Raytheon earnings rise 42 percent

(The image above was taken from Raytheon's website.)

Raytheon Co., the Waltham defense contractor, said today that second-quarter earnings rose 42 percent, driven by sales gains across its divisions and lower pension expenses. The company also raised its outlook for the year.

Raytheon, which makes missiles and other defense electronics, said it earned $427 million or $1.01 per share, compared with $299 million, or 68 cents per share, a year ago. The 2007 results were pushed down 18 cents per share by a loss related to the sale of a business unit.

Revenue rose 12 percent to $5.8 billion.

Analysts surveyed by Thomson Reuters were expecting 96 cents per share.

Raytheon expects to earn $3.95 to $4.00 per share in 2008, compared with $3.80 to $3.95 per share. Analysts are expecting $3.99 per share. (AP)