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ANDOVER, Mass., Aug. 27, 2007 /PRNewswire/ -- The National Security Administration's Trusted Access Program Office has accredited Raytheon Company's (NYSE: RTN) semiconductor foundry, Raytheon Radio Frequency Components (RRFC), as a Department of Defense Category 1 Trusted Foundry.
The agency's Category 1 designation, the highest awarded by the Department of Defense , recognizes Raytheon's support of defense systems vital to mission effectiveness or operational readiness of deployed or contingency forces, and indicates that the loss or degradation of these systems results in immediate and sustained loss of effectiveness.
"This accreditation reflects our capability to provide the stringent protection measures required by the National Security Administration for gallium arsenide (GaAs) and gallium nitride (GaN) foundries," said Mark Russell, vice president of Engineering for Raytheon Integrated Defense Systems.
The NSA defines trust as "the confidence in one's ability to secure national security systems by assessing the integrity of the people and processes used to design, generate and distribute national security critical components."
Accreditation granted by the Trusted Access Program Office follows a stringent review and is a significant endorsement of RRFC's security processes. For more information about the accreditation program, go to: http://www.nsa.gov/business/tapo.cfm.
A strategic asset for Raytheon, the RRFC is a leader in compound semiconductor technology, products and foundry services for military applications. The RRFC designs, develops and manufactures GaAs and GaN monolithic microwave integrated circuits (MMICs) and modules for Raytheon's advanced radar, electronic warfare, communications and weapon systems.
Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency , the U.S. Armed Forces and Department of Homeland Security .
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass. Raytheon employs 73,000 people worldwide.
Contact:
Chuck Larrabee
978-470-5553
6:29:00 this morning
The U.S. federal government is expected this week to award a contract worth more than $1B to build the key components of its next-generation air traffic control system. Raytheon (RTN), Lockheed Martin (LMT), and ITT (ITT) are bidding on the project. [Reference Link]:[http://www.washingtonpost.com/wp-dyn/content/article/2007/08/26/AR2007082601304_2.html]
PARSIPPANY, N.J.--(BUSINESS WIRE)--
DRS Technologies, Inc. (NYSE: DRS) announced today that it received a $26 million contract, with an option for an additional $23 million contract, to produce, integrate, test, and deliver Phalanx Thermal Imagers for the MK 15 Phalanx Close-In Weapon System (CIWS). The contract was awarded to DRS by the Missile Systems business of Raytheon Company (NYSE: RTN) in Louisville, Kentucky .
The imagers were developed by the company's DRS Sensors & Targeting Systems unit - California Division in Cypress, California , but the production work for this contract will be accomplished by the unit's Optronics Division in Palm Bay, Florida . DRS will start delivering the imagers immediately with completion expected by July 2008 .
The Phalanx CIWS is a shipboard defense weapon system currently deployed on every class of U.S. Navy combat ship, as well as on various international vessels. It is a fast-reaction, rapid-fire, 20-millimeter gun system that automatically detects, tracks, and engages incoming anti-ship missiles, aircraft and littoral warfare threats and is designed to be used at short ranges. It provides ships with a "last-chance" self-defense capability against these threats that have penetrated other fleet defense systems.
"Using the DRS-produced Phalanx Thermal Imager is a significant upgrade to the existing, first-generation Forward Looking Infrared (FLIR) system currently incorporated into the Phalanx weapon system," said James M. Baird, president of DRS' Reconnaissance, Surveillance & Target Acquisition (RSTA) Business Segment. "This contract and program strengthens our relationship with Raytheon and the U.S. Navy, and our portfolio of thermal imaging products will now have a shipboard application in conjunction with the systems we provide to other branches of the U.S. military."
The Phalanx CIWS contains fully integrated radar and infrared surveillance capabilities for the automatic or manual acquisition and tracking of enemy threats. DRS' Phalanx Thermal Imagers incorporate the second generation FLIR technology similar to that used by the company in the Horizontal Technology Integration series of sighting system products, currently being produced and delivered to the U.S. Army and U.S. Marine Corps for ground combat systems.
The RSTA business segment develops, manufactures and supports electro-optical technologies, including advanced cooled and uncooled thermal-imaging solutions for soldier systems, ground vehicle, airborne, and maritime as well as for industrial, security, public safety and firefighting applications.
DRS Technologies, headquartered in Parsippany, New Jersey , is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company employs approximately 10,000 people. For more information about DRS Technologies, please visit the company's web site at www.drs.com.
Source: DRS Technologies, Inc.
8/23/07
Defense giant Raytheon (RTN) and XM Satellite Radio (XMSR) are bidding for a contract that could help ease flight delays by overhauling the air traffic control system. The contract could be worth more than $2B over the next two decades for Raytheon. The Federal Aviation Administration , or FAA, could award the contract as early as next week. XM has begun using its satellite for applications other than satellite radio. Lockheed Martin (LMT) is also competing for the FAA contract.
[Reference Link]:
[http://www.boston.com/business/globe/articles/2007/08/23/raytheon_xm_bid_to_modernize_air_traffic_sy....
TEWKSBURY, Mass., Aug. 23, 2007 /PRNewswire/ -- Raytheon Company (NYSE: RTN) achieved a significant milestone in the Zumwalt Class destroyer program with the successful design review of the ship's undersea warfare systems -- collectively referred to as the integrated acoustic sensor suite. With this success, the U.S. Navy has given Raytheon Integrated Defense Systems (IDS) approval to advance the acoustic sensor suite's design into production.
The acoustic sensor suite delivers critical capabilities by providing operators with a complete undersea warfare picture that includes the search for, and detection of, potential threats such as submarines, torpedoes, mines and unmanned undersea vehicles. The suite integrates all Zumwalt acoustic undersea warfare systems and subsystems, including the dual frequency bow array, towed array, towed torpedo countermeasures, expendable bathythermograph, data sensor, acoustic decoy launcher, underwater communications, and associated software.
"The successful review proved to the Navy customer that this open architecture, integrated sonar system will effectively meet the design requirements of the Zumwalt Class destroyers," said Barbara Belt, IDS' program manager for the acoustic sensor suite. "The modularity of the suite's design offers the potential for widespread use on other naval platforms."
