RTN » Topics » Outlook

This excerpt taken from the RTN 8-K filed Jul 23, 2009.

Outlook

 

2009 Financial Outlook    Current   Prior (4/23/09)

Net Sales ($B)

   24.5 - 25.0*   24.4 - 24.9

FAS/CAS Pension Income ($M)

   47   47

Interest Inc./(Exp.), net ($M)

   (105) - (115)   (105) - (115)

Diluted Shares (M)

   398 - 401   398 - 401

EPS from Continuing Operations

   $4.60 - $4.75*   $4.55 - $4.70

Operating Cash Flow from Cont. Ops. ($B)

   2.2 - 2.4   2.2 - 2.4

ROIC (%)

   11.2 - 11.7*   11.1 - 11.6

 

* Denotes change from prior guidance.

The Company has increased full-year 2009 guidance for net sales, earnings per share from continuing operations and return on invested capital (ROIC). Charts containing additional information on the Company’s 2009 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of ROIC, a non-GAAP financial measure.

 

3


This excerpt taken from the RTN 8-K filed Apr 23, 2009.

Outlook

 

2009 Financial Outlook

   Current    Prior (1/29/09)
   

Net Sales ($B)

   24.4 - 24.9*    24.3 - 24.8

FAS/CAS Pension Income ($M)

   47    47

Interest Inc./(Exp.), net ($M)

   (105) - (115)    (105) - (115)

Diluted Shares (M)

   398 - 401*    402 - 405

EPS from Continuing Operations

   $4.55 - $4.70*    $4.45 - $4.60

Operating Cash Flow from Cont. Ops. ($B)

   2.2 - 2.4    2.2 - 2.4

ROIC (%)

   11.1 - 11.6*    11.0 - 11.5**
 
* Denotes change from prior guidance.
 
** Prior ROIC guidance now reflects a 10 bp increase due to the impact of FAS 160, Noncontrolling Interests in Consolidated Financial Statements, which the Company adopted January 1, 2009. The Company’s noncontrolling interests relate primarily to Thales-Raytheon Systems Co. LLC at NCS.

The Company has increased full-year 2009 guidance for net sales, earnings per share from continuing operations and Return on Invested Capital (ROIC), and updated the outlook for diluted share count. Charts containing additional information on the Company’s 2009 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of ROIC, a non-GAAP financial measure.

 

4


This excerpt taken from the RTN 8-K filed Jan 29, 2009.

Outlook

 

2009 Financial Outlook    Current   Prior (10/23/08)

Net Sales ($B)

   24.3 - 24.8   24.3 - 24.8

FAS/CAS Pension Income ($M)

   47*   77

Interest Inc./(Exp.), net ($M)

  

(105) - (115)

  Not provided

Diluted Shares (M)

   402 - 405   Not provided

EPS from Continuing Ops.

   $4.45 - $4.60   $4.45 - $4.60

Operating Cash Flow from Cont. Ops. ($B)

   2.2 - 2.4   2.2 - 2.4

ROIC (%)

   10.9 - 11.4   Not provided

 

* Denotes change from prior guidance

The Company is reaffirming its prior guidance for 2009 and providing more detailed information. Charts containing additional information on the Company’s 2009 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of Return on Invested Capital (ROIC), a non-GAAP financial measure.

 

5


This excerpt taken from the RTN 8-K filed Oct 23, 2008.

Outlook

 

2008 Financial Outlook     
      Current   Prior*

Net Sales ($B)

   22.9 - 23.2   22.6 - 23.1

FAS/CAS Pension Inc./(Exp.) ($M)

   (125)   (150)

Interest Inc./(Exp.), net ($M)

   (50) - (55)   (40) - (55)

Diluted Shares (M)

   426 - 428   426 - 428

EPS from Cont. Ops.

   $3.95 - $4.00   $3.80 - $3.95

Operating Cash Flow from Cont. Ops. ($B)

   2.2 - 2.4   2.2 - 2.4

ROIC (%)

   10.3 - 10.5   9.9 - 10.4

 

* As of July 24, 2008

The Company has increased full-year 2008 guidance for net sales, earnings per share from continuing operations and Return on Invested Capital (ROIC), and updated FAS/CAS pension expense and net interest expense. See attachment F for the Company’s calculation and use of ROIC, a non-GAAP financial measure.

 

3


Outlook (Continued)

The Company has also provided its initial financial outlook for 2009.

 

2009 Financial Outlook     
      2008   2009

Net Sales ($B)

   22.9 - 23.2   24.3 - 24.8

FAS/CAS Pension Inc./(Exp.) ($M)

   (125)   77

EPS from Cont. Ops.

