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RTN

Raytheon Company

6/20/2013, 2:16 AM ET

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Tuesday, June 18, 11:37 AM Raytheon (RTN +0.3%) says it's received a $115.9M contract to provide engineering services for the Patriot Air and Missile Defense System. Under the contract, RTN will provide systems analysis, software development, testing and logistics support, as well as other NATO country-specific system requirements. Comment! [Global & FX]
Tuesday, June 18, 4:23 AM Paris Air Show: While defense companies are being hit by sequestration at home, they are enjoying increasing demand abroad for fighter jets, missile defense systems and other weapons. Air force sales doubled to $22B over the past two years, while the likes of Raytheon (RTN) are overbooked with meetings in Paris this week. Other vendors to benefit include Boeing (BA), United Tech (UTX), Lockheed Martin (LMT) and Textron (TXT). Comment!
Thursday, May 30, 5:55 PM Raytheon (RTN) declares $0.55/share quarterly dividend, in line with previous. Forward yield 3.27%. For shareholders of record July 3. Payable Aug 8. Ex-div date July 1. (PR) Comment! [Dividends]
Thursday, May 30, 3:56 PM Raytheon (RTN +0.3%) books a $106M direct contract from an international customer for its Paveway II family of precision-guided munitions. The contract includes kits for both GBU-12 and GBU-58 guided bombs. Paveway is designed to transform "dumb" bombs into precision-guided munitions. The contract order was booked for Q213. Comment! [Global & FX]
Thursday, May 30, 7:53 AM Goldman is out with upgrades for the defense contractors: Northrop Grumman (NOC) is taken to Buy from Neutral (PT, $95) as it transitions to "a consistent performer with above average margins" and is now "arguably the most shareholder-friendly defense prime" (I, II); Lockheed Martin (LMT) is "in the sweet spot of Pentagon priorities" and lands on the coveted Conviction Buy list with a PT of $127; Raytheon (RTN) gets a Neutral from Sell bump (PT, $70) as Goldman "underestimated the multiple the market would pay for cash generation and dividend yield." LMT +2% premarket, NOC +1.34% premarket. 3 Comments [On the Move]
Tuesday, May 28, 5:13 AM Chinese hackers have stolen the designs for some of the U.S.'s most advanced weapons' systems, a study for the Pentagon has reportedly alleged. The programs to have been breached include missile systems from Raytheon (RTN) and Lockheed Martin (LMT), and aircraft made by Boeing (BA), Textron's (TXT) Bell Helicopter and United Technology's (UTX) Sikorsky. Pentagon officials are not surprisingly frustrated by the degree of theft from the contractors. 13 Comments [Top Stories]
Friday, April 26, 4:42 PM Defense companies post strong gains on the week after reports from Raytheon (earnings), Lockheed Martin (earnings), Boeing (earnings), General Dynamics (earnings), and Northrop Grumman (earnings). In a note raising his price target on RTN ($63), Credit Suisse analyst Robert Spinarn summarizes the sector's strong quarterly results: "RTN's Q1 mirrored that of its peers, with a strong EPS beat against consensus, driven by sales and margins [and] in keeping with what we've seen at GD, LMT, and NOC, RTN's FY guidance now incorporates its assessment of the Sequester." On the week: LMT +2.49% , RTN +5% , NOC +4.4% , BA +5.2% , GD +8.89%. Comment!
Thursday, April 25, 1:36 PM 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. Comment! [Earnings, On the Move]
Thursday, April 25, 8:56 AM More on Raytheon (RTN) Q1: net profit from continuing operations +8.9% to $490M. Sequestration to slice $400-600M off bookings in 2013, although 20% growth in international orders should help ease the pain. Still, RTN cuts its revenue outlook to $23.2-23.7B from an earlier forecast of $23.6-24.1B and vs consensus of $23.8B; however, Raytheon ups its EPS guidance to $5.26-5.41 from $5.16-5.31 and vs consensus of $5.32. Comment! [Earnings]
Thursday, April 25, 8:49 AM Raytheon (RTN): Q1 EPS of $1.49 beats by $0.21. Revenue of $5.9B beats by $0.2B. (PR) Comment! [Earnings, Breaking News]
Thursday, April 25, 7:07 AM Raytheon (RTN): Q1 EPS of $1.56 beats by $0.28. Revenue of $5.87B beats by $0.17B. (PR) Comment! [Earnings, Breaking News]
Friday, April 19, 3:32 PM Raytheon (RTN +1.8%) says its subsidiary, Raytheon Professional Services, has delivered the launch training program for the Chevrolet Trax Urban Life Vehicle, its first training event in its contract to manage dealer training for General Motors (GM +0.4%) Korea Company. As part of the contract, RTN will manage content development and training administration services for GM Korea's sales, nontechnical after sales and technical dealer personnel, as well as sales and nontechnical training for GM Korea's Chevrolet dealer training program in the RoK. 1 Comment [Global & FX, On the Move, Consumer]
Monday, April 15, 3:23 PM 2012 marked the first annual contraction in global defense spending in a decade and a half according to Bloomberg, quoting the Stockholm International Peace Research Institute. Between austerity in Europe and the scaling back of defense expenditures associated with Afghanistan in the U.S., global military expenditures were down 0.5% last year in real terms. China meanwhile, increased its outlays by nearly 8% and may overtake the U.S. in less than 10 years. Comment!
Tuesday, April 2, 7:05 PM Citi strategists tweak the criteria for their top dividend-paying stock picks, lowering the standard for dividend yield while adding a new filter for dividend momentum “to give more emphasis on dividend safety and growth." The full list: MO, AEP, T, AVB, BMY, ED, D, DD, DUK, INTC, KMB, KRFT, LLY, MCD, MRK, MSFT, NU, NOC, OXY, PFE, PM, RTN, SRE, SO, SYY, XEL. 5 Comments [Quick Ideas]
Monday, April 1, 10:11 AM Defense contract awards: Lockheed Martin (LMT -1.3%) gets $57M contract from U.S. Navy for upgrades of ships' defense systems and Raytheon (RTN -1.5%) lands $155.6M deal from German navy for Rolling Airframe Missiles. 1 Comment
Thursday, March 28, 9:36 AM Raytheon (RTN +1%) seeks to equip fighter pilots with "3-D audio," a derivation of the directional sound moviegoers enjoy at the theater. New technology will eliminate the need for pilots to interpret visual displays: "You always hear them from where they actually are … you don’t have to interpret anything," the company says. Comment!

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