Sales down, profit up at Raytheon
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Despite a drop in net sales for the quarter, cost-cutting helped Waltham-based defense contractor Raytheon, which has operations in Central Mass., see its net profit for the third quarter swell to $519 million or $1.62 per share compared with $493 million or $1.52 per share a year earlier, it reported Thursday.
Net sales for the third quarter of 2014 were $5.5 billion compared to $5.8 billion in the third quarter of 2013, Raytheon said.
Additionally, the company reported strong order intake, with bookings of $5.9 billion in the quarter, which lifted its book-to-bill ratio to 1.07. Year-to-date 2014 bookings were $16.9 billion compared to year-to-date 2013 bookings of $14.6 billion, an increase of $2.3 billion, the company added.
"Raytheon's solid third quarter operating results reflect strong program execution and our continued focus on operational efficiency," said Thomas A. Kennedy, Raytheon's chairman and CEO in a statement. "Bookings strength across our broad portfolio of proven technology solutions positions the company well for the future."
The company also bumped up the low end of its expected earnings range for the year from $22.5 to $22.7 billion, while its high estimate stayed firm at $23 million.
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