This is a summary. To read the whole story subscribe to BostonGlobe.com
Defense contractor Raytheon Co. moved higher, beating profit estimates for the fourth quarter even as sales dropped amid US budget cuts. Net income from continuing operations rose less than 1 percent to $467 million, or $1.46 a share, compared with $466 million, or $1.41, a year earlier. Sales fell 8.8 percent to $5.87 billion. All four divisions reported sales declines, led by an 11 percent plunge in space and airborne systems. For the year, sales fell 2.9 percent to $23.7 billion. The company expects sales to drop further in 2014, but it said operating margins, international sales, and profits would remain strong, buoyed partly by a sharp rise in pension income.
Full story for BostonGlobe.com subscribers.
Get the full story with unlimited access to BostonGlobe.com.
Just 99 cents for four weeks.