   $3.95 - $4.00   $4.45 - $4.60

Operating Cash Flow from Cont. Ops. ($B)

   2.2 - 2.4   2.2 - 2.4

Charts containing additional information on the Company’s 2008 and 2009 guidance are available on the Company’s website at www.raytheon.com. Additional information regarding the Company’s 2009 guidance will be provided on the fourth quarter earnings conference call scheduled for January 29, 2009.

This excerpt taken from the RTN 8-K filed Jul 24, 2008.

Outlook

 

2008 Financial Outlook      
      Current    Prior*

Net Sales ($B)

   22.6 - 23.1    22.4 - 22.9

FAS/CAS Pension Expense ($M)

   150    150

Interest Expense, net ($M)

   40 - 55    45 - 60

Diluted Shares (M)

   426 - 428    427 - 429

EPS from Cont. Ops.

   $3.80 - $3.95    $3.65 - $3.80

Operating Cash Flow from Cont. Ops. ($B)

   2.2 - 2.4    2.0 - 2.2

ROIC (%)

   9.9 - 10.4    9.6 - 10.1

 

* As of April 24, 2008

The Company has increased full-year 2008 guidance for net sales, earnings per share from continuing operations, operating cash flow from continuing operations and Return on Invested Capital (ROIC), and updated net interest expense and diluted shares. Charts containing additional information on the Company’s 2008 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of ROIC, a non-GAAP financial measure.

 

3


This excerpt taken from the RTN 8-K filed Apr 24, 2008.

Outlook

 

2008 Financial Outlook

  

Net Sales ($B)

   22.4 - 22.9

FAS/CAS Pension Expense ($M)

   150

Interest Expense, net ($M)

   45 - 60

Diluted Shares (M)

   427 - 429

EPS from Cont. Ops.

   $3.65 - $3.80

Operating Cash Flow from Cont. Ops. ($B)

   2.0 - 2.2

ROIC (%)

   9.6 - 10.1

The Company reaffirms full-year 2008 guidance. Charts containing additional information on the Company’s 2008 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of Return on Invested Capital (ROIC), a non-GAAP financial measure.

 

3


This excerpt taken from the RTN 8-K filed Jan 31, 2008.

Outlook

 

2008 Financial Outlook

     
     Current    Prior (10/25/07)

Net Sales ($B)

   22.4 - 22.9    22.1 - 22.6

FAS/CAS Pension Expense ($M)

   150    Not provided

Interest Expense, net ($M)

   45 - 60    Not provided

Diluted Shares (M)

   427 - 429    Not provided

EPS from Cont. Ops.

   $3.65 - $3.80    $3.45 - $3.65

Operating Cash Flow from Cont. Ops. ($B)

   2.0 - 2.2    1.5 - 1.7

ROIC (%)

   9.6 - 10.1    Not provided

The Company has updated full-year 2008 guidance. Charts containing additional information on the Company’s 2008 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of Return on Invested Capital (ROIC), a non-GAAP financial measure.

This excerpt taken from the RTN 8-K filed Oct 25, 2007.

Outlook

 

2007 Financial Outlook (1)    Current    Prior

Bookings ($B)

     21.4 - 22.4      21.4 - 22.4

Net Sales ($B)

     20.8 - 21.3      20.8 - 21.3

FAS/CAS Pension Expense ($M)

     260      270

Interest Expense, net ($M)

     30 - 45      45 - 60

Diluted Shares (M)

     446 - 448      446 - 448

EPS from Cont. Ops. ($)

   $ 3.05 - $3.20    $ 3.05 - $3.20

Operating Cash Flow from Cont. Ops. ($B) (2)

     0.9 - 1.1      0.9 - 1.1

ROIC (%)

     8.6 - 9.1      8.6 - 9.1

(1) Reflects Flight Options as a discontinued operation for the full-year 2007
(2) Includes cash tax payments of approximately $630 million from the gain on the Raytheon Aircraft sale

The Company has updated full-year 2007 guidance, including the reclassification of Flight Options as a discontinued operation for full-year 2007. Charts containing additional information on the Company’s 2007 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of Return on Invested Capital (ROIC), a non-GAAP financial measure.

 

2008 Financial Outlook     

Net Sales ($B)

   22.1 - 22.6

EPS from Cont. Ops. ($)

   3.45 - 3.60

Operating Cash Flow ($B)

   1.5 - 1.7

Additional information regarding the Company’s 2008 guidance will be provided on the fourth quarter earnings conference call scheduled for January 31, 2008.

This excerpt taken from the RTN 8-K filed Jul 26, 2007.

