More on Raytheon Q1: Net profit +22% but shares slide

|About: Raytheon Company (RTN)|By:, SA News Editor

Raytheon (RTN) net profit rises to $596M from $488M a year earlier, helped by a tax credit and favorable pension adjustments.

Bookings rose to $4.3B from $3.6B and are forecast to exceed $7B in Q2.

International demand remains strong, and the company expects foreign orders to account for nearly 30% of sales and almost 40% of bookings in 2014.

Operating margin increased to 14.3% from 12%.

Sales and operating income fell at three out of Raytheon's four divisions, although the intelligence, information & services unit enjoyed a 1% rise in operating profit despite a 5% fall in sales.

Raytheon maintained its FY guidance for EPS of $5.76-5.91 vs consensus of $6.94 and revenue of $22.5-23B vs $22.82B.

Shares -5.6%. (PR)