0


395.7

























*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Pro Forma Statement of Operations Information has been prepared to reflect the reclassification of RAAS as a discontinued operation.

 

Attachment B

Raytheon Company

Preliminary Segment Information*

First Quarter 2012




















Operating Income

(In millions, except percentages)

Net Sales
Three Months Ended


Operating Income
Three Months Ended


As a Percent of Net Sales
Three Months Ended



01-Apr-12


03-Apr-11


01-Apr-12


03-Apr-11


01-Apr-12


03-Apr-11














Integrated Defense Systems

$      1,220


$       1,219


$            216


$           193


17.7%


15.8%

Intelligence and Information Systems

764


750


62


(28)


8.1%


-3.7%

Missile Systems

1,351


1,329


180


155


13.3%


11.7%

Network Centric Systems

1,000


1,121


116


160


11.6%


14.3%

Space and Airborne Systems

1,257


1,265


173


156


13.8%


12.3%

Technical Services

802


799


71


81


8.9%


10.1%

FAS/CAS Adjustment

-


-


(70)


(89)





Corporate and Eliminations

(456)


(431)


(42)


(39)


















Total

$      5,938


$       6,052


$            706


$           589


11.9%


9.7%








































*

This Preliminary Segment Information was prepared on the same basis as our annual consolidated financial statements, except for the reclassification of Raytheon Airline Aviation Services LLC (RAAS) as a discontinued operation.


Attachment B - Pro Forma

Raytheon Company

Pro Forma Segment Information *

Quarters 2011 and Full Years 2011, 2010 and 2009



















(In millions, except percentages)

Net Sales


Net Sales






Three Months Ended


Twelve Months Ended






03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11


31-Dec-11


31-Dec-10


31-Dec-09



















Integrated Defense Systems

$      1,219


$    1,272


$      1,176


$      1,291


$      4,958


$       5,470


$        5,525

Intelligence and Information Systems

750


752


760


753


3,015


2,757


3,204

Missile Systems

1,329


1,366


1,413


1,482


5,590


5,732


5,561

Network Centric Systems

1,121


1,135


1,104


1,137


4,497


4,918


4,822

Space and Airborne Systems

1,265


1,344


1,305


1,341


5,255


4,830


4,582

Technical Services

799


851


817


886


3,353


3,472


3,161

Corporate and Eliminations

(431)


(519)


(459)


(468)


(1,877)


(2,029)


(2,012)



















Total





$      6,052


$    6,201


$      6,116


$      6,422


$    24,791


$     25,150


$     24,843










































Operating Income


Operating Income






Three Months Ended


Twelve Months Ended






03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11


31-Dec-11


31-Dec-10


31-Dec-09



















Integrated Defense Systems

$         193


$        203


$         204


$         236


$         836


$          870


$           847

Intelligence and Information Systems

(28)


55


58


74


159


(157)


252

Missile Systems

155


151


178


209


693


650


599

Network Centric Systems

160


170


162


175


667


692


663

Space and Airborne Systems

156


176


171


214


717


676


635

Technical Services

81


72


75


84


312


297


212

FAS/CAS Adjustment

(89)


(90)


(75)


(83)


(337)


(187)


80

Corporate and Eliminations

(39)


(67)


(51)


(60)


(217)


(228)


(233)



















Total

$         589


$        670


$         722


$         849


$      2,830


$       2,613


$        3,055










































Operating Income as a Percent of Net Sales


Operating Income as a Percent of Net Sales






Three Months Ended


Twelve Months Ended






03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11


31-Dec-11


31-Dec-10


31-Dec-09



















Integrated Defense Systems

15.8%


16.0%


17.3%


18.3%


16.9%


15.9%


15.3%

Intelligence and Information Systems

-3.7%


7.3%


7.6%


9.8%


5.3%


-5.7%


7.9%

Missile Systems

11.7%


11.1%


12.6%


14.1%


12.4%


11.3%


10.8%

Network Centric Systems

14.3%


15.0%


14.7%


15.4%


14.8%


14.1%


13.7%

Space and Airborne Systems

12.3%


13.1%


13.1%


16.0%


13.6%


14.0%


13.9%

Technical Services

10.1%


8.5%


9.2%


9.5%


9.3%


8.6%


6.7%

FAS/CAS Adjustment














Corporate and Eliminations
































Total

9.7%


10.8%


11.8%


13.2%


11.4%


10.4%


12.3%























































*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Pro Forma Segment Information has been prepared to reflect the reclassification of RAAS as a discontinued operation.