Outlook

 

2007 Financial Outlook    Current   Prior *

Bookings ($B)

   22.0 - 23.0   21.0 - 22.0

Net Sales ($B)

   21.4 - 21.9   21.4 - 21.9

FAS/CAS Pension Expense ($M)

   270   270

Interest Expense, net ($M)

   45 - 60   65 - 80

Diluted Shares (M)

   446 - 448   446 - 448

EPS from Cont. Ops. ($)

   $3.05 - $3.20   $2.85 - $3.00

Operating Cash Flow from Cont. Ops. ($B)

   0.9 - 1.1**   1.5 - 1.7

**     Includes cash tax payments of approximately $630 million, resulting from the sale of Raytheon Aircraft

    

ROIC (%)

   8.6 - 9.1   8.2 - 8.7

*       As of April 25, 2007

    

The Company has increased full-year 2007 guidance for earnings per share from continuing operations, bookings and Return on Invested Capital (ROIC), and updated net interest expense guidance. Full-year 2007 guidance for operating cash flow from continuing operations has been revised to reflect approximately $630 million in cash tax payments related to the sale of RAC, of which $316 million was paid in the second quarter 2007, with the remaining $314 million expected to be paid in the second half of 2007. Charts containing additional information on the Company’s 2007 performance and guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of ROIC, a non-GAAP financial measure.

This excerpt taken from the RTN 8-K filed Apr 25, 2007.

Outlook

 

2007 Financial Outlook

  

Bookings ($B)

   21.0 - 22.0

Net Sales ($B)

   21.4 - 21.9

FAS/CAS Pension Expense ($M)

   270

Interest Expense, net ($M)

   65 - 80

Diluted Shares (M)

   446 - 448

EPS from Cont. Ops. ($)

   2.85 - 3.00

Operating Cash Flow from Cont. Ops. ($B)

   1.5 - 1.7

ROIC (%)

   8.2 - 8.7

The Company reaffirms the full-year 2007 outlook as detailed above.

Charts containing additional information on the Company’s 2007 performance and guidance are available on the Company’s website at www.raytheon.com. See attachment F for information on the Company’s calculation and use of ROIC, a non-GAAP financial measure.

 

3


This excerpt taken from the RTN 8-K filed Feb 1, 2007.

Outlook

 

2007 Financial Outlook    Current     Prior
           (12/21/06)

Bookings ($B)

   21.0 - 22.0     21.0 - 22.0

Net Sales ($B)

   21.4 - 21.9     21.3 - 21.8

FAS/CAS Pension Expense ($M)

   270     338

Interest Expense, net ($M)

   65 - 80     Not provided

Diluted Shares

   446 - 448     Not provided

EPS from Cont. Ops. ($)

   2.85 - 3.00     2.75 - 2.90

Operating Cash Flow from Cont. Ops. ($B)

   1.5 - 1.7     1.6 - 1.8

ROIC (%)

   8.2 - 8.7  (1)   Not comparable

(1) ROIC has been calculated using the Company’s revised ROIC definition as detailed in Attachment F, which adds back the cumulative effect of minimum pension liability/impact of adopting FAS 158

 

4


The Company has increased full-year 2007 guidance for earnings per share from continuing operations and sales. In addition, the Company’s full-year 2007 guidance reflects a reduction in pension expense and a revision to its Return on Invested Capital (ROIC) calculation.

Charts containing additional information on the Company’s 2007 guidance, including sales and margin detail by segment, are available on the Company’s website at www.raytheon.com. See attachment F for information on the Company’s calculation and use of ROIC, a non-GAAP financial measure.

This excerpt taken from the RTN 8-K filed Jul 27, 2006.

Outlook

 

2006 Financial Outlook    Current    Prior *

Bookings ($B)

   22.0 - 23.0    22.0 - 23.0

Net Sales ($B)

   23.1 - 23.6    23.1 - 23.6

FAS/CAS Pension Expense ($M)

   378    360

Interest Expense, net ($M)

   220 - 230    220 - 230

Diluted Shares

   449 - 451    449 - 451

EPS from Cont. Ops.

   $2.60 - $2.70    $2.55 - $2.65

Net Debt ($B)

   2.3 - 2.5    2.4 - 2.6

Operating Cash Flow ($B)

   2.0 - 2.2    1.9 - 2.1

ROIC (%)

   8.2 - 8.6    8.0 - 8.4

 


* As of April 27, 2006

The Company has increased full-year 2006 guidance for earnings per share from continuing operations, operating cash flow, and Return on Invested Capital (ROIC). In addition, the Company has updated guidance for the 2006 FAS/CAS pension expense and net debt. Charts containing additional information on the Company’s 2006 guidance are available on the Company’s website at www.raytheon.com. See attachment F for the Company’s calculation and use of ROIC, a non-GAAP financial measure.

