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Raytheon Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: RTN

I'd like to take a few minutes to highlight an important achievement in the quarter. Our standard missile 3 had 2 successful intercept test, one on May 9 and the other on June 27. These intercepts, which had been compared to a bullet hitting a bullet outside the atmosphere demonstrate a critical capability for the United States and our allies. Another example of how Raytheon continues to provide some of the world's most advanced technologies to meet our customers most pressing needs.

In terms of contract awards, we received an order for the next block of Multi-Spectral Targeting System for the U.S. Air Force Reaper, UAV in the quarter. The MTS-B, as it's called, is a multi-use electro-optical infrared sensor that also provides target acquisition. This is basically the round ball that many of you see on the predator and reaper drones, and it's just one of the many products across Raytheon that leverage our core EO/IR capabilities.

This follows an order received for the dismounted detection radar, DDR, in the first quarter, also for the reaper. DDR is a synthetic aperture radar pod that can be used to detect ground moving targets in all weather, day or night, and it's a product of our core RF capabilities being applied in innovative ways to meet the demands of the war fighter. These products reflect our strong position in the ISR markets, alignment with our customers' priorities, and demonstrate our platform agnostic strategy at work. This strategy gives us the flexibility to place products on multiple platform, vehicles and systems.

I would be remiss if I didn't address sequestration. On this topic, there isn't too much enthuse to report from where we were at the end of the first quarter. Congress continues to look at alternative courses of action. However, the reality is this is an election year, which makes coming to a final agreement more challenging. Further, the Office of Management and Budget has not rendered its interpretation of the legislation and the Department of Defense has not indicated its plan for implementing sequestration. So in this context, we continue to plan for a range of potential outcomes. And like we do every day here at Raytheon, we're focused on reducing our costs, optimizing our resources so that we can provide the best value for our customers. Whether sequestration happens or not, it's ingrained here in our culture, and you can see that reflected in our performance. It's a product of our heritage that goes back 9 decades.

Read the rest of this transcript for free on seekingalpha.com

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