Raytheon Swings to Profit

Continuing earnings beat estimates by 5 cents a share.
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Raytheon

(RTN) - Get Report

swung to a profit in the second quarter on a 10% rise in sales. The defense and technology behemoth also raised full-year guidance.

Raytheon earned $201 million, or 44 cents a share, in the quarter, compared with a loss of $108 million, or 25 cents a share, last year. Sales were $5.41 billion in the second quarter of 2005 compared with $4.93 billion a year ago.

Raytheon earned 51 cents a share in the quarter, a nickel better than estimates. Analysts had forecast net sales of $5.32 billion in the latest quarter.

For all of 2005, Raytheon now sees earnings from continuing operations of $1.90 to $2 a share, up from its previous forecast of $1.85 to $1.95 a share. On the top line, the company now sees $21.6 billion to $22.1 billion, up from $21.5 billion to $22 billion. Analysts expect earnings of $1.95 a share on sales of $21.88 billion.

Raytheon said government and defense sales for the quarter rose 8% to $4.5 billion, while Raytheon Aircraft Co. sales for the quarter increased 21% to $687 million.