Raytheon Earnings And Revenue Beat Estimates, Outlook Updated

Raytheon Co. reported second quarter net income of $553 million, or $1.89 per share, down from $717 million, or $2.41 per share, for the same period last year. The FactSet consensus was $1.76. Revenue for the quarter totaled $6.28 billion, up from $6.03 billion last year and ahead of the $6.23 billion FactSet consensus. Bookings in the second quarter were $6.5 billion versus $7.1 billion the prior year and backlog was $36.2 billion, up about $1.1 billion from the previous year. Raytheon sees 2017 sales of $25.1 billion to $25.6 billion versus previous guidance of $24.9 billion to $25.4 billion. EPS is expected to be $7.35 to $7.50 compared with previous guidance of $7.25 to $7.40. The FactSet consensus is for full-year revenue of $25.2 billion and EPS of $7.48. Raytheon shares are unchanged in Thursday premarket trading and up 19% for the year so far.