Raytheon ( RTN) reported a rise in third-quarter earnings, raised its full-year guidance for 2008 and offered a rosy picture for the following year. The Waltham, Mass.-based defense company reported net income of $427 million, or $1.01 a share, compared with $299 million, or 68 cents a share, in the same quarter a year earlier. Earnings a year ago included an $81 million loss in discontinued operations, equal to 18 cents a share, primarily related to Flight Options, a private-jet service that was sold in the fourth quarter. Raytheon said revenue increased to $5.9 billion, up 12% from the year-ago quarter. On average, analysts expected Raytheon to record a profit of 96 cents a share on sales of $5.66 billion, according to Thomson Reuters. Raytheon said it now expects earnings for the full year to fall in a range between $3.95 and $4 a share, up from its previous guidance of profit of $3.80 to $3.95 a share. The company said it expects full-year revenue in a range of $22.9 billion to $23.2 billion, compared with the previous range of $22.6 billion to $23.1 billion. Wall Street is forecasting a full-year profit of $3.99 a share on revenue of $23.1 billion. Looking further ahead, Raytheon also provided an initial outlook for 2009, saying it expects earnings of $4.45 to $4.60 a share on revenue of $24.3 billion to $24.8 billion. The average analyst forecast is for earnings of $4.46 a share on revenue of $24.56 billion.