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Raytheon Reports Strong Second Quarter 2016 Results
- Strong bookings of $7.1 billion; book-to-bill ratio of 1.18
- Net sales of $6.0 billion, up 3.2 percent
- EPS from continuing operations of $2.38
- Strong operating cash flow from continuing operations of $746 million
- Increased full-year 2016 guidance for EPS and operating cash flow from continuing operations

WALTHAM, Mass., July 28, 2016 /PRNewswire/ -- Raytheon Company (NYSE: RTN) today announced net sales for the second quarter 2016 of $6.0 billion, up 3 percent compared to $5.8 billion in the second quarter 2015.

Second quarter 2016 EPS from continuing operations was $2.38 compared to $1.65 in the second quarter 2015.  Second quarter 2016 EPS from continuing operations included a tax-free gain of $0.53 related to the ThalesRaytheonSystems (TRS) transaction, discussed further below, which had been previously forecast in the third quarter of 2016. In addition, as expected, second quarter 2016 included a tax benefit of $0.10 from the new accounting standard for stock compensation, previously adopted in the first quarter of 2016. Second quarter 2015 EPS from continuing operations included a $0.29 favorable impact from a tax settlement. Second quarter 2016 EPS from continuing operations included a favorable FAS/CAS Adjustment of $0.24 compared to a favorable FAS/CAS Adjustment of $0.10 in the second quarter 2015.

"The Company had strong second quarter operating results, with bookings, sales, operating margin, earnings per share, and cash flow all ahead of our expectations," said Thomas A. Kennedy, Raytheon Chairman and CEO. "We begin the second half of 2016 with continued confidence in our growth outlook, and we have increased our guidance for earnings and cash flow as a result of our strong year-to-date performance."

Operating cash flow from continuing operations for the second quarter 2016 was $746 million compared to $376 million for the second quarter 2015. The increase in operating cash flow from continuing operations in the second quarter 2016 was primarily due to the timing of payments and cash taxes, as well as lower required pension contributions. The second quarter 2015 included the collection of $226 million from the eBorders settlement.

Summary Financial Results





















2nd Quarter


%


Six Months


%

($ in millions, except per share data)

2016


2015


Change


2016


2015


Change

















Bookings

$

7,118


$

7,580


-6.1%


$

13,319


$

12,051


10.5%

Net Sales

$

6,035


$

5,848


3.2%


$

11,798


$

11,136


5.9%

Income from Continuing Operations attributable to

   Raytheon Company

$

710

1

$

504


40.9%


$

1,138

1

$

1,055

2

7.9%

EPS from Continuing Operations

$

2.38

1

$

1.65


44.2%


$

3.81

1

$

3.44

2

10.8%

Operating Cash Flow from Continuing Operations

$

746


$

376




$

1,071


$

431



Workdays in Fiscal Reporting Calendar


64



64





129



125



1 Second quarter and six months 2016 Income from Continuing Operations attributable to Raytheon Company and EPS from Continuing Operations included the tax-free gain of $158 million and $0.53 impact, respectively, for the TRS transaction.

2 Six months 2015 Income from Continuing Operations attributable to Raytheon Company and EPS from Continuing Operations included the favorable $181 million pretax ($131 million after-tax) and $0.42 impact, respectively, for the first quarter 2015 eBorders settlement.

The Company had bookings of $7.1 billion in the second quarter 2016, resulting in a book-to-bill ratio of 1.18 in the quarter. Second quarter 2015 bookings were $7.6 billion. Year-to-date 2016 bookings were $13.3 billion, resulting in a book-to-bill ratio of 1.13. Year-to-date 2015 bookings were $12.1 billion.

In the second quarter 2016, the Company repurchased 1.6 million shares of common stock for $202 million. Year-to-date 2016, the Company repurchased 4.8 million shares of common stock for $602 million.

As previously announced, on June 29, 2016 the Company and Thales concluded the transaction to transition the stakeholder positions each company held in the TRS joint venture structure – with Raytheon acquiring 100 percent of the TRS U.S. operations and Thales acquiring 100 percent of the French operations. As a result of the transaction, Raytheon made a net cash payment to Thales in the amount of $90 million and recorded a tax-free gain of $158 million or $0.53 per diluted share in its second quarter financial results.

