Operating cash flow from continuing operations of $1,141 million in the quarter increased 40.3% year over year. Long-term debt was $5,335 million, up from outstanding debt of $5,330 million as of Dec 31, 2015. Raytheon ended the fourth quarter with cash and cash equivalents of $3,303 million, up from $2,328 million as of Dec 31, 2015. The joint-venture entity registered operating income of $11 million in the reported quarter, at par with the year-ago figure. Operating income decreased 3.3% to $231 million due to a change in program mix.įorcepoint: The commercial cybersecurity company generated net sales of $143 million in the fourth quarter, up from $133 million a year ago. Space and Airborne Systems: Revenues in the quarter inched up 2.2% year over year to $1,612 million. Operating income increased to $260 million from $258 million a year ago. Missile Systems: Segment revenues grew to $1,895 million from $1,879 million a year ago, buoyed by higher sales of Paveway. Operating income in the reported quarter rose 9% to $121 million from $111 million a year ago, primarily driven by higher net program efficiencies. Intelligence, Information and Services: Segment revenues of $1,518 million were lower than the year-ago level of $1,537 million. Operating income declined 22% to $219 million, thanks to decreased volume. Integrated Defense Systems: Segment revenues fell 9.7% year over year to $1,406 million due to lower sales on the Air Warfare Destroyer (AWD) program and an international communications program. Operating income of $862 million rose 4.1% from $828 million a year ago. Total operating expenses contracted 2.2% to $5,376 million. Funded backlog was $25.6 billion, up from $25.1 billion at 2015-end. Total backlog at the end of the quarter was $36.9 billion, up from $34.7 billion at 2015-end. The company’s bookings in the fourth quarter were $7,577 million compared with $7,861 million in the year-ago quarter, reflecting a decrease of 3.6%. Revenues for full-year 2016 stood at $24 billion, up from $23.2 billion in 2015. The reported number also missed the Zacks Consensus Estimate of $6,515 million by 4.2%. The company’s fourth-quarter revenues of $6,238 million saw a 1.4% year-over-year fall. In 2016, earnings from continuing operations came in at $7.55, up 11.7% from $6.76 in the year-ago period. Raytheon reported fourth-quarter 2016 adjusted earnings from continuing operations of $1.88 per share, beating the Zacks Consensus Estimate of $1.86 by 1.1%. Raytheon Beats Q4 Earnings Estimates, Gives '17 View Will the recent positive trend continue leading up to the stock’s next earnings release, or is it due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Shares have added about 7.4% in that time frame, outperforming the market. It has been about a month since the last earnings report for Raytheon Company RTN.
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