The acoustic sensor suite's open architecture conforms to the Navy's enterprise peer review process business model and technology insertion strategy. The solution for Zumwalt supports the Navy's goal of a single, common configuration for undersea warfare processing for its family of ships, thereby reducing lifecycle costs while allowing for rapid warfighting improvements. With the solution on board Zumwalt, the Navy will achieve a 33 percent reduction in undersea warfare manning requirements as compared to current ships in the fleet.
The design review -- which also determined that predefined space and weight allocations on board a Zumwalt Class ship are adequate to house the components of the acoustic sensor suite -- took place at the Raytheon IDS Maritime Mission Center, Portsmouth, R.I. Participants included representatives from Raytheon, Naval Sea Systems Command, the Naval Undersea Warfare Center and the Naval Surface Warfare Center, as well as Lockheed Martin and other subcontractors.
The Zumwalt Class destroyer program is one of several programs to successfully employ IDS' OpenAIR(TM) (Affordability, Innovation and Results) business model that leverages the best of academia, large businesses, and small businesses including Argon ST, Applied Acoustic Concepts, and Adaptive Methods. OpenAIR provides customers with effective solutions at affordable prices, ensures repeated collaboration, and combines IDS' knowledge and processes with the innovation and agility of small business.
Raytheon IDS serves as the prime mission systems integrator for all electronic and combat systems for the Zumwalt Class destroyer program under the Navy's DDG 1000 Detail Design and Integration contract awarded in 2005. Working together with the Navy and a team of industry leaders, IDS is leading the effort to transform the Navy's ship requirements to reality. For more information visit www.raytheon.com/products/ddg_1000.
Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency , the U.S. Armed Forces and the Department of Homeland Security .
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Carolyn Beaudry
401.842.3550
SOURCE Raytheon Company
MIAMI, FL -- (MARKET WIRE) -- 08/22/07 -- Stock Market Alert's performance stock list includes: InRob Tech Ltd. (OTCBB: IRBL), Raytheon Company (NYSE: RTN), Alliant Techsystems (NYSE: ATK), General Motors Corp. (NYSE: GM).
...
Other Stocks of interest yesterday were:
Raytheon Company (NYSE: RTN) up 1.1% on 3.5 million shares traded.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services.
The advertisement is provided by Wall Street Enews, a division of Stock Market Alerts LLC , an electronic broadcaster and publisher of this release, and hereafter referred to as "the company." The company has not received compensation for services performed for InRob Tech Ltd. (OTCBB: IRBL). Because Wall Street Enews may receive compensation for its services, there is an inherent conflict of interest in the company statements and opinions and such statements and opinions cannot be considered independent.
The information contained in this press release is for informational purposes only, and not to be construed as an offer to sell or solicitation of an offer to buy any security. The company makes no representation or warranty relating to the validity of the facts presented nor does the company represent or warrant that all material facts necessary to make an investment decision are presented above. Stock Market Alerts LLC is an advertising company and therefore, this release should be viewed for informational purposes only.
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CONTACT:
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CLEVELAND --(BUSINESS WIRE)-- 8/21/07: Where to Find the Jet Set This Summer
Its finger firmly on the pulse of the nation's elite travelers, Flight Options, a Raytheon Company , released today its list of the 10 most popular summer leisure destinations among the owners and members of this Cleveland -based private jet company. The results reveal that when the mercury rises, the high flyers among us head for the hills (or, more accurately, the mountains) seeking R&R in Rocky Mountain resort destinations that have in recent years seen their ski-town reputations blossom into four-season hotspots. From Aspen to Eagle, just 30 miles from Vail, the Rockies account for 4 of the top 10 destinations booked this July by Flight Options' well-heeled clientele.
The list also reveals a strong penchant for exciting nightlife, with Las Vegas taking the number-one slot. Rounding out the list are coastal destinations both East and West, and Arizona's flourishing Scottsdale .
The Top 10 are:
1. Las Vegas, NV : From casino flash to Saks Fifth Avenue, Vegas tops the charts of getaways for Flight Options owners. Designer boutiques and celebrity chef-helmed restaurants offer plenty of alternatives to gaming along the famed Strip.
2. Aspen, CO: Renowned music festivals and an excellent culinary reputation have bolstered Aspen's four-season appeal.
3. Jackson, WY : Home to world-class fly fishing and hiking, Jackson is a year-round paradise for outdoor enthusiasts and also boasts an increasingly rich arts scene.
4. Hailey, ID: The resort destinations of Sun Valley and Ketchum abound with music and art festivals, as well as legendary trout fishing.
5. Eagle, CO: Championship golf and a world-renowned music festival draw summer travelers to the Vail Valley.
6. Scottsdale, AZ : Known for its world-class golf and spa resorts, Scottsdale has been revealing an increasingly urban-chic edge with an influx of trend-setting restaurants and boutique hotels.
7. Napa, CA: Vineyards that rival the best in France , fine dining and charming inns in equally charming coastal towns make the Napa region an epicurean paradise.
8. Nantucket, MA: This exclusive East Coast enclave is known for its unspoiled beaches, relaxed pace and traditional New England character.
9. Carlsbad, CA: With seven miles of accessible beach, championship golf, world-class spas and the kid-friendly appeal of Legoland, Carlsbad is a classic Southern California destination for families and couples alike.
10. East Hampton, NY: A summer playground for Manhattan power brokers and Hollywood stars, the Hamptons balances restaurants, shops and a lively night scene with acres of vineyards and spectacular, uncrowded beaches.
Up and coming: Santa Fe, NM . Just shy of making the list at number 11, Santa Fe is a major contender as a leisure destination - thanks to a world-class culinary reputation, a flourishing arts scene rivaled in the U.S. only by New York and Los Angeles , and a wealth of outdoor pursuits.