Attachment C

Raytheon Company

Other Preliminary Information

First Quarter 2012



















(In millions)


Funded Backlog


Total Backlog



01-Apr-12


31-Dec-11


01-Apr-12


31-Dec-11










Integrated Defense Systems


$          7,479


$          7,100


$          9,335


$          9,766

Intelligence and Information Systems 


1,165


829


4,055


4,366

Missile Systems


6,508


6,205


8,529


8,570

Network Centric Systems


2,957


3,267


3,772


4,160

Space and Airborne Systems


3,186


3,104


6,305


5,864

Technical Services


1,675


1,957


2,307


2,586










Total


$       22,970


$       22,462


$        34,303


$        35,312


























Bookings








Three Months Ended







01-Apr-12


03-Apr-11










Total Bookings






$          5,162


$          5,103





































Attachment D

Raytheon Company

Preliminary Balance Sheet Information

First Quarter 2012





(In millions)







01-Apr-12


31-Dec-11

Assets






     Cash and cash equivalents

$            3,541


$            4,000

     Contracts in process, net

4,838


4,526

     Inventories

395


336

     Deferred taxes

229


221

     Prepaid expenses and other current assets

182


226


          Total current assets

9,185


9,309







Property, plant and equipment, net

1,979


2,006

Deferred taxes

575


657

Goodwill


12,544


12,544

Other assets, net

1,344


1,338



               Total assets

$          25,627


$          25,854







Liabilities and Equity




Current liabilities




     Advance payments and billings in excess of costs incurred

$            2,360


$            2,542

     Accounts payable

1,199


1,507

     Accrued employee compensation

859


941

     Other accrued expenses

1,313


1,140


          Total current liabilities

5,731


6,130







Accrued retiree benefits and other long-term liabilities

6,787


6,774

Deferred taxes

4


5

Long-term debt

4,606


4,605







Equity






  Raytheon Company stockholders' equity




     Common stock

3


3

     Additional paid-in capital

11,774


11,676

     Accumulated other comprehensive loss

(6,817)


(7,001)

     Treasury stock, at cost

(8,562)


(8,153)

     Retained earnings

11,938


11,656


          Total Raytheon Company stockholders' equity

8,336


8,181

     Noncontrolling interests in subsidiaries

163


159



     Total equity

8,499


8,340



               Total liabilities and equity

$          25,627


$          25,854







Attachment E

Raytheon Company

Preliminary Cash Flow Information*

First Quarter 2012








(In millions)


 Three Months Ended 





01-Apr-12


03-Apr-11








Net income (loss)

$        452


$        389

(Income) loss from discontinued operations, net of tax

2


(3)

Income (loss) from continuing operations

454


386








Depreciation 

77


75

Amortization

35


29

Working capital (excluding pension and income taxes)**

(901)


(914)

Other long-term liabilities

2


14

Pension and other postretirement benefits

254


257

Other

190


213




Net operating cash flow

111


60








Discontinued operations

4


(45)

Capital spending

(70)


(50)

Internal use software spending

(20)


(26)

Acquisitions

-


(500)

Dividends

(146)


(135)

Repurchases of common stock

(400)


(312)

Warrants exercised

-


13

Other

62


17




Total cash flow

$       (459)


$       (978)















*

This Preliminary Cash Flow Information was prepared on the same basis as our annual consolidated financial statements, except for the reclassification of Raytheon Airline Aviation Services LLC (RAAS) as a discontinued operation.








