Raytheon profit beats Street, raises full-year forecast

U.S. weapons maker Raytheon Co on Thursday reported higher-than expected earnings and revenues for the second quarter, and joined other major defense companies in raising its forecast for the full year despite Pentagon budget cuts.

The company, which makes Patriot missiles and a wide array of other military equipment, said it now expects earnings per share of $5.51 to $5.61 from continuing operations for the full year, up from an earlier forecast of $5.26 to $5.41.

Raytheon said second-quarter earnings per share rose to $1.50 from $1.41 in the year earlier period, while net income attributable to Raytheon rose to $488 million from $471 million.

Analysts polled by Thomson Reuters I/B/E/S had expected earnings per share of $1.30 on $5.8 billion in revenues.

Revenue, which had fallen in the first quarter, expanded by 2.1 percent to $6.12 billion in the second quarter, Raytheon said. It raised its forecast for full-year revenues to a range of $23.5 billion to $23.7 billion, up from an earlier forecast of $23.2 billion to $23.7 billion.

Raytheon's results were largely in line with those reported earlier this week by Lockheed Martin Corp , Northrop Grumman Corp and other big weapons makers.

(Reporting by Andrea Shalal-Esa; Editing by Gerald E. McCormick)