Raytheon tops 4Q profit forecasts
WALTHAM, Mass. (AP) — Raytheon blew past Wall Street’s profit expectations for the fourth quarter and said Thursday that it expects both profit and revenue to improve this year.
The Waltham, Massachusetts, company earned $571 million, or $1.89 per share. Adjusted for one-time gains and costs, Raytheon’s per-share earnings of $1.93 were well above the $1.79 projected by analysts, according to Zacks Investment Research.
The defense contractor posted revenue of $6.33 billion.
For the year, the company reported profit of $2.07 billion, or $6.80 per share. Revenue was reported as $23.25 billion.
Raytheon expects full-year earnings for 2016 to be $6.80 to $7 per share, with revenue in the range of $24 billion to $24.5 billion.
Shares of Raytheon Co. have fallen 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased nearly 8 percent. The stock has climbed 13 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RTN at http://www.zacks.com/ap/RTN
Keywords: Raytheon, Earnings Report