**

Working capital (excluding pension and income taxes) is a summation of changes in: contracts in process and advance payments and billings in excess of costs incurred, inventories, prepaid expenses and other current assets, accounts payable, accrued employee compensation, and other accrued expenses from the Statements of Cash Flows.

Attachment E - Pro Forma

Raytheon Company

Pro Forma Cash Flow Information*

Quarters 2011












(In millions)

 Three Months Ended 





03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11












Net income

$         389


$         445


$         510


$         552

Loss (Income) from discontinued operations, net of tax

(3)


(8)


(3)


(4)

Income from continuing operations

386


437


507


548












Depreciation 

75


76


79


81

Amortization

29


35


34


35

Working capital (excluding pension and income taxes)**

(914)


(216)


257


1,060

Other long-term liabilities

14


5


(74)


30

Pension and other postretirement benefits

257


(249)


(268)


(500)

Other

213


(177)


310


32



Net operating cash flow

60


(89)


845


1,286












Discontinued operations

(45)


19


25


38

Capital spending

(50)


(57)


(90)


(143)

Internal use software spending

(26)


(24)


(24)


(23)

Acquisitions

(500)


(50)


(1)


(94)

Dividends

(135)


(153)


(152)


(148)

Repurchases of common stock

(312)


(313)


(312)


(313)

Debt issuance

-


-


-


992

Warrants exercised

13


110


-


-

Other

17


13


(2)


-



Total cash flow

$        (978)


$        (544)


$         289


$      1,595























*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Pro Forma Cash Flow Information has been prepared to reflect the reclassification of RAAS as a discontinued operation.












**

Working capital (excluding pension and income taxes) is a summation of changes in: contracts in process and advance payments and billings in excess of costs incurred, inventories, prepaid expenses and other current assets, accounts payable, accrued employee compensation, and other accrued expenses from the Statements of Cash Flows.












Attachment E - Pro Forma

Raytheon Company

Pro Forma Cash Flow Information*

Full Years 2011, 2010 and 2009












(In millions)

 Twelve Months Ended 







31-Dec-11


31-Dec-10


31-Dec-09

























Net income



1,896


1,879


1,976



Loss (Income) from discontinued operations, net of tax

(18)


(35)


5



Income from continuing operations

1,878


1,844


1,981














Depreciation 


311


298


293



Amortization



133


116


103



Working capital (excluding pension and income taxes)**

187


329


(49)



Other long-term liabilities


(25)


(344)


55



Pension and other postretirement benefits

(760)


(1,048)


(525)



Other



378


697


841





Net operating cash flow

2,102


1,892


2,699














Discontinued operations


37


50


27



Capital spending


(340)


(319)


(281)



Internal use software spending

(97)


(67)


(67)



Acquisitions



(645)


(152)


(334)



Dividends



(588)


(536)


(473)



Repurchases of common stock

(1,250)


(1,450)


(1,200)



Debt issuance


992


1,975


496



Debt repayment


-


(678)


(474)



Warrants exercised


123


250


-



Other



28


31


(10)





Total cash flow

$         362


$         996


$         383

























*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Pro Forma Cash Flow Information has been prepared to reflect the reclassification of RAAS as a discontinued operation.














**

Working capital (excluding pension and income taxes) is a summation of changes in: contracts in process and advance payments and billings in excess of costs incurred, inventories, prepaid expenses and other current assets, accounts payable, accrued employee compensation, and other accrued expenses from the Statements of Cash Flows.