Backlog


($ in millions)

 Period Ending


Q2 2016


Q2 2015


2015

Backlog

$

35,310



$

34,494



$

34,669


Funded Backlog

$

26,135



$

25,332



$

25,060


Backlog and funded backlog at the end of the second quarter 2016 was $35.3 billion and $26.1 billion, respectively, an increase for each of approximately $0.8 billion compared to the end of the second quarter 2015.

Outlook

The Company has updated its financial outlook for 2016 and increased guidance for EPS and operating cash flow from continuing operations. Charts containing additional information on the Company's 2016 outlook are available on the Company's website at www.raytheon.com/ir.

2016 Financial Outlook





Current


Prior (4/28/16)

Net Sales ($B)

24.0 - 24.5


24.0 - 24.5

Deferred Revenue Adjustment ($M)1

(77)


(77)

Amortization of Acquired Intangibles ($M)1

(121)


(121)

FAS/CAS Adjustment ($M)

428


428

Interest Expense, net ($M)

 (215) - (225)*


 (220) - (230)

Diluted Shares (M)

296 - 298


296 - 298

Effective Tax Rate

 ~28.0%*


 ~28.5%

EPS from Continuing Operations

$7.13 - $7.33*


$6.93 - $7.13

Operating Cash Flow from Continuing Operations ($B)

 2.8 - 3.1*


 2.7 - 3.0





* Denotes change from prior guidance




1 Deferred Revenue Adjustment and Amortization of Intangibles represent the unfavorable impact of the acquisition accounting adjustments to record acquired deferred revenue at fair value and the amortization of acquired intangible assets for all business segments.

Segment Results

The Company's reportable segments are: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.


Integrated Defense Systems










2nd Quarter



Six Months


($ in millions)

2016


2015

% Change


2016


2015

% Change

Net Sales

$

1,399


$

1,565

-11 %


$

2,736


$

2,872

-5 %

Operating Income1

$

375


$

202

NM


$

522


$

385

NM

Operating Margin1


28.6 %



12.9 %




19.1 %



13.4 %


1 Second quarter 2016 operating income and operating margin include the favorable $158 million impact of the TRS transaction.

NM = Not Meaningful








Integrated Defense Systems (IDS) had second quarter 2016 net sales of $1,399 million compared to $1,565 million in the second quarter 2015.  The change in net sales for the quarter was primarily driven by the recognition of previously deferred precontract costs on an international Patriot program in the second quarter 2015. 

IDS recorded $375 million of operating income in the second quarter 2016 compared to $202 million in the second quarter 2015. The increase in operating income for the quarter was primarily driven by the TRS transaction discussed earlier, which resulted in a $158 million tax-free gain in the second quarter 2016. In addition, second quarter 2015 included a $33 million unfavorable impact related to the Air Warfare Destroyer (AWD) program.  

During the quarter, IDS booked $487 million to provide advanced Patriot air and missile defense capabilities for  Kuwait. IDS also booked $354 million on the Aegis weapon system for the U.S. Navy and international customers and $117 million for in-service support for the Collins class submarine for the Royal Australian Navy.

Intelligence, Information and Services










2nd Quarter




Six Months



($ in millions)

2016


2015


% Change


2016


2015


% Change

Net Sales

$

1,642


$

1,594


3%


$

3,135


$

3,055


3%

Operating Income1

$

124


$

122


2%


$

224


$

417


NM

Operating Margin1


7.6 %



7.7 %





7.1 %



13.6 %



1 First six months 2015 operating income and operating margin include the favorable $181 million impact of the eBorders settlement.

NM = Not Meaningful











Intelligence, Information and Services (IIS) had second quarter 2016 net sales of $1,642 million, up 3 percent compared to $1,594 million in the second quarter 2015. The increase in net sales for the quarter was primarily driven by higher sales on cybersecurity and special missions programs.

IIS recorded $124 million of operating income in the second quarter 2016 compared to $122 million in the second quarter 2015.

During the quarter, IIS booked $574 million on domestic and foreign training programs in support of Warfighter FOCUS activities. IIS also booked $453 million on a number of classified contracts.

