Raytheon Q1 Profit Slumps 15% on Lower Navy Spending (RTN)

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Defense contractor Raytheon Company ( RTN ) on Thursday said its first quarter profit fell 15% from last year on lower spending by the U.S. Army and Navy, but backed its full-year outlook.

The Waltham, MA-based company posted first quarter net income of $384 million, or $1.06 per share, compared with $445 million, or $1.16 per share, in the year-ago period. On average, Wall Street analysts expected a higher profit of $1.09 per share.

Sales were flat from last year to $6.1 billion.


Looking ahead, the company backed its adjusted full-year earnings forecast of $5.50 to $5.65 per share. Including one-time items, however, it lowered its view to $4.67 to $4.82, down from $4.83 to $4.98 per share.

Raytheon shares were mostly flat in premarket trading Thursday.

The Bottom Line
We have been recommending shares of Raytheon ( RTN ) since Mar.24, 2011, when the stock was trading at $50.44. The company has a 3.46% dividend yield, based on last night's closing stock price of $49.76.

Raytheon Company ( RTN ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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