About Flight Options
Flight Options LLC is a Raytheon Company (NYSE:RTN). The Cleveland, Ohio -based private jet company has earned a reputation as a leader and innovator within the private aviation industry. Flight Options, which will mark its 10th Anniversary in 2008, pioneered cost-transparency in fractional jet ownership with the Fractional First(TM) ownership program and introduced fully refundable hours to the jet card market, with JetPASS Ultimate Travel Membership. Flight Options is an industry leader in private aviation safety, as well, having been selected by the FAA as the first fractional provider to participate in the Aviation Safety Action Program. Flight Options provides personalized luxury service to its owners and members, allowing them to be more productive on business and to make the most of their leisure time. The Flight Options fleet of over 140 aircraft consists of the Hawker 400XP, Hawker 850XP, Citation X and Legacy. More information is available at www.flightoptions.com or by calling 877.703.2348.
Source: Flight Options
TEWKSBURY, Mass., Aug. 21, 2007 /PRNewswire/ -- The U.S. Navy has recommended Raytheon Company's (NYSE: RTN) advanced submarine combat control system, AN/BYG-1, for fleet introduction on the SSGN Ohio Class and SSN-21 Seawolf Class attack submarines after favorable tests and evaluations. The recent Follow-on Operational Test & Evaluation reports highlighted several performance enhancements and confirmed the operational effectiveness and suitability of the AN/BYG-1(V)6 and (V)7 for the SSN-21 and SSGN platforms.
AN/BYG-1 exploits the power of sonar, electronic support measures, radar, navigation, periscopes, communication, command and weapons to provide a fully integrated submarine combat system. The system was designed using commercial off the shelf (COTS) equipment and open standards that provide interoperability, portability, scalability and supplier independence for all hardware and software components. The AN/BYG-1 system allows for rapid COTS insertion to accommodate and integrate additional functionality, sensors and/or weapons.
"The customer commended the AN/BYG-1 combat system's reliability, maintainability, training and documentation," said Upinder Dhinsa, vice president of Raytheon Integrated Defense Systems' (IDS) Maritime Mission Systems. "We see this as a testament to Raytheon's ongoing commitment to delivering highly capable and affordable solutions for the U.S. Navy's submarine fleet."
Raytheon IDS is the AN/BYG-1 systems integrator for the combat control suite, delivering the advanced communication, navigation and weapon launch capabilities that are critical to submarine combat operations. In addition to the weapons control subsystem, the company provides integration, control and coordination of the tactical control, weapons control, and tactical network subsystems, ensuring complete end-to-end functionality.
Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency , the U.S. Armed Forces and the Department of Homeland Security .
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Carolyn Beaudry
401.842.3550
SOURCE Raytheon Company
fwiw, i'm completely hedged on this one
short the Sep 60c's
didn't get my add but she went green today has me thrilled
RTN ~ my current position is
long 1 Jan09 50c from 8.5
long 1 Jan09 60c from 5.7
and I've been trading around them (as you've seen here).
previously, I had 2 Jan08 50c's and sold those out...
I've been wanting to add another contract (probably another Jan09 60c) to the core position, and she's just not giving me much of a chance to grab it cheap!
yesterday when she tanked, I wrote a note to myself to pick up one if she was down again today.
and of course, that didn't happen. LOL
RESTON, Va., Aug. 13, 2007 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has been selected to provide enhanced information technology solutions and services through the U.S. General Services Administration's (GSA) Alliant indefinite delivery-indefinite quantity acquisition contract.
Under Alliant, Raytheon will provide infrastructure, application services and IT management services to support federal agencies. Alliant, which has a potential value of $50 billion over 10 years, was awarded to 29 companies.
"The GSA Alliant contract will be an essential vehicle for leveraging domain expertise across all Raytheon's businesses; it will enable us to provide the best IT solutions for our customers," said TW Scott, vice president of Raytheon Information Solutions. "We look forward to working with all the agencies to provide them the most cutting-edge and scalable IT solutions in the industry."
The Alliant contract will be managed through the Raytheon IDIQ Service Center, ensuring contract optimization and efficiency.
"This is a great opportunity for Raytheon to bid on task orders under the Alliant contract," said Susan Haeseler, director of the Raytheon IDIQ Service Center. "Raytheon provides the industry with proven IT expertise and innovative solutions for the rapidly changing needs of our customers."
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Keith Little
703.849.1675
SOURCE Raytheon Company
ROCHESTER, N.Y. --(BUSINESS WIRE)--
Document Security Systems, Inc. (AMEX: DMC; "DSS"), a leader in proven, patented protection against counterfeiting and unauthorized copying, scanning and photo imaging, today reported results for the second quarter and six-month period ended June 30, 2007 .
...[relevance]...
"...Washington, DC focus on sales and partnerships with core
integrators such as Raytheon (NYSE:RTN) and SAIC (NYSE:SAI)..."
8/8/07 Jim Cramer's "Mad Money"
During Wednesday's "Mad Money" show, Cramer equated the market with a poker game and said CSCO, AMZN, EBAY, GOOG, LVLT, UA, KO, and PEP have the strongest hands right now, and they are Buys. Weak hands: the financials, which remain Sells. Next, Cramer said he was wrong about RL, which is now a Sell, and right about VFC, which remains a Buy. In the Lightning Round, Cramer was bullish on: NVDA, DYN, NMX, TCK, RTN, LMT, NOC, GD, RAH, and ENG. In the Lighting Round, Cramer was bearish on: PWRD and RNWK. In the Sudden Death Round, Cramer had the following recommendations - Buy: AGN. Sell: No stocks mentioned.
INDIANAPOLIS , Aug. 8, 2007 /PRNewswire/ -- A subsidiary of Raytheon Company (NYSE: RTN) has been awarded a $75 million indefinite delivery-indefinite quantity contract to modify data link equipment for F-15 fighter aircraft.
Raytheon Technical Services Company LLC will modify the weapons data link associated with the GBU-15 and AGM-130 weapons programs for frequency utilization to support the Commercial Spectrum Enhancement Act, which reallocates spectrum from governmental to commercial users. An initial $31.8 million delivery order was executed concurrent with the contract award.
The weapons data link (AXQ-14 Data Link Pod, ZSW-1 Weapons Control Pod) and associated support equipment are operational and training assets used to support the GBU-15 and AGM-130. Under the contract, RTSC will develop, prototype, qualify, and modify weapons data link equipment at its Indianapolis facility. Hill Air Force Base, Ogden, Utah , is the contracting activity for the U.S. Air Force Training Frequency Relocation program.