Missile Systems










2nd Quarter




Six Months



($ in millions)

2016


2015


% Change


2016


2015


% Change

Net Sales

$

1,656


$

1,559


6%


$

3,376


$

3,032


11%

Operating Income

$

223


$

184


21%


$

415


$

391


6%

Operating Margin


13.5 %



11.8 %





12.3 %



12.9 %



Missile Systems (MS) had second quarter 2016 net sales of $1,656 million, up 6 percent compared to $1,559 million in the second quarter 2015. The increase in net sales for the quarter was primarily driven by higher sales on the Paveway™ program.

MS recorded $223 million of operating income in the second quarter 2016 compared to $184 million in the second quarter 2015. The increase in operating income for the quarter was primarily driven by higher net program efficiencies and a favorable change in program mix in the second quarter 2016.

During the quarter, MS booked $298 million for AIM-9X® Sidewinder short-range air-to-air missiles, $292 million for Paveway, $230 million for Standard Missile-3 (SM-3®), $118 million for Evolved SeaSparrow Missiles (ESSM), and $109 million for Advanced Medium-Range Air-to-Air Missiles (AMRAAM®), all for U.S. and international customers. MS also booked $186 million for the Woomera Mobile Range Upgrade program for the Royal Australian Air Force and $122 million for the Miniature Air Launched Decoy (MALD®) for the U.S. Air Force.

Space and Airborne Systems










2nd Quarter




Six Months



($ in millions)

2016


2015


% Change


2016


2015


% Change

Net Sales

$

1,547


$

1,416


9%


$

2,997


$

2,774


8%

Operating Income

$

203


$

195


4%


$

376


$

377


-

Operating Margin


13.1 %



13.8 %





12.5 %



13.6 %



Space and Airborne Systems (SAS) had second quarter 2016 net sales of $1,547 million, up 9 percent compared to $1,416 million in the second quarter 2015. The increase in net sales for the quarter was primarily driven by higher sales on classified programs.

SAS recorded $203 million of operating income in the second quarter 2016 compared to $195 million in the second quarter 2015. The increase in operating income for the quarter was primarily due to improved program performance and higher volume, partially offset by a change in program mix.

During the quarter, SAS booked $992 million on the Next Generation Jammer (NGJ) program for the U.S. Navy and $90 million on the next-generation Multi-Spectral Targeting System (MTS) for the U.S. Air Force. SAS also booked $424 million on a number of classified contracts.

Forcepoint










2nd Quarter




Six Months



($ in millions)

2016


2015


% Change


2016


2015


% Change

Net Sales

$

138


$

57


NM


$

274


$

81


NM

Operating Income

$

7


$

(1)


NM


$

21


$

(1)


NM

Operating Margin


5.1 %



(1.8) %





7.7 %



(1.2) %



NM = Not Meaningful

Forcepoint had second quarter 2016 net sales of $138 million compared to $57 million in the second quarter 2015. Forcepoint recorded $7 million of operating income in the second quarter 2016 compared to a loss of $1 million in the second quarter 2015. The increase in net sales and operating income for the quarter was primarily due to the acquisition of Websense in May 2015.

About Raytheon

Raytheon Company, with 2015 sales of $23 billion and 61,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 94 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5ITM products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on Twitter.

Conference Call on the Second Quarter 2016 Financial Results

Raytheon's financial results conference call will be held on Thursday, July 28, 2016 at 9 a.m. ET. Participants will include Thomas A. Kennedy, Chairman and CEO; Anthony F. O'Brien, vice president and CFO; and other Company executives.

The dial-in number for the conference call will be (866) 700-6293 in the U.S. or (617) 213-8835 outside of the U.S. The conference call will also be audiocast on the Internet at www.raytheon.com/ir. Individuals may listen to the call and download charts that will be used during the call. These charts will be available for printing prior to the call.

Interested parties are encouraged to check the website ahead of time to ensure their computers are configured for the audio stream. Instructions for obtaining the free required downloadable software are posted on the site.

