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Raytheon (RTN) 4Q Earnings Decline 13.5 Pct, Yet Beat Estimates

 January 24, 2013 08:12 AM

(By Balaseshan) Raytheon Co. (NYSE:RTN) reported a 13.5% decline in quarterly earnings on higher costs and expenses. Results exceeded Street's expectations and the US missile maker issued fiscal 2013 guidance.

Profit from continuing operations fell 13.5% to $466 million for the fourth quarter, while earnings per share (EPS) declined 9.6% to $1.41. Adjusted EPS decreased to $1.60 from $1.72.

Sales marginally rose 0.3% to $6.44 billion.

Analysts, on average, polled by Thomson Reuters had expected a profit of $1.31 per share on revenue of $6.41 billion for the fourth quarter.

Sales from Integrated Defense Systems (IDS) increased 2% to $1.32 billion, primarily due to higher sales on a missile defense radar program for an international customer. Sales from Intelligence and Information Systems (IIS) marginally rose 0.3% to $755 million.

[Related -Lockheed Martin Corporation (NYSE:LMT): How A Small Budget Deal Impacts Defense Contractors?]

Missile Systems (MS) sales increased 4% to $1.544 billion, primarily driven by higher sales on the Standard Missile-3 (SM-3) and Rolling Airframe Missile (RAM) programs Sales from Network Centric Systems (NCS) marginally declined 0.4% to $1.133 billion due primarily to lower sales on U.S. Army production programs.

Space and Airborne Systems (SAS) sales rose 3% to $1.377 billion, primarily due to higher net sales on an international tactical radar program, while sales from Technical Services (TS) declined 6% to $831 million due to lower net sales on a National Science Foundation (NSF) Polar contract.

[Related -Raytheon Company (RTN) Dividend Stock Analysis]

Bookings for the fourth quarter grew to $7.89 billion from $7.15 billion. Backlog increased to $36.18 billion from $35.31 billion, while funded backlog rose to $24.05 billion from $22.46 billion.

Looking ahead into the fiscal 2013, the company expects its adjusted EPS of $5.65 to $5.80, its EPS from continuing operations of $5.16 to $5.31, and net sales of $23.6 billion to $24.1 billion. Street analysts predict EPS of $5.43 on revenue of $24.05 billion for the full year.

RTN closed Wednesday's regular session down 0.29% at $58.20. The stock has been trading between $47.50 and $59.34 for the past 52 weeks.

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