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Raytheon Reports 8 Percent Increase in Strong 2019 Second Quarter Results; Thomas Kennedy Quoted

2 mins read
Thomas Kennedy
Thomas Kennedy

Raytheon announced on Thursday that the company’s net sales were $7.2 billion in the second quarter of 2019, which represents an 8.1 percent increase compared to the $6.6 billion from last year’s results. The company reports the increase was driven by operational improvements and pension-related items, partially offset by a favorable tax-related EPS impact of $0.33.

“Raytheon had very strong second quarter operating results, with our bookings, sales, operating margin, EPS and cash flow all exceeded our expectations,” said Thomas A. Kennedy, Raytheon chairman and CEO and 2019 Wash100 Award winner. “We begin the second half with continued confidence in our growth outlook given our innovative technologies, breadth of franchises, and record backlog.”

In addition, Raytheon reports its operating cash flow was $823 million for this quarter. The company repurchased 1.7 million shares of common stock for $300 million. Activities are also progressing well for the merger between Raytheon and United Technologies.

“Integration planning for the merger with United Technologies is progressing well, with the integration team developing detailed execution plans to capture revenue and cost synergies rapidly and ensure seamless operations post close. We continue to expect the transaction to close in the first half of 2020,” Kennedy explained.

About Raytheon

Raytheon Company, with 2018 sales of $27 billion and 67,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 97 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I products and services, sensing, effects, and mission support for customers in more than 80 countries.

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