"We're proud to provide this important weapon system modification to the U.S. Air Force," said John Balaguer, RTSC vice president and general manager of RTSC's Indianapolis -based business unit. "This contract demonstrates our customer's confidence in our systems, which ensure that the warfighter is receiving training that mirrors battlefield conditions."
Raytheon has a long history of developing engineering solutions, integrating state-of-the-art technologies, and providing manufacturing, logistics and technical support in the repair and upgrade of weapons data link equipment used by the Air Force.
RTSC provides technology solutions for defense, federal and commercial customers worldwide. It specializes in Mission Support, counter-proliferation and counter-terrorism, base and range operations and customized engineering services and manufacturing.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning more than 80 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
John G. Clemons
703.295.2530
SOURCE Raytheon Company
Raytheon Cut to `Buy' at Matrix :RTN US
Raytheon Cut to `Buy' at Matrix :RTN US
By Sybil Chahbandour
Princeton, New Jersey, Aug. 7 (Bloomberg Data) -- Raytheon Co. (RTN US) was downgraded to ``buy'' from ``strong buy'' by analyst Daniel Scalzi at Matrix USA.
Last Updated: August 7, 2007 10:07 EDT
CHICAGO --(BUSINESS WIRE)--
Zacks.com releases the latest Zacks Industry Rank. Stocks featured in this week's analysis include AK Steel (NYSE: AKS), FLIR Systems (Nasdaq: FLIR), Raytheon (NYSE: RTN), Steel Dynamics (Nasdaq: STLD) and U.S. Steel (NYSE: X). To see the Zacks Industry Rank and the trend in earnings estimates revisions for more than 200 industry groups, visit http://at.zacks.com/?id=3154.
...
Raytheon (NYSE: RTN) topped expectations by 19 cents with adjusted profits of 88 cents per share. Net sales rose 9% to $5.4 billion thanks in part to missile systems and missile defense systems. Higher demand for network centric mission solutions, which include sensor and communication systems, also helped to drive revenues higher. Based on the quarterly performance and the trend in bookings, the company raised its full-year guidance. RTN now expects to earn between $3.05 and $3.20 per share versus its previous guidance for profits to total between $2.85 and $3 per share. The majority of the covering brokerage analysts raised their forecasts in response, sending the consensus estimate up 14 cents to $3.21 per share.
Both FLIR Systems and Raytheon are classified in Electronics-Military Systems, one of the best ranked groups.
The interactive Zacks Industry Rank List allows you to see all of the companies, and their Zacks Rank, within more than 200 industries. See the list at http://at.zacks.com/?id=3208.
About Zacks Industry Rank and the Zacks Rank
Zacks Industry Rank is calculated by averaging the Zacks Rank for all covered companies within a given industry. The Zacks Rank is assigned to approximately 4400 stocks and ranges from #1 ("Strong Buy") to #5 ("Strong Sell"). Both the Zacks Industry Rank and the Zacks Rank are quantitative indicators designed to cover periods of 1-3 months.
Since 1988, the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1988, #1 Rank stocks have generated an average annual return of +32.2%. During the 2000-2002 bear market, Zacks #1 Rank stocks gained +43.8%, while the S&P 500 tumbled -37.6%. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). Since 1988, Zacks Rank #5 stocks have underperformed the S&P 500 by 129% annually (+5.3% vs. +12.1%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.
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Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Zacks Rank performance is the total return (price changes + dividends) of equal weighted portfolios, consisting of those stocks with the indicated Zacks Rank, assuming zero transaction costs. These returns are not the result of a backtest; these are actual returns since 1988. The stocks in the Zacks Rank portfolios were available to Zacks clients before the beginning of each month (monthly rebalancing). Performance results from 1988 through June 2007 are based on a subset of all Zacks Rank stocks that excludes stocks covered by only one analyst and ADR's.
The S&P 500 Index is a well-known, unmanaged index of the prices of 500 large-company common stocks, mainly blue-chip stocks, selected by Standard & Poor's. The S&P 500 Index assumes reinvestment of dividends but does not reflect advisory fees. An investor cannot invest directly in an index.
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Source: Zacks.com
GOLETA, Calif., Aug. 2, 2007 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has been awarded a $24.4 million U.S. Navy contract to equip Royal Australian Air Force F/A-18F Super Hornets with the ALR-67(V)3 digital radar warning receiver.
The contract, representing the first international sale of the ALR-67(V)3 for the Super Hornet, calls for the delivery of 24 radar warning receivers to the RAAF. Raytheon was recently awarded a contract to provide 55 radar warning receivers plus spares for RAAF F/A-18A+ aircraft as part of the Australia Hornet upgrade program.
"Equipping the RAAF Super Hornet with the ALR-67(V)3 is another step forward in expanding our international business," said Roy Azevedo, manager of Raytheon's Electronic Warfare business area. "The ALR-67(V)3 and its new digital technology provide critical capabilities for self-protection of the F/A-18."
The award, a foreign military sale, originated with the Naval Air Systems Command, Patuxent River, Md. Deliveries under the contract will begin in October 2009 and are expected to be complete by September 2010 .
The ALR-67(V)3 is the state-of-the-art radar warning receiver on Navy F/A- 18E/F carrier-based tactical aircraft. More than 400 receivers plus spares have been ordered, and additional domestic and international sales are expected.
Work on the radar warning receiver is being done by the company's Electronic Warfare organization in Goleta with support of facilities in El Segundo, Calif., Forest, Miss., and McKinney, Texas .
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Ron Colman
805.879.2041
SOURCE Raytheon Company
The Defense Bull Market's Still on Fire
By Jim Cramer
from TheStreet.Com
About this story:
This defense bull market gains steam every time we see a new poll showing that Hillary Clinton's pulling ahead. To get elected she needs to out defense the GOP, and I think she will. With the defense budget from the war soaring, you can see why a General Dynamics , a Raytheon , a Boeing , or a Northrop Grumman/Lockheed Martin could go much higher. Add the fact that these companies will be paid -- there is no mortgage problem here -- by the U.S. government or by the rich governments overseas, and you get a group that has become an ultimate safe haven for this moment. Small number of players, an election year and not one, but really two wars -- Afghanistan -- and you can see why this group's going to be rallying for some time. At the time of publication, Cramer had no positions in...