Attachment F

Raytheon Company

Non-GAAP Financial Measures - Adjusted EPS, Adjusted Income and Adjusted Operating Margin*

First Quarter 2012













Adjusted EPS Non-GAAP Reconciliation


















(In millions, except per share amounts)





2012 Guidance






First Quarter


Low end


High end






2012


2011


of range


of range

Diluted earnings per share from continuing operations









attributable to Raytheon Company common stockholders

$     1.33


$     1.06


$     5.00


$     5.15

Per share impact of the FAS/CAS Adjustment (A)

0.14


0.16


0.55


0.55

Per share impact of the UK Border Agency (UKBA) LOC Adjustment (B)

-


0.16


-


-

Adjusted EPS (3), (4)

$     1.46


$     1.37


$     5.55


$     5.70























 (A) 

FAS/CAS Adjustment

$        70


$        89


$      284


$      284



Tax effect (1)

(24)


(31)


(99)


(99)


After-tax impact

46


58


185


185


Diluted Shares

338.7


360.8


336.0


334.0


Per share impact

$     0.14


$     0.16


$     0.55


$     0.55













 (B) 

UKBA LOC Adjustment

$           -


$        80


$           -


$           -



Tax effect (2)

-


(24)


-


-


After-tax impact

-


56


-


-


Diluted Shares

-


360.8


-


-


Per share impact

$           -


$     0.16


$           -


$           -













Adjusted Income Non-GAAP Reconciliation




















(In millions)













First Quarter










2012


2011





Income from continuing operations attributable to Raytheon Company









common stockholders

$      450


$      381





FAS/CAS Adjustment (1)

46


58





UKBA LOC Adjustment (2)

-


56





Adjusted Income (3), (5)

$      496


$      495

















Adjusted Operating Margin Non-GAAP Reconciliation 

















2012 Guidance






First Quarter


Low end


High end






2012


2011


of range


of range













Operating Margin

11.9 %


9.7 %


11.1 %


11.3 %

Impact of the FAS/CAS Adjustment

1.2 %


1.5 %


1.2 %


1.2 %

Impact of the UKBA LOC Adjustment

- %


1.3 %


- %


- %

Adjusted Operating Margin (3), (6)

13.1 %


12.5 %


12.3%


12.5 %

























*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Non-GAAP Financial Measures information has been prepared to reflect the reclassification of RAAS as a discontinued operation.













(1)

Tax effected at 35% federal statutory tax rate.













(2)

Tax effected at approximately 30% blended global tax rate.













(3)

These amounts are not measures of financial performance under U.S. generally accepted accounting principles (GAAP).  They should be considered supplemental to and not a substitute for financial performance in accordance with GAAP and may not be defined and calculated by other companies in the same manner.  These amounts exclude the FAS/CAS Adjustment and, from time to time, certain other items.  We are providing these measures because management uses them for the purposes of evaluating and forecasting the Company's financial performance and believes that they provide additional insights into the Company's underlying business performance.  We also believe that they allow investors to benefit from being able to assess our operating performance in the context of how our principal customer, the U.S. Government, allows us to recover pension and PRB costs and to better compare our operating performance to others in the industry on that same basis. Amounts may not recalculate directly due to rounding.













(4)

Adjusted EPS is diluted EPS from continuing operations attributable to Raytheon Company common stockholders excluding the EPS impact of the FAS/CAS Adjustment and, from time to time, certain other items. In addition to the FAS/CAS Adjustment, first quarter 2011 Adjusted EPS also excludes the impact of the UKBA LOC Adjustment, as previously disclosed. This adjustment was based on the UKBA's decision to draw down on the previously disclosed letters of credit provided by Raytheon Systems Limited (RSL). The determination of the validity of the draw down is now a subject of the ongoing arbitration proceedings related to the UKBA program. 













(5)

Adjusted Income is income from continuing operations attributable to Raytheon Company common stockholders excluding the after-tax impact of the FAS/CAS Adjustment and, from time to time, certain other items. In addition to the FAS/CAS Adjustment, first quarter 2011 Adjusted Income also excludes the after-tax impact of the UKBA LOC Adjustment, as described above.













(6)

Adjusted Operating Margin is defined as total operating margin excluding the margin impact of the FAS/CAS Adjustment and, from time to time, certain other items. In addition to the FAS/CAS Adjustment, first quarter 2011 Adjusted Operating Margin also excludes the impact of the UKBA LOC Adjustment, as described above.

