Raytheon Q2 Profit From Cont. Ops. Rises; Updates Full Year Guidance

(RTTNews) - Raytheon Company (RTN) reported second quarter 2015 income from continuing operations attributable to company of $504 million compared to $499 million, a year ago. EPS from continuing operations was $1.65 compared to $1.59.

Raytheon noted that its second quarter 2015 EPS from continuing operations included a favorable FAS/CAS Adjustment of $0.10. In addition, second quarter 2015 EPS from continuing operations included, a $0.29 favorable impact from a tax settlement. It also included a $0.09 unfavorable impact associated with Raytheon|Websense acquisition accounting adjustments and acquisition related costs.

On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.62 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $5.85 billion compared to $5.70 billion in the second quarter 2014. Analysts expected revenue of $5.48 billion for the quarter.

The company has updated its financial outlook for 2015 to reflect improved operating performance to date compared to prior guidance and the impact of the Raytheon|Websense transaction.

Net sales are now expected to be in the range of $22.7 billion to $23.2 billion, compared to previous guidance of $22.3 billion to $22.8 billion. EPS from Continuing Operations is now expected to be in the range of $6.47 - $6.62, compared to previous guidance of $6.67 - $6.82.

Analysts expect the company to report earnings per share of $6.39 on revenue of $22.80 billion.