Raytheon Company announced third quarter 2014 EPS from continuing operations of $1.65 compared to $1.51 in the third quarter 2013. Third quarter 2014 EPS from continuing operations was reduced by $0.06[2] due to the enactment of pension funding stabilization as part of the Highway and Transportation Funding Act of 2014 (HATFA) and other actuarial updates. Third Quarter 2014 Adjusted EPS was $1.57 per diluted share compared to $1.60 per diluted share in the third quarter 2013. Third Quarter 2014 Adjusted EPS excluded a favorable FAS/CAS Adjustment of $0.09. Third quarter 2013 Adjusted EPS excluded an unfavorable FAS/CAS Adjustment of $0.09. Net sales for the third quarter 2014 were $5.5 billion compared to $5.8 billion in the third quarter 2013.
“Raytheon’s solid third quarter operating results reflect strong program execution and our continued focus on operational efficiency,” said Thomas A. Kennedy, Raytheon’s Chairman and CEO. “Bookings strength across our broad portfolio of proven technology solutions positions the company well for the future.”
The Company had bookings of $5.9 billion in the third quarter 2014, resulting in a book-to-bill ratio of 1.07. In the third quarter 2013, bookings were $5.7 billion. Year-to-date 2014 bookings were $16.9 billion compared to year-to-date 2013 bookings of $14.6 billion, an increase of $2.3 billion.
Strong bookings of $5.9 billion; book-to-bill of 1.07
– Net sales of $5.5 billion
– Reported operating margin of 13.9 percent; Adjusted Operating Margin[1] of 13.2 percent
– EPS from continuing operations of $1.65; Adjusted EPS[1] of $1.57
– Solid operating cash flow from continuing operations of $423 million in third quarter 2014 and $1.2 billion year-to-date 2014