Attachment F - Pro Forma (Page 1 of 2)

Raytheon Company

Pro Forma Non-GAAP Financial Measures - Adjusted EPS, Adjusted Income and Adjusted Operating Margin*

Quarters 2011 and Full Years 2011, 2010 and 2009







































Adjusted EPS Non-GAAP Reconciliation


































(In millions, except per share amounts)





















Three Months Ended


Twelve Months Ended







03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11


31-Dec-11


31-Dec-10


31-Dec-09

Diluted earnings per share from continuing operations















attributable to Raytheon Company common stockholders


$      1.06


$     1.20


$      1.42


$      1.56


$     5.22


$     4.79


$       4.91

Per share impact of the FAS/CAS Adjustment (A)


0.16


0.16


0.14


0.16


0.62


0.32


(0.13)

Per share impact of the UK Border Agency (UKBA) Program Adjustment (B)


-


-


-


-


-


0.75


-

Per share impact of the UKBA LOC Adjustment (C)


0.16


-


-


-


0.17


-


-

Per share impact of the favorable tax settlements(D)


-


-


(0.17)


-


(0.17)


(0.45)


-

Per share impact of the early debt retirement make-whole provision (E)


-


-


-


-


-


0.13


0.04

Per share impact of the acceleration of deferred gains related to terminated















interest rate swaps on retired debt (F)


-


-


-


-


-


(0.03)


(0.01)

Adjusted EPS (4), (5)


$      1.37


$     1.37


$      1.39


$      1.72


$     5.85


$     5.51


$       4.80







































 (A) 

FAS/CAS Adjustment


$         89


$       90


$        75


$        83


$      337


$      187


$         (80)



Tax effect (1)


(31)


(32)


(26)


(29)


(118)


(65)


28


After-tax impact


58


58


49


54


219


122


(52)


Diluted shares


360.8


357.1


351.4


345.1


353.6


377.0


395.7


Per share impact


$      0.16


$     0.16


$      0.14


$      0.16


$     0.62


$     0.32


$      (0.13)




















 (B) 

UKBA Program Adjustment


$           -


$          -


$           -


$           -


$           -


$      395


$            -



Tax effect (2)


-


-


-


-


-


(111)


-


After-tax impact


-


-


-


-


-


284


-


Diluted shares


-


-


-


-


-


377.0


-


Per share impact


$           -


$          -


$           -


$           -


$           -


$     0.75


$            -




















 (C) 

UKBA LOC Adjustment


$         80


$          -


$           -


$           -


$        80


$           -


$            -



Tax effect (3)


(24)


-


-


-


(20)


-


-


After-tax impact


56


-


-


-


60


-


-


Diluted shares


360.8


-


-


-


353.6


-


-


Per share impact


$      0.16


$          -


$           -


$           -


$     0.17


$           -


$            -




















 (D) 

Favorable tax settlements


$           -


$          -


$       (60)


$           -


$       (60)


$     (170)


$            -


Diluted shares


-


-


351.4


-


353.6


377.0


-


Per share impact


$           -


$          -


$     (0.17)


$           -


$    (0.17)


$    (0.45)


$            -




















(E)

Early debt retirement make-whole provision


$           -


$          -


$           -


$           -


$           -


$        73


$          22



Tax effect (1)


-


-


-


-


-


(26)


(8)


After-tax impact


-


-


-


-


-


47


14


Diluted shares


-


-


-


-


-


377.0


395.7


Per share impact


$           -


$          -


$           -


$           -


$           -


$     0.13


$       0.04




















(F)

Acceleration of deferred gains related to terminated interest rate swaps on retired debt


$           -


$          -


$           -


$           -


$           -


$       (15)


$          (6)











Tax effect (1)


-


-


-


-


-


5


2


After-tax impact


-


-


-


-


-


(10)


(4)


Diluted Shares


-


-


-


-


-


377.0


395.7


Per share impact


$           -


$          -


$           -


$           -


$           -


$    (0.03)


$      (0.01)





















*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Pro Forma Non-GAAP Financial Measures information has been prepared to reflect the reclassification of RAAS as a discontinued operation.





