Disclosure Regarding Forward-looking Statements

This release and the attachments contain forward-looking statements, including information regarding the Company's financial outlook, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are not statements of historical facts and represent only the Company's current expectations regarding such matters.  These statements inherently involve a wide range of known and unknown risks and uncertainties.  The Company's actual actions and results could differ materially from what is expressed or implied by these statements.  Specific factors that could cause such a difference include, but are not limited to: the Company's dependence on the U.S. Government for a significant portion of its business and the risks associated with U.S. Government sales, including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a government shutdown, or otherwise, uncertain funding of programs, potential termination of contracts, and difficulties in contract performance; the resolution of program terminations; the ability to procure new contracts; the risks of conducting business in foreign countries; the unpredictability of timing of international bookings; the ability to comply with extensive governmental regulation and obtain approvals, including export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anti-corruption requirements including the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations; changes in government procurement practices; the impact of competition; the ability to develop products and technologies, and the impact of associated investments and costs; the impact of potential security and cyber threats, and other disruptions; the ability to recruit and retain qualified personnel; the risk that actual pension returns, discount rates or other actuarial assumptions are significantly different than the Company's assumptions; the risk of cost overruns, particularly for the Company's fixed-price contracts; dependence on component availability, subcontractor and partner performance and key suppliers; risks of a negative government audit; risks associated with acquisitions, investments, dispositions, joint ventures and other business arrangements; the ability to grow in the government and commercial cybersecurity markets; risks of an impairment of goodwill or other intangible assets; the impact of financial markets and global economic conditions; the use of accounting estimates in the Company's financial statements; the outcome of contingencies and litigation matters, including government investigations; the risk of environmental liabilities; and other factors as may be detailed from time to time in the Company's public announcements and Securities and Exchange Commission filings. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this release and the attachments or to update them to reflect events or circumstances occurring after the date of this release, including any acquisitions, dispositions or other business arrangements that may be announced or closed after such date. This release and the attachments may contain non-GAAP financial measures. In such event, a GAAP reconciliation and a discussion of the Company's use of these measures are included in this release or the attachments.

 


Attachment A









Raytheon Company



Preliminary Statement of Operations Information






Second Quarter 2016


















(In millions, except per share amounts)


Three Months Ended


Six Months Ended



3-Jul-16


28-Jun-15


3-Jul-16


28-Jun-15










Net sales


$

6,035



$

5,848



$

11,798



$

11,136


Operating expenses









     Cost of sales


4,380



4,525



8,780



8,358


     General and administrative expenses


695



675



1,446



1,290


Total operating expenses


5,075



5,200



10,226



9,648


Operating income


960



648



1,572



1,488


Non-operating (income) expense, net









     Interest expense


58



59



116



117


     Interest income


(4)



(2)



(8)



(6)


     Other (income) expense, net


(1)



(1)



(3)



(3)


Total non-operating (income) expense, net


53



56



105



108


Income from continuing operations before taxes


907



592



1,467



1,380


Federal and foreign income taxes


202



90



358



324


Income from continuing operations


705



502



1,109



1,056


Income (loss) from discontinued operations, net of tax


(1)



1





1


Net income


704



503



1,109



1,057


Less: Net income (loss) attributable to noncontrolling









   interests in subsidiaries


(5)



(2)



(29)



1


Net income attributable to Raytheon Company


$

709



$

505



$

1,138



$

1,056











Basic earnings per share attributable to Raytheon









  Company common stockholders:









     Income from continuing operations


$

2.39



$

1.65



$

3.81



$

3.44


     Income (loss) from discontinued operations, net of tax









     Net income


2.39



1.65



3.81



3.44











Diluted earnings per share attributable to Raytheon









  Company common stockholders:









     Income from continuing operations


$

2.38



$

1.65



$

3.81



$

3.44


     Income (loss) from discontinued operations, net of tax









     Net income


2.38



1.65



3.81



3.44











Amounts attributable to Raytheon Company common









  stockholders:









     Income from continuing operations


$

710



$

504



$

1,138



$

1,055


     Income (loss) from discontinued operations, net of tax


(1)



1





1


     Net income


$

709



$

505



$

1,138



$

1,056











Average shares outstanding









     Basic


297.3



305.4



298.2



306.8


     Diluted


297.6



305.7



298.6



307.2


 

 

Attachment B

Raytheon Company

Preliminary Segment Information

Second Quarter 2016













Operating Income



Net Sales


Operating Income


As a Percent of Net Sales

(In millions, except percentages)


Three Months Ended


Three Months Ended


Three Months Ended



3-Jul-16


28-Jun-15


3-Jul-16


28-Jun-15


3-Jul 16


28-Jun-15














Integrated Defense Systems


$

1,399



$

1,565



$

375



$

202



26.8%


12.9%

Intelligence, Information and Services


1,642



1,594



124



122



7.6%


7.7%

Missile Systems


1,656



1,559



223



184



13.5%


11.8%

Space and Airborne Systems


1,547



1,416



203



195



13.1%


13.8%

Forcepoint


138



57



7



(1)