FOREST, Miss., Aug. 2, 2007 /PRNewswire/ --
Raytheon Company (NYSE: RTN) will dedicate a 90,000 square-foot expansion of its Consolidated Manufacturing Center Aug. 2 .
The Honorable Haley Barbour, Governor, Mississippi , and Raytheon Chairman and CEO William H. Swanson will speak at the event. Also present will be Jon Jones, president of Raytheon Space and Airborne Systems.
"The expansion of Raytheon's facility in Forest is further evidence of this outstanding company's continuing commitment to the economic growth of central Mississippi ," Gov. Barbour said. "Not only does the expansion open the door to more good jobs and greater economic development in the region, it also demonstrates the increasingly critical role Mississippi workers play in keeping the U.S. military the strongest in the world."
Joining Raytheon officials on the occasion will be Gray Swoope, executive director of the Mississippi Development Authority .
The plant, which manufactures radar and other sensor systems for a variety of military programs, expects to add approximately 110 jobs as current programs expand and new ones begin. The current number of employees is about 750.
"The growth at Forest is a direct result of the hard work and dedication of our employees," Raytheon Chairman and CEO William H. Swanson said. "They are building the top-quality systems that our customers have come to expect from us. We are extremely proud of their efforts. The products produced here provide for the safety of our military around the world."
Raytheon Space and Airborne Systems is a leading provider of sensor systems giving military forces the most accurate and timely actionable intelligence available for the network-centric battlefield. With 2006 revenues of $4.3 billion and 12,000 employees, SAS is headquartered in El Segundo, Calif. Additional facilities are in Goleta, Calif.; Forest, Miss.; Dallas , McKinney and Plano, Texas ; and several international locations.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Sabrina Steele
310.647.9067
sksteele@raytheon.com
SOURCE Raytheon Company
M2 PressWIRE - August 2, 2007 - City of Industry, CA - Defense industry alert provided by U.S. Equity News .
U.S. BioDefense, Inc. (OTC BB:UBDE) on Tuesday July 31, 2007 announced the company will proceed with the spin out of its wholly owned subsidiary Emergency Disaster Systems ( EDS ). The company plans to file Form SB-2 Registration Statement with the Securities and Exchange Commission to distribute shares of common stock of Emergency Disaster Systems. Although a record date for such distribution has not been set, shareholders of UBDE will receive as dividend shares of the new entity.
The U.S. Army on Tuesday July 31, 2007 has awarded General Dynamics (NYSE:GD) Armament and Technical Products a $26 million contract for the production of M2HB machine guns. Deliveries will begin in April. The M2HB fires at a rate of more than 450 rounds per minute and has a maximum effective range of 2,000 yards. Production work will be done at the company's Saco, Maine , facility, which has manufactured the machine gun since 1979.
Lockheed Martin Corp. (NYSE:LMT) said Tuesday July 31, 2007 it has received $5 billion from the U.S. Air Force "for three lots of F-22 Raptor air dominance fighters." The contract comes in addition to $2.3 billion previously awarded by the Air Force to Lockheed Martin for related parts, the company said. A total of 60 F-22 aircraft will be produced at a rate of 20 per year, with delivery scheduled to begin in 2008, Lockheed Martin said.
Raytheon Technical Services Company LLC , a subsidiary of Raytheon Company (NYSE: RTN), on Wednesday August 1, 2007 announced they are joining NASA Aug. 3 in celebrating 10 years of astronaut training at the Johnson Space Center's Neutral Buoyancy Laboratory in Houston . The NBL is an enormous 40-foot-deep tank with full-size space shuttle and space station mockups mounted in 6.2 million gallons of water. Allowing suited astronauts to train in near weightlessness, the pool helps simulate the space experience in preparation for missions.
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8/2/07 Jim Cramer's "Mad Money"
During Wednesday's "Mad Money" show, Cramer evaluated the Dow's recent volatility, amid reverberating subprime mortgage quality concerns, and incessant rumors of additional mortgage lender, homebuilder, and fund defaults. Cramer: After an up day, I'm here to inform you about the downside possibilities: you need to reposition yourself - use this strength - to get out of problematic plays and losing sectors [banks/brokers, home builders, mortgage-related entities]. Regarding housing, the home builders will not be able to sell the amount of homes they've built; also, home owner defaults will propel the failure of at least 1 major bank, Cramer predicted. And the bond business backed by these mortgages is done too, Cramer said, which will hurt brokers' earnings estimates. Of course, if the Fed cuts interest rates, all of the aforementioned doesn't apply, but Cramer does not think the Fed will lower rates any time soon. Next, Cramer underscored, that money can still be made in this market, even if the worst case scenario prevails, if you're positioned right. Cramer reiterated his Buys for: RTN, AGN, UA, GRMN, LULU, and CMG. In the Lightning Round, Cramer was bullish on: GLW, LMC, NYX, [Note: Cramer underscored that, so far, he has been wrong about NYX, but he is sticking with his Buy recommendation; PRU, HON, RIO, BHP, AAPL [ but be prepared to take some profits with AAPL when it hits $145 ; RRI and CHRD. In the Lightning Round, Cramer was bearish on: NUE, GLDD. In the Sudden Death Round, Cramer had the following recommendations - Buy: BWP. Sell: ZGEN.
RESTON, Va., Aug. 1, 2007 /PRNewswire/ -- Raytheon Technical Services Company LLC , a subsidiary of Raytheon Company (NYSE: RTN), is joining NASA Aug. 3 in celebrating 10 years of astronaut training at the Johnson Space Center's Neutral Buoyancy Laboratory in Houston .
The NBL is an enormous 40-foot-deep tank with full-size space shuttle and space station mockups mounted in 6.2 million gallons of water. Allowing suited astronauts to train in near weightlessness, the pool helps simulate the space experience in preparation for missions.
For the last four years, Raytheon has been responsible for operating, maintaining and providing sustaining engineering and directly supporting astronaut training for the NBL and the Johnson Space Center's Space Vehicle Mock-up Facility. The NBL and SVMF both provide training for the Space Shuttle and International Space Station programs.
