Raytheon Swings to a Loss

Raytheon(RTN Quote) swung to a quarterly loss and warned that future results will fall short of expectations, due to higher costs and a weak performance at its air-traffic-control unit.

The Massachusetts-based defense contractor posted a third-quarter net loss of $35 million, or 8 cents a share, compared with a profit of $147 million, or 36 cents a share, in the year-ago period.

Excluding a one-time after-tax loss due to discontinued operations, the maker of missile systems and military electronics reported net income from continuing operations of $21 million, or 5 cents a share, compared with $228 million, or 56 cents per diluted share, a year earlier. On that basis, analysts had expected the company to earn 43 cents a share, according to Thomson First Call. ...