Raytheon (RTN +1.8%) moes up aon a solid Q1 beat earlier this morning. Net earnings rose 8.9%...

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

Raytheon (RTN +1.8%) moes up aon a solid Q1 beat earlier this morning. Net earnings rose 8.9% Y/Y, largely due to a tax credit, as the defense company reported a slight 1% dip in revenue as well as a 30% decline in bookings and reduced backlog. The company raises its FY13 EPS estimate to between $5.75 and $5.90 from previous estimates of $5.65 to $5.80, but lowers its revenue view to around $23.2B to $23.7B from $23.6B to $24.1B. The company cites expectations for spending cuts coming out the sequester for the revenue reduction.