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RTN

Raytheon Company

5/19/2013, 9:45 AM ET

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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!
Tuesday, March 26, 7:58 AM Drexel Hamilton upgrades Raytheon (RTN) to Hold from Sell with $45 price target. The company announced plans to cut 200 jobs and streamline its businesses yesterday for total annual cost savings of $85M. 3 Comments
Tuesday, March 26, 12:25 AM Raytheon (RTN) will recognize $85M in cost savings annually by cutting 200 jobs and reducing its business units to four. The company's Network Centric Systems business will be split up and the parts allocated to the remaining businesses. The company's CEO says the changes "will help enhance productivity, agility and affordability in a challenging defense market environment." Defense spending cuts are forcing contractors to be nimble in order to preserve profitability. Comment!
Wednesday, March 20, 5:00 PM Raytheon Company (RTN) declares $0.55/share quarterly dividend, 10% increase from prior dividend of $0.50. Forward yield 3.86%. For shareholders of record Apr. 03. Payable May 02. Ex-div date Apr. 01. (PR) Comment! [Dividends]
Monday, March 11, 1:30 PM Raytheon (RTN -0.2%) says it successfully tested an upgrade to its SM-3 ballistic missile interceptor to help pave the way for European navies to protect the region against long-range weapons from countries such as Iran. The tests involved a radar used jointly by Dutch, German and Danish navies which provides target information to the interceptor, thus adding to the long-range capability of the system. Comment! [Global & FX, Tech]
Tuesday, March 5, 5:37 AM General Dynamics (GD) shipbuilding unit NASSCO has warned over 1,000 workers of indefinite layoffs that may take effect in late April due to the uncertainty caused by the automatic spending cuts that kicked in on Friday. The warning follows one by BAE Systems last week. The reductions will chop the Pentagon's budget by 7.8%, with all major defense contractors set to be hit. 2 Comments [Top Stories, U.S. Economy]
Friday, February 22, 3:57 AM Frank Kendall, the Under Secretary of Defense for Acquisition, has authorized the Pentagon's purchasers and program managers to start talking to suppliers about the plans for implementing $46B of automatic cost reductions, which are due to take effect next Friday. The impact of the cuts will be exacerbated by the DOD not receiving an appropriation for this year, with much of its money in the wrong accounts. 1 Comment [U.S. Economy]

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