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Raytheon Management Discusses Q2 2012 Results - Earnings Call Transcript

With me today are Bill Swanson, our Chairman and Chief Executive Officer; and Dave Wajsgras, our Chief Financial Officer. We'll start with some brief remarks by Bill and Dave, and then move on to questions.

Before I turn the call over to Bill, I'd like to caution you regarding our forward-looking statements. Any matters discussed today that are not historical facts, particularly comments regarding the company's future plans, objectives and expected performance, constitute forward-looking statements. These statements are based on a wide range of assumptions that the company believes are reasonable, but are subject to a range of uncertainties and risks that are summarized at the end of our earnings release and are discussed in detail in our SEC filings.

With that, I'll turn the call over to Bill. Bill?

William H. Swanson

Thank you, Todd. Good morning, everyone. Raytheon reported strong or solid second quarter operating performance, driven by great execution across the company. I'm pleased with our performance in the quarter. We continue to focus our efforts on driving efficiencies across the operations and leveraging our portfolio of advanced technologies to capture new business.

Bookings were solid in the quarter, with a book to bill of over 1.0, driven largely by our domestic and classified business. Notable bookings include awards for the Exoatmospheric Kill Vehicle, Standard Missile-6, domestic and foreign training and several classified contracts. Funded backlog increased by over $600 million year-to-date and by approximately $2.1 billion compared to the second quarter of 2011.

Our international pipeline remains robust. At Farnborough International Airshow earlier this month, I had the opportunity to meet with a number of our international customers. And what I can tell you is that there was considerable interest in Raytheon solutions from a broad set of both existing and new customers. Overall of this year's show, we hosted 30 delegations and had over 600 meetings within a short time frame. I'm encouraged by what I've heard from our international customers. They continued to look to us for solutions in the areas of missile-defense, radars, ISRs, cybersecurity, Air Traffic Management and training. In the international market, we continue to set the pace among our peer companies, and in the quarter, international represented approximately about 25% of our total sales.

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