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Raytheon boosts earnings forecast after strong quarter

Raytheon Co raised its profit forecast for 2013 on Thursday after a stronger-than-expected jump in first-quarter earnings, the only major arms company to do so despite fresh U.S. defense budget cuts.Raytheon, which makes the Patriot missile and a wide array of other military equipment, also raised its forecast for full-year cash flow, and its shares climbed 1 percent to $58.72 in morning trading.Chief Financial Officer David Wajsgras said U.S. bookings will likely be trimmed by $400 million to $600 million this year due to mandatory U.S. budget cuts. He said that amount was in line with Raytheon's expectations and recent talks with the Pentagon had not resulted in any surprises."We have been talking about sequestration for well over a year. What we see today is not really different from what we had been expecting," Wajsgras told Reuters in an interview.Chief Executive William Swanson told analysts that Raytheon was well prepared to deal with the budget cuts, describing them as "a speed...

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