Raytheon also increased its share-repurchase plan to $2 billion from $1.5 billion.
At last check shares of the Waltham, Mass., company were 1.4% higher at $82.15. They are trading around their 52-week high, some 60% above their 52-week low above $51, set last May.
Raytheon swung to net income of $753 million, or 50 cents a share, from a loss of $83 million, or 10 cents, in the year-earlier quarter. The latest adjusted earnings were 90 cents a share.
Revenue rose 34% to $15.25 billion.
Analysts surveyed by FactSet were expecting earnings of 83 cents a share on revenue of $15.36 billion.
"We are confident in our outlook for the remainder of 2021," Chief Executive Greg Hayes said in a statement.
"With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash" to holders.
For the year, Raytheon expects earnings between $3.50 and $3.70 a share, up from its previous baseline view of $3.40.
The company pegs revenue between $63.9 billion and $65.4 billon, up from its previous baseline view of $63.4 billion.
"Earlier this month marked the one year anniversary of our transformational merger, and our successful execution on the integration to date has enabled us to increase our gross cost-synergy target by $300 million to $1.3 billion," Hayes said.
"Our strong cash position and positive outlook also allows us to increase our 2021 share buyback plan."
The backlog at the end of Q1 was $147.4 billion, of which $82.2 billion was from commercial aerospace and $65.2 billion was from defense.