Raytheon profit up on missile sales

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Raytheon Co., the world's fifth-largest defense contractor, said its first-quarter profit rose 21 percent on strong sales of missiles and battle operations communications systems and improving results at an aircraft unit that it sold last month.

The Waltham company said net income for the January-March period was $346 million, or 76 cents per share, compared with $287 million, or 64 cents per share, in last year's first quarter.

Sales rose 6 percent to $4.93 billion from $4.66 billion a year ago, narrowly beating the consensus estimate of analysts surveyed by Thomson Financial, who forecast sales of $4.9 billion.

The latest quarter's net income was boosted by a profit of $32 million, or 7 cents per share, from discontinued operations, primarily Raytheon Aircraft Co., a Wichita, Kan.-based unit sold in a $3.3 billion deal that closed March 26. In the year-ago period, the profit at the aircraft unit and other discontinued operations was $15 million, or 3 cents per share.

Excluding the gain from those operations, Raytheon's profit in the latest quarter was $314 million, or 69 cents per share, beating the estimate of analysts, who expected a profit of 63 cents per share. (AP)

Genzyme boosts forecast for 2007

Genzyme Corp., the world's biggest maker of enzyme-replacement therapies, raised its 2007 forecast after profit climbed 57 percent on sales of treatments for rare genetic disorders and kidney disease.

First-quarter net income rose to $158.2 million, or 57 cents a share, from $101 million, or 37 cents, a year earlier, the Cambridge company said. Excluding costs, Genzyme earned 78 cents a share, beating analysts' estimates by 4 cents and sending shares up as much as 2.7 percent.

Revenue rose 21 percent to $883.2 million on the strength of therapies for rare genetic disorders such as Cerezyme, a treatment for Gaucher's disease, and its newest product, Myozyme, which treats Pompe disease. Medicines for rare diseases account for almost half of the company's revenue.

Excluding stock option expenses and other costs, Genzyme now expects to earn $3.20 to $3.30 a share, up from its previous forecast or $3.05 or $3.15 a share. (Bloomberg)

Revenue growth pushes Akamai

Akamai Technologies Inc., a provider of technology used to stream video and multimedia content on the Web, said its first-quarter profit surged 67 percent on solid revenue growth.

But investors were unimpressed and sent the company's shares sharply lower in the final minutes of trading.

Net income for the quarter was $19.2 million, or 11 cents per share, up from $11.5 million, or 7 cents per share, for the first quarter of 2006.

Excluding certain expenses, income in the latest quarter was $50.7 million, or 28 cents per share. Revenue for the quarter was $139.3 million, up 53 percent from $90.8 million in the year-ago period.

Analysts expected earnings of 28 cents per share on $138.8 million in revenue. (AP)

New deposits help AMG advance

Affiliated Managers Group, a US company that owns stakes in two dozen investment firms, said first-quarter earnings rose 3.9 percent because of new deposits in alternative investments and international equities.

Net income advanced to $36.6 million, or 93 cents a share, from $35.2 million, or 81 cents, a year earlier, the Beverly company said. Revenue climbed 11 percent to $309.8 million, trailing analysts' estimates of $330.7 million in a Bloomberg survey.

Affiliated Managers has increased earnings for 15 consecutive quarters, helped by acquisitions and growth at its investment affiliates. The company controls managers in fast-growing investment markets, including hedge-fund firm AQR Capital Management and Chicago Equity Partners, which both use computer- driven mathematical formulas to pick stocks. (Bloomberg)

Cytyc reports loss for first quarter

Cytyc Corp. swung to a first-quarter loss of $51.2 million, or 45 cents a share, from a year-earlier profit of $29.4 million, or 24 cents a share.

Excluding $89.5 million in acquisition charges, earnings were $38.3 million, or 32 cents a share.

The Marlborough medical technology company said net sales rose 20 percent to $168.9 million from $140.5 million a year ago.

Analysts expected first-quarter earnings of 31 cents a share and revenue of $164.9 million. (Dow Jones)

Income surges at Parametric

Parametric Technology Corp. said its fiscal second-quarter net income surged 62 percent to $17.4 million, or 15 cents a share, from $10.8 million, or 9 cents a share in the year-ago period.

The Needham publishing-services provider said excluding stock-based compensation, the amortization of acquisition-related intangible assets, and tax effect, earnings were $28.2 million, or 24 cents a share.

Revenue in the recent quarter grew 14 percent to $228.1 million from $200.2 million last year.

Analysts expected profit of 24 cents a share on revenue of $228.7 million. Analyst earnings estimates generally exclude items.

For the third quarter, Parametric forecasts earnings of 15 cents to 18 cents a share, or 26 cents to 29 cents a share before items, with revenue of $235 million to $240 million. Analysts are looking for, on average, third-quarter earnings of 32 cents a share. (Dow Jones)