 

4


This excerpt taken from the RTN 8-K filed Apr 27, 2006.

Outlook

 

2006 Financial Outlook    Current    Prior *

Bookings

   $22.0B-$23.0B    $22.0B-$23.0B

Net Sales

   $23.1B-$23.6B    $23.1B-$23.6B

FAS/CAS Pension Expense

   $360M    $360M

Interest Expense, net

   $220M-$230M    $245M-$255M

Diluted Shares

   449M-451M    449M

EPS from Cont. Ops.

   $2.55-$2.65    $2.45-$2.55

Net Debt

   $2.4B-$2.6B    $2.6B-$2.8B

Operating Cash Flow

   $1.9B-$2.1B    $1.7B-$1.9B

ROIC

   8.0%-8.4%    7.8%-8.2%

* As of February 2, 2006

The Company has increased full-year 2006 guidance for earnings per share from continuing operations, operating cash flow, and Return on Invested Capital (ROIC), as well as improved full-year 2006 guidance for net interest expense. See attachment F for the Company’s calculation and use of ROIC, a non-GAAP financial measure. Charts containing additional information on the Company’s 2006 guidance are available on the Company’s website at www.raytheon.com.

This excerpt taken from the RTN 8-K filed Feb 2, 2006.

Outlook

 

2006 Financial Outlook

 

   Prior *

   Current

Bookings

   $22.0B - $23.0B    $22.0B - $23.0B

Net Sales

   $23.1B - $23.6B    $23.1B - $23.6B

FAS/CAS Pension Expense

   $362M    $360M

Interest Expense, net

   $250M - $260M    $245M - $255M

Diluted Shares

   451M    449M

EPS from Cont. Ops.

   $2.40 - $2.50    $2.45 - $2.55

Net Debt

   $3.1B - $3.3B    $2.6B - $2.8B

Operating Cash Flow

   $1.7B - $1.9B    $1.7B - $1.9B

* As of December 1, 2005

 

The Company has increased full-year 2006 guidance for earnings per share from continuing operations primarily as a result of a $16 million after-tax gain in 2006 ($25 million pretax) or $0.04 per diluted share from the sale of the Company’s interest in Space Imaging. Charts containing additional information on the Company’s 2006 guidance are available on the Company’s website at www.raytheon.com.

 

This excerpt taken from the RTN 8-K filed Jul 28, 2005.

Outlook

 

The Company now expects 2005 earnings per share from continuing operations to be $1.90-$2.00 versus its previous guidance of $1.85-$1.95. The Company raised its full year guidance for net sales to $21.6-$22.1 billion from $21.5-$22.0 billion. The Company now expects net interest expense to be $285-$300 million versus its previous guidance of $300-$315 million. The Company raised its full year guidance for bookings to $23.7-$24.7 billion from $23.2-$24.2 billion. Charts containing the Company’s guidance are available on the Company’s website at www.raytheon.com.


2005 Financial Outlook    Prior

   Current

Bookings

   $23.2B-$24.2B    $23.7B-$24.7B

Net Sales

   $21.5B-$22.0B    $21.6B-$22.1B

FAS/CAS Pension Expense

   $463M    $463M

Interest Expense, net

   $300M-$315M    $285M-$300M

Diluted Shares

   455M    455M

EPS from Cont. Ops.

   $1.85-$1.95    $1.90-$2.00

Cont. Ops./Total Free Cash Flow

   $1.3B-$1.5B    $1.3B-$1.5B

 

This excerpt taken from the RTN 8-K filed Apr 28, 2005.

Outlook

 

The Company now expects 2005 earnings per share from continuing operations to be $1.85 - $1.95 versus its previous guidance of $1.80 - $1.90. The Company now expects net interest expense to be $300 - $315 million versus its previous guidance of $315 - $325 million. The Company raised its full year guidance for bookings to $23.2 - $24.2 billion from $22.5 - $23.5 billion. Charts containing the Company’s guidance are available on the Company’s website at www.raytheon.com.

 

This excerpt taken from the RTN 8-K filed Feb 3, 2005.

Outlook

 

The Company reaffirmed its guidance for 2005 earnings per share from continuing operations of $1.80 - $1.90. This guidance includes higher pension expense attributable to a lower discount rate offset by expected profit improvements in 2005. Charts containing the Company’s guidance are available on the Company’s website at www.raytheon.com.

 

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