(1)

Tax effected at 35% federal statutory tax rate.
























(2)

Tax effected at approximately 28% blended global tax rate.





















(3)

Three Months Ended April 3, 2011 Tax effected at approximately 30% blended global tax rate.  Twelve Months ended Dec 31, 2011 Tax effected at approximately 25% blended global tax rate. 





















(4)

These amounts are not measures of financial performance under U.S. generally accepted accounting principles (GAAP).  They should be considered supplemental to and not a substitute for financial performance in accordance with GAAP and may not be defined and calculated by other companies in the same manner.  These amounts exclude the FAS/CAS Adjustment and, from time to time, certain other items.  We are providing these measures because management uses them for the purposes of evaluating and forecasting the Company's financial performance and believes that they provide additional insights into the Company's underlying business performance.  We also believe that they allow investors to benefit from being able to assess our operating performance in the context of how our principal customer, the U.S. Government, allows us to recover pension and postretirement benefits (PRB) costs and to better compare our operating performance to others in the industry on that same basis. Amounts may not recalculate directly due to rounding.





















(5)

Adjusted EPS is diluted EPS from continuing operations attributable to Raytheon Company common stockholders excluding the EPS impact of the FAS/CAS Adjustment and, from time to time, certain other previously disclosed items as set forth above in the reconciliation.


























































Attachment F - Pro Forma (Page 2 of 2)

Raytheon Company

Pro Forma Non-GAAP Financial Measures - Adjusted EPS, Adjusted Income and Adjusted Operating Margin*

Quarters 2011 and Full Years 2011, 2010 and 2009







































Adjusted Income Non-GAAP Reconciliation


































(In millions)























Three Months Ended


Twelve Months Ended







03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11


31-Dec-11


31-Dec-10


31-Dec-09

Income from continuing operations attributable to Raytheon Company















common stockholders


$       381


$      430


$       498


$       539


$    1,848


$    1,805


$     1,940

FAS/CAS Adjustment (1)


58


58


49


54


219


122


(52)

UKBA Program Adjustment (2)


-


-


-


-


-


284


-

UKBA LOC Adjustment (3)


56


-


-


-


60


-


-

Favorable tax settlement


-


-


(60)


-


(60)


(170)


-

Early debt retirement make-whole provision (1)


-


-


-


-


-


47


14

Acceleration of deferred gains related to terminated interest rate swaps on retired















debt (1)



-


-


-


-


-


(10)


(4)

Adjusted Income (4), (5)


$       495


$      488


$       487


$       593


$    2,067


$    2,078


$     1,898




















Adjusted Operating Margin Non-GAAP Reconciliation 








































Three Months Ended


Twelve Months Ended







03-Apr-11


03-Jul-11


02-Oct-11


31-Dec-11


31-Dec-11


31-Dec-10


31-Dec-09




















Operating Margin


9.7 %


10.8 %


11.8 %


13.2 %


11.4 %


10.4 %


12.3 %

Impact of the FAS/CAS Adjustment


1.5 %


1.5 %


1.2 %


1.3 %


1.4 %


0.7 %


(0.3) %

Impact of UKBA Program Adjustment


- %


- %


- %


-  %


-  %


1.4 %


-  %

Impact of the UKBA LOC Adjustment


1.3 %


- %


- %


-  %


0.3 %


-  %


-  %

Adjusted Operating Margin (4), (6)


12.5 %


12.3 %


13.0 %


14.5 %


13.1 %


12.5 %


12.0 %








































*

As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio (Raytheon Airline Aviation Services LLC (RAAS)) and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Pro Forma Non-GAAP Financial Measures information has been prepared to reflect the reclassification of RAAS as a discontinued operation.





















(1)

Tax effected at 35% federal statutory tax rate.
