"We make sure astronauts are ready for space," said Cindy Hendershot, program manager for RTSC's Houston programs. "The pool is in constant operation, and we're here to assure their mission success 24 hours a day, seven days a week."
The Raytheon team supported NASA in preparing the NASA STS 114 crew for the Discovery shuttle's historic "Return to Flight" space mission in 2005. The seven-person crew that piloted Discovery all trained at the NBL and the SVMF.
Raytheon also supports operations during space missions. When needed, personnel support exercises in both the NBL and the SVMF to provide data and assessments to planners and astronauts so they know what new techniques or procedures work to ensure successful space walks.
"We are proud to be a part of the NBL's 10-year history and look forward to a long relationship in the future," Hendershot said.
RTSC, a subsidiary of Raytheon Company , provides technology solutions for defense, federal and commercial customers worldwide. RTSC specializes in Mission Support, counter-proliferation and counter-terrorism, homeland security solutions, base and range operations and customized engineering and manufacturing.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Robert Koch
Office: 703.295.2535
robert_c_koch@raytheon.com
SOURCE Raytheon Company
8/1/07 Jim Cramer's "Mad Money"
During Tuesday's "Mad Money" show, Cramer said he hoped traders took the time to unload stocks in Cramer's outlined bearish sectors when the market rallied Tuesday morning [ July 31, 2007 ] - before it reversed course and finished 150 points lower on lingering subprime mortgage concerns - and then bought Cramer's recommendations. Next, Cramer said he now believes defense, after this quarter, is the seventh "wild bull market." As evidence, Cramer cited news stories indicating upcoming arm sales to the Middle East [ Saudi Arabia , Israel ]. Cramer: It's the U.S. Government's way of propping up defense contractors, and it looks like recently-elected Congressional Democrats will join Republicans to move the bills forward. Cramer: And you can profit from this policy. Cramer likes: Lockheed Martin (LMT), Alliant Tech (ATK), and his No 1. play: Raytheon (RTN). In the Lightning Round, Cramer was bullish on: Factset Research (FDS), Dynegy (DYN), Cisco (CSCO), EMC Corp (EMC), Indevus (IDEV), Costco (COST), and Acergy (ACGY). Cramer also recommended Buying B & G Foods (BGS). Cramer also said to stick with his agriculture plays, but feel free to take some profits if you're up substantially. In the Lightning Round, Cramer was bearish on: First Solar (FSLR) [Take profits with FSLR], and Alcatel Lucent (ALU). In the Sudden Death Round, Cramer had the following recommendations - Buy: Wal-Mart (WMT). Sell: No stocks mentioned.
RTN ~ 56.16, + 1.23 / +2.24%
would've done much better today but for the broader market. but, with good guidance, we will be free to coast for the rest of the quarter, seems to me.
10-Q: RAYTHEON CO/
10-Q: RAYTHEON CO/
Last Update: 11:49 AM ET Jul 26, 2007
(EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-Looking Statements
This Form 10-Q contains forward-looking statements including information regarding our 2007 financial outlook, future plans, objectives, business prospects and anticipated financial performance including, without limitation, statements regarding the outcome of tax audits and other matters and our provision for tax positions; contributions to our pension plans; potential value of contracts; the impact of environmental contingencies, government investigations and other claims and legal proceedings; other entities satisfying their obligations which we have guaranteed; use of capital, including the proceeds from the sale of Raytheon Aircraft Company; expected capital and internal use software expenditures; compliance with debt covenants; funding for our operating, capital expenditure, and debt service requirements; and our exposure to changes in foreign exchange rates. You can identify these statements by the fact that they include words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," "outlook" or variations of these words, or similar expressions. These forward-looking statements are not statements of historical facts and represent only our current expectations regarding such matters. These statements inherently involve a wide range of known and unknown uncertainties. Our actual actions and results could differ materially from what is expressed or implied by these statements. Factors that could cause such a difference include, but are not limited to, those set forth under Item 1A. "Risk Factors" in our 2006 Annual Report on Form 10-K and other important factors disclosed previously and from time to time in our other filings with the Securities and Exchange Commission. Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, nor use historical trends to anticipate results or trends in future periods. We expressly disclaim any obligation or intention to provide updates to the forward-looking statements and the estimates and assumptions associated with them.
Overview
Raytheon Company, and its subsidiaries, is one of the world's largest defense contractors serving all branches of the U.S. military and other U.S. government agencies, the North Atlantic Treaty Organization (NATO) and many allied governments on every continent. We develop and provide technologically advanced, integrated products, services and solutions in our core defense markets:
As discussed in more detail below, in the second quarter of 2007 we completed the sale of Raytheon Aircraft.
We operate in six principal business segments: Integrated Defense Systems (IDS), Intelligence and Information Systems (IIS), Missile Systems (MS), Network Centric Systems (NCS), Space and Airborne Systems (SAS) and Technical Services (TS). For a more detailed description of our segments, see "Business Segments" within Item 1 of our 2006 Annual Report on Form 10-K.
The following discussion should be read along with our 2006 Annual Report on Form 10-K and with the unaudited condensed consolidated financial statements included in this Form 10-Q.
Consolidated Results of Operations
As noted above in our Cautionary Note Regarding Forward-Looking Statements, our results of operations of an interim period, and period-to-period comparisons of such results, particularly at a segment level, may not be indicative of our future operating results. The following discussions of comparative results among periods should be viewed in this context. In addition, in our discussions of comparative results, changes in sales are typically expressed in terms of volume. Volume generally refers to increases (or decreases) in revenues incurred due to varying production activity levels, delivery rates or service levels on individual contracts. Volume changes will typically carry a corresponding margin change based on the margin rate for a particular contract. Segment operating margin reflects the performance of segment contracts and programs. In addition, in our discussions of comparative results, changes in segment operating margin are typically expressed in terms of volume, as discussed above, or performance. Performance refers to changes in contract margin rates. These changes typically relate to profit recognition associated with revisions to total estimated costs at completion of the contract that reflect improved (or deteriorated) operating or award fee performance on a particular contract. Changes in estimates of contract sales, costs and profits are recognized using a cumulative catch-up which recognizes in the current period the cumulative effect of the changes on current and prior periods.
