Business

Raytheon beats estimates in 4th quarter

A Raytheon missile system is tested by the Navy.
A Raytheon missile system is tested by the Navy.Credit: Raytheon/file/2010

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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.

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