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Raytheon Posts Gains, Raises Outlook
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Defense contractor Raytheon(RTN Quote) posted a 14% jump in first-quarter profit on better sales across missiles, radars and defense electronics.
The company also raised its full-year outlook, a move bolstered by Defense Secretary Robert Gates' proposed $534 billion budget for military spending, a 4% increase from last year. Raytheon now expects earnings in the range of to $4.55 to $4.70 a share, up from $4.45 to $4.60 a share.
In response, shares were up 6% to $43.67 in morning trading. ...
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