Net sales were $5.4 billion in the second quarter of 2007 versus $5.0 billion in the second quarter of 2006. The increase in sales was primarily due to higher sales at NCS, IDS and MS. Sales to the U.S. Department of Defense (DoD) were 77% of sales in the second quarter of 2007 and 2006. Total sales to the U.S. government were 83% of sales in the second quarter of 2007 versus 85% of sales in the second quarter of 2006. Included in U.S. government sales were foreign military sales of $362 million and $295 million in the second quarter of 2007 and 2006, respectively. Total international sales, including foreign military sales, were $1,072 million or 20% of sales in the second quarter of 2007 versus $878 million or 18% of sales in the second quarter of 2006. Net sales in the first six months of 2007 were $10.3 billion versus $9.6 billion in the first six months of 2006. The increase in sales was primarily due to higher sales at NCS, MS and IDS. Sales to the DoD were 79% of sales in the first six months of 2007 versus 77% of sales in the first six months of 2006. Total sales to the U.S. government were 84% of sales in the first six months of 2007 and 2006. Included in U.S. government sales were foreign military sales of $702 million and $603 million in the first six months of 2007 and 2006, respectively. Total international sales, including foreign military sales, were $1,988 million or 19% of sales in the first six months of 2007 versus $1,723 million or 18% of sales in the first six months of 2006.
Gross margin, net sales less cost of sales, in the second quarter of 2007 was $1,093 million or 20.2% of sales versus $941 million or 18.9% of sales in the second quarter of 2006. Included in gross margin was the FAS/CAS Pension Adjustment, described below, of $63 million and $96 million of expense in the second quarter of 2007 and 2006, respectively. Gross margin in the first six months of 2007 was $2.0 billion or 19.7% of sales versus $1.8 billion or 18.6% of sales in the first six months of 2006. Included in gross margin was the FAS/CAS Pension Adjustment of $125 million and $181 million of expense in the first six months of 2007 and 2006, respectively.
The FAS/CAS Pension Adjustment represents the difference between our pension expense or income under Statement of Financial Accounting Standards No. 87, Employers' Accounting for Pensions (SFAS No. 87), and our pension expense under Cost Accounting Standards (CAS) and is reported as a separate line item in our segment results. SFAS No. 87 outlines the methodology used to determine pension expense or income for financial reporting purposes, which is not necessarily indicative of the funding requirements of pension plans that are determined by other factors. CAS prescribes the allocation to and recovery of pension costs on U.S. government contracts and is a major factor in determining pension funding requirements. The results for each segment only include pension expense as determined under CAS that can generally be recovered through the pricing of products and services to the U.S. government.
Administrative and selling expenses were $367 million or 6.8% of sales in the second quarter of 2007 versus $345 million or 6.9% of sales in the second quarter of 2006. Administrative and selling expenses were $707 million or 6.8% of sales in the first six months of 2007 versus $664 million or 6.9% of sales in the first six months of 2006.
Research and development expenses were $138 million or 2.5% of sales in the second quarter of 2007 versus $135 million or 2.7% of sales in the second quarter of 2006. Research and development expenses were $235 million or 2.3% of sales in the first six months of 2007 versus $236 million or 2.4% of sales in the first six months of 2006.
Operating income was $588 million or 10.9% of sales in the second quarter of 2007 versus $461 million or 9.3% of sales in the second quarter of 2006. Operating income was $1,098 million or 10.6% of sales in the first six months of 2007 versus $894 million or 9.3% of sales in the first six months of 2006. The changes in operating income by segment are discussed below in Segment Results.
Interest expense in the second quarter of 2007 was $54 million versus $68 million in the second quarter of 2006. Interest expense in the first six months of 2007 was $114 million versus $137 million in the first six months of 2006. The decrease in interest expense in the second quarter of 2007 and the first six months of 2007 was primarily due to lower average debt and a lower weighted-average cost of borrowing.
Interest income in the second quarter of 2007 was $57 million versus $13 million in the second quarter of 2006. Interest income in the first six months of 2007 was $85 million versus $34 million in the first six months of 2006. The increase in interest income in the second quarter of 2007 and the first six months of 2007 was due to a higher average cash balance as a result of the proceeds from the sale of Raytheon Aircraft.
Other expense (income), net in the second quarter of 2007 was $56 million of expense versus $13 million of income in the second quarter of 2006. Other expense (income), net in the first six months of 2007 was $59 million of expense versus $39 million of income in the first six months of 2006. Other expense, net in the second quarter of 2007 and the first six months of 2007 included a $59 million loss on the repurchase of long-term debt. Other income, net in the second quarter of 2006 and the first six months of 2006 included a $34 million favorable adjustment resulting from the settlement of a class action lawsuit filed in 2003. Other income, net in the first six months of 2006 also included a $21 million gain on the sale of Space Imaging (in which we had an investment).
The effective tax rate from continuing operations was 33.5% and 34.1% in the second quarter of 2007 and 2006, respectively, reflecting the U.S. statutory rate adjusted for various permanent differences between book and tax reporting. The effective tax rate from continuing operations was 33.7% and 34.0% in the first six months of 2007 and 2006, respectively, reflecting the U.S. statutory rate adjusted for various permanent differences between book and tax reporting.
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The effective tax rate in the second quarter of 2007 and the first six months of 2007 was reduced by manufacturing tax benefits, ESOP dividend deductions and the research tax credit, and was increased by various non-deductible expenses. The effective tax rate in the second quarter of 2006 and the first six months of 2006 was reduced by manufacturing tax benefits, ESOP dividend deductions, and export-related tax benefits, and was increased by various non-deductible expenses. The effective tax rate excludes state taxes. The provision for state income taxes is generally accounted for as deferred contract costs and included in contracts in process until allocated to our contracts, as these costs can generally be recovered through the pricing of products and services to the U.S. government.