5.1%


(1.8)%

Eliminations


(326)



(333)



(34)



(36)






Total business segment


6,056



5,858



898



666



14.8%


11.4%

Acquisition Accounting Adjustments


(21)



(10)



(51)



(32)






FAS/CAS Adjustment






109



49






Corporate






4



(35)






Total


$

6,035



$

5,848



$

960



$

648



15.9%


11.1%





































Operating Income



Net Sales


Operating Income


As a Percent of Net Sales

(In millions, except percentages)


Six Months Ended


Six Months Ended


Six Months Ended



3-Jul-16


28-Jun-15


3-Jul-16


28-Jun-15


3-Jul-16


28-Jun-15














Integrated Defense Systems


$

2,736



$

2,872



$

522



$

385



19.1%


13.4%

Intelligence, Information and Services


3,135



3,055



224



417



7.1%


13.6%

Missile Systems


3,376



3,032



415



391



12.3%


12.9%

Space and Airborne Systems


2,997



2,774



376



377



12.5%


13.6%

Forcepoint


274



81



21



(1)



7.7%


(1.2)%

Eliminations


(673)



(668)



(67)



(69)






Total business segment


11,845



11,146



1,491



1,500



12.6%


13.5%

Acquisition Accounting Adjustments


(47)



(10)



(109)



(46)






FAS/CAS Adjustment






214



98






Corporate






(24)



(64)






Total


$

11,798



$

11,136



$

1,572



$

1,488



13.3%


13.4%














 


 

Attachment C







Raytheon Company







Other Preliminary Information










Second Quarter 2016































(In millions)




Funded Backlog


Total Backlog





3-Jul-16


31-Dec-15


3-Jul-16


31-Dec-15












Integrated Defense Systems




$

8,584



$

8,961



$

9,959



$

10,629


Intelligence, Information and Services



2,745



2,933



6,060



6,367


Missile Systems




8,646



7,998



10,943



10,885


Space and Airborne Systems




5,691



4,692



7,877



6,309


Forcepoint




469



476



471



479


Total




$

26,135



$

25,060



$

35,310



$

34,669











































Three Months Ended


Six Months Ended





3-Jul-16


28-Jun-15


3-Jul-16


28-Jun-15












Total Bookings




$

7,118



$

7,580



$

13,319



$

12,051











































Three Months Ended


Six Months Ended





3-Jul-16


28-Jun-15


3-Jul-16


28-Jun-15












Administrative and selling expenses



$

514



$

489



$

1,066



$

962


Research and development expenses



181



186



380



328


Total general and administrative expenses



$

695



$

675



$

1,446



$

1,290
























 

 


Attachment D




Raytheon Company


Preliminary Balance Sheet Information


Second Quarter 2016





(In millions)





3-Jul-16


31-Dec-15

Assets




Current assets




     Cash and cash equivalents

$

2,016



$

2,328


     Short-term investments

703



872


     Contracts in process, net

6,249



5,564


     Inventories

671



635


     Prepaid expenses and other current assets

211



413


          Total current assets

9,850



9,812






Property, plant and equipment, net

2,028



2,005


Goodwill

14,791



14,731


Other assets, net

2,429



2,733


               Total assets

$

29,098



$

29,281






Liabilities, Redeemable Noncontrolling Interest and Equity




Current liabilities




     Advance payments and billings in excess of costs incurred

$

2,136



$

2,193


     Accounts payable

1,405



1,402


     Accrued employee compensation

1,113



1,154


     Other current liabilities

1,360



1,377


          Total current liabilities

6,014



6,126






Accrued retiree benefits and other long-term liabilities

7,092



7,140


Long-term debt

5,333



5,330






Redeemable noncontrolling interest

343



355






Equity




  Raytheon Company stockholders' equity




     Common stock

3



3


     Additional paid-in capital



398


     Accumulated other comprehensive loss

(6,899)



(7,176)