(2)

Tax effected at approximately 28% blended global tax rate.





















(3)

Three Months Ended April 3, 2011 Tax effected at approximately 30% blended global tax rate.  Twelve Months ended Dec 31, 2011 Tax effected at approximately 25% blended global tax rate. 
























(4)

These amounts are not measures of financial performance under U.S. generally accepted accounting principles (GAAP).  They should be considered supplemental to and not a substitute for financial performance in accordance with GAAP and may not be defined and calculated by other companies in the same manner.  These amounts exclude the FAS/CAS Adjustment and, from time to time, certain other items.  We are providing these measures because management uses them for the purposes of evaluating and forecasting the Company's financial performance and believes that they provide additional insights into the Company's underlying business performance.  We also believe that they allow investors to benefit from being able to assess our operating performance in the context of how our principal customer, the U.S. Government, allows us to recover pension and postretirement benefits (PRB) costs and to better compare our operating performance to others in the industry on that same basis. Amounts may not recalculate directly due to rounding.





















(5)

Adjusted Income is income from continuing operations attributable to Raytheon Company common stockholders excluding the after-tax impact of the FAS/CAS Adjustment and, from time to time, certain other previously disclosed items as set forth above in the reconciliation.





















(6)

Adjusted Operating Margin is defined as total operating margin excluding the margin impact of the FAS/CAS Adjustment and, from time to time, certain other previously disclosed  items as set forth above in the reconciliation.

Attachment G

Raytheon Company

Preliminary Return on Invested Capital Non-GAAP Financial Measure

First Quarter 2012


As previously disclosed in the Company's 2011 Annual Report on Form 10-K, during the first quarter of 2012 we completed the disposal or abandonment of the remaining individual assets of our former turbo-prop commuter aircraft portfolio, Raytheon Airline Aviation Services LLC (RAAS), and all operations have ceased.  As a result of the sale of the remaining operating assets, we have reported RAAS as a discontinued operation.  This Preliminary Return on Invested Capital Non-GAAP Financial Measure has been prepared to reflect the reclassification of RAAS as a discontinued operation.


We define ROIC as income from continuing operations excluding the after-tax effect of the FAS/CAS Adjustment and, from time to time, certain other items, plus after-tax net interest expense plus one-third of operating lease expense after-tax (estimate of interest portion of operating lease expense) divided by average invested capital after capitalizing operating leases (operating lease expense times a multiplier of 8), adding financial guarantees less net investment in Discontinued Operations, and adding back the liability for defined benefit pension plans and postretirement benefit plans, net of tax.  2011 ROIC also excludes from income from continuing operations the $60 million after-tax effect of the UKBA LOC Adjustment and the $60 million impact of the favorable tax settlement, both as previously disclosed.  ROIC is not a measure of financial performance under generally accepted accounting principles (GAAP) and may not be defined and calculated by other companies in the same manner. ROIC should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company uses ROIC as a measure of the efficiency and effectiveness of its use of capital and as an element of management compensation.



Return on Invested Capital




(In millions, except percentages)





2011

Income from continuing operations

$            1,878

FAS/CAS Adjustment (1)

219

Q1 2011 UK Border Agency (UKBA) LOC adjustment (2)

(60)

Q3 2011 favorable tax settlement

60

Net interest expense (1)

102

Lease expense (1)

59

Return

$            2,258



Net debt (3)

$               289

Equity less investment in discontinued operations

9,132

Lease expense x 8, plus financial guarantees

2,762

Pension and PRB liability, net of related tax benefit

3,774

Invested capital from continuing operations (4)

$          15,957



ROIC

14.2%




(1)

Net of tax, calculated utilizing the federal statutory tax rate of 35%

(2)

Net of tax, calculated utilizing the UK statutory tax rate in effect in 2011 of 25%

(3)

Net debt is defined as total debt less cash and cash equivalents and is calculated using a 2-point average

(4)

Calculated using a 2-point average



SOURCE Raytheon Company

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