Waltham-based defense company Raytheon Co. beat Wall Street estimates this week with adjusted earnings per share 28 cents higher than expected, and net sales that topped expectations despite a year-over-year drop.
The company reported adjusted earnings of $1.56 per diluted share, a 5 percent increase from the first quarter of 2012. Net sales dropped to nearly $5.88 billion, compared to almost $5.94 billion for the same period a year earlier, but still surpassed analyst estimates of $5.7 billion.
"Strong program execution drove solid operating results in the first quarter," said Raytheon's Chairman and CEO William H. Swanson. "Our innovation and technology, along with our focus on productivity, agility and affordability, continue to create value for our customers and shareholders."
The company's net income was up to $488 million compared to $448 million during the same quarter last year.
The company's Integrated Defense Systems unit had first quarter net sales of $1.26 billion compared to $1.22 billion year-over-year which was primarily due to higher sales on a missile defense radar program for an international customer, officials said. While Missile Systems posted net sales of $1.45 billion, an 8 percent increase from the first quarter of 2012, Intelligence and Information Systems saw its net sales fall to $743 million because of lower sales on classified programs, officials said.
Raytheon's Network Centric Systems unit had first quarter net sales of $931 million, a 7 percent decrease from the same period last year. Space and Airborne Systems saw its net sales drop 4 percent to $1.2 billion.
Raytheon also updated its financial outlook for the year to reflect first quarter 2013 results and its current expectations of the effects of federal budget cuts. While net sales for the year are now expected to be between $23.2 billion and $23.7 billion, the company raised its guidance for its adjusted earnings per share to a range of $5.75 to $5.90.
Last month, Raytheon said it would eliminate 200 jobs as part of a company-wide reorganization. At the time, company officials didn't say where the job losses will come, or how heavily they will fall in the Bay State.
Raytheon's new structure has four units: Intelligence, Information and Services, which is absorbing Raytheon Technical Services; Integrated Defense Systems; Missile Systems; and Space and Airborne Systems. The company said it will report second quarter 2013 financial results consistent with the new structure.
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