     Retained earnings

17,212



16,903


          Total Raytheon Company stockholders' equity

10,316



10,128


     Noncontrolling interests in subsidiaries



202


          Total equity

10,316



10,330


               Total liabilities, redeemable noncontrolling interest and equity

$

29,098



$

29,281


 


 

Attachment E




Raytheon Company


Preliminary Cash Flow Information




Second Quarter 2016









Six Months Ended

(In millions)

3-Jul-16


28-Jun-15

Cash flows from operating activities




Net income

$

1,109



$

1,057


(Income) loss from discontinued operations, net of tax



(1)


Income from continuing operations

1,109



1,056


Adjustments to reconcile to net cash provided by (used in) operating activities from
continuing operations, net of acquisitions and divestitures




Depreciation and amortization

247



223


Stock-based compensation

89



87


Gain on sale of equity method investment

(158)




Deferred income taxes

(67)



(232)


Tax benefit from stock-based awards



(42)


Changes in assets and liabilities




Contracts in process, net and advance payments and billings in excess of costs incurred

(734)



(795)


Inventories

(35)



(106)


Prepaid expenses and other current assets

155



29


Income taxes receivable/payable

64



92


Accounts payable

49



(99)


Accrued employee compensation

(43)



(117)


Other current liabilities

(76)



13


Accrued retiree benefits

445



408


Other, net

26



(86)


Net cash provided by (used in) operating activities from continuing operations

1,071



431


Net cash provided by (used in) operating activities from discontinued operations



1


Net cash provided by (used in) operating activities

1,071



432


Cash flows from investing activities




Additions to property, plant and equipment

(237)



(143)


Proceeds from sales of property, plant and equipment

1



19


Additions to capitalized internal use software

(26)



(26)


Purchases of short-term investments

(472)



(148)


Sales of short-term investments



209


Maturities of short-term investments

599



774


Payments for purchases of acquired companies, net of cash received

(57)



(1,892)


Other

6



(15)


Net cash provided by (used in) investing activities

(186)



(1,222)


Cash flows from financing activities




Dividends paid

(419)



(391)


Repurchases of common stock under share repurchase programs

(602)



(500)


Repurchases of common stock to satisfy tax withholding obligations

(92)



(96)


Acquisition of noncontrolling interest in RCCS LLC

(90)




Contribution from noncontrolling interests in Forcepoint

11




Tax benefit from stock-based awards



42


Sale of noncontrolling interest in Forcepoint



343


Other

(5)



(2)


Net cash provided by (used in) financing activities

(1,197)



(604)


Net increase (decrease) in cash and cash equivalents

(312)



(1,394)


Cash and cash equivalents at beginning of the year

2,328



3,222


Cash and cash equivalents at end of period

$

2,016



$

1,828


 


Attachment F




Raytheon Company






Supplemental EPS Information








Second Quarter 2016




















(In millions, except per share amounts)

Three Months Ended


Six Months Ended






3-Jul-16


28-Jun-15


3-Jul-16


28-Jun-15

Per share impact of the FAS/CAS Adjustment (A)

$

0.24



$

0.10



$

0.47



$

0.21


Per share impact of the TRS transaction (B)

0.53





0.53





Per share impact of adoption of new accounting 
     standard for stock compensation (C)

0.10





0.15




Per share impact of the IRS tax settlement (D)



0.29





0.29














(A)

FAS/CAS Adjustment

$

109



$

49



$

214



$

98




Tax effect (at 35% statutory rate)

(38)



(17)



(75)



(34)



After-tax impact

71



32



139



64



Diluted shares

297.6



305.7



298.6



307.2



Per share impact

$

0.24



$

0.10



$

0.47



$

0.21














(B)

TRS transaction


$

158



$



$

158



$



Diluted shares


297.6





298.6





Per share impact


$

0.53



$



$

0.53



$














(C)

Adoption of new accounting standard for stock compensation

$

29



$



$

45



$



Diluted shares

297.6





298.6





Per share impact

$

0.10



$



$

0.15



$














(D)

IRS tax settlement

$



$

88



$



$

88



Diluted shares



305.7





307.2



Per share impact

$



$

0.29



$



$

0.29


 



Investor Relations Contact
Todd Ernst
781.522.5141

Media Contact
Corinne Kovalsky
781.522.5899

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/raytheon-reports-strong-second-quarter-2016-results-300305435.html

SOURCE Raytheon Company