Income from continuing operations was $356 million in the second quarter of 2007, or $0.79 per diluted share on 448.8 million average shares outstanding versus income from continuing operations of $276 million in the second quarter of 2006, or $0.61 per diluted share on 450.9 million average shares outstanding. Income from continuing operations was $670 million in the first six months of 2007, or $1.49 per diluted share on 451.0 million average shares outstanding versus $548 million in the first six months of 2006, or $1.22 per diluted share on 450.3 million average shares outstanding.
Income from discontinued operations, net of tax, as discussed below in Discontinued Operations, was $979 million or $2.18 per diluted share in the second quarter of 2007 versus $34 million or $0.08 per diluted share in the second quarter of 2006.
Income from discontinued operations, net of tax, was $1,011 million or $2.24 per diluted share in the first six months of 2007 versus $49 million or $0.11 per diluted share in the first six months of 2006. Included in income from discontinued operations, net of tax, in the second quarter of 2007 and first six months of 2007 was $986 million related to the gain on sale of Raytheon Aircraft. (Loss) income from discontinued operations, net of tax, in the second quarter of 2007 and 2006 was $7 million of expense and $34 million of income, respectively. Income from discontinued operations, net of tax, in the first six months of 2007 and 2006 was $25 million and $49 million, respectively. The sale of Raytheon Aircraft was completed on March 26, 2007, the first day of the second quarter.
Net income in the second quarter of 2007 was $1,335 million, or $2.97 per diluted share versus net income of $310 million, or $0.69 per diluted share in the second quarter of 2006. Net income in the first six months of 2007 was $1,681 million, or $3.73 per diluted share versus $597 million, or $1.33 per diluted share in the first six months of 2006.
Segment Results
Net Sales Net Sales
Three Months Ended Six Months Ended
(In millions) June 24, 2007 June 25, 2006 June 24, 2007 June 25, 2006
Integrated Defense Systems $ 1,166 $ 1,038 $ 2,258 $ 2,001
Intelligence and Information Systems 666 633 1,254 1,244
Missile Systems 1,244 1,117 2,384 2,106
Network Centric Systems 1,052 880 1,981 1,671
Space and Airborne Systems 1,065 1,057 2,029 2,075
Technical Services 473 466 899 916
Other 217 202 398 392
Corporate and Eliminations (464 ) (420 ) (856 ) (772 )
Total $ 5,419 $ 4,973 $ 10,347 $ 9,633
Operating Income Operating Income
Three Months Ended Six Months Ended
(In millions) June 24, 2007 June 25, 2006 June 24, 2007 June 25, 2006
Integrated Defense Systems $ 212 $ 177 $ 411 $ 335
Intelligence and Information Systems 63 58 118 113
Missile Systems 134 122 254 232
Network Centric Systems 139 91 256 175
Space and Airborne Systems 133 152 262 297
Technical Services 29 30 50 61
Other 1 (10 ) (7 ) (23 )
FAS/CAS Pension Adjustment (63 ) (96 ) (125 ) (181 )
Corporate and Eliminations (60 ) (63 ) (121 ) (115 )
Total $ 588 $ 461 $ 1,098 $ 894
Table of Contents
Backlog consisted of the following at:
Funded Backlog(1) Total Backlog
(In millions) June 24, 2007 Dec. 31, 2006 June 24, 2007 Dec. 31, 2006
Integrated Defense Systems $ 3,879 $ 4,088 $ 7,958 $ 7,934
Intelligence and Information Systems 877 893 3,615 3,935
Missile Systems 5,071 5,135 9,356 9,504
Network Centric Systems 4,031 4,037 5,328 5,059
Space and Airborne Systems 2,968 2,770 5,115 5,591
Technical Services 996 1,020 1,701 1,572
Other 245 243 245 243
Total $ 18,067 $ 18,186 $ 33,318 $ 33,838
Gross Bookings(1)
Three Months Ended Six Months Ended
(In millions) June 24, 2007 June 25, 2006 June 24, 2007 June 25, 2006
Integrated Defense Systems $ 1,050 $ 850 $ 2,306 $ 1,704
Intelligence and Information Systems 564 784 1,099 1,141
Missile Systems 1,005 1,188 2,317 2,420
Network Centric Systems 1,165 639 2,129 1,562
Space and Airborne Systems 790 730 1,267 1,950
Technical Services 195 446 740 641
Other 204 200 397 386
Total $ 4,973 $ 4,837 $ 10,255 $ 9,804
Integrated Defense Systems
Three Months Ended Six Months Ended
($ in millions) June 24, 2007 June 25, 2006 % Change June 24, 2007 June 25, 2006 % Change
Net Sales $ 1,166 $ 1,038 12.3 % $ 2,258 $ 2,001 12.8 %
Operating Income 212 177 19.8 % 411 335 22.7 %
Operating Margin 18.2 % 17.1 % 18.2 % 16.7 %
Gross Bookings $ 1,050 $ 850 23.5 % $ 2,306 $ 1,704 35.3 %
Net Sales. The increase in sales in the second quarter of 2007 of $128 million was primarily due to volume growth of $43 million on a U.S. Navy combat systems program, $37 million on a joint battlefield sensor program and $29 million on several domestic and international missile defense programs.
The increase in sales in the first six months of 2007 of $257 million was primarily due to volume growth of $68 million on several international and domestic missile defense programs, $64 million on a U.S. Navy combat systems program and $53 million on a joint battlefield sensor program.
Operating Income and Margin. The increase in operating income of $35 million and margin improvement in the second quarter of 2007 were primarily due to higher volume and program performance improvements of $20 million on several domestic and international missile defense programs and $13 million on a U.S. Navy combat systems program.
The increase in operating income of $76 million and margin improvement in the first six months of 2007 were primarily due to higher volume and program performance improvements of $31 million on several international missile defense programs, $20 million on several domestic missile defense programs and $16 million on a U.S. Navy combat systems program.
Table of Contents
Bookings. During the quarter, IDS booked $298 million to provide system and software engineering for the Ballistic Missile Defense System (BMDS) program, $146 million related to the renewal of an international Patriot technical support contract and $113 million for the continued design, production, integration, and testing of Cobra Judy Replacement Mission Equipment (CJRME).
Intelligence and Information Systems
Three Months Ended Six Months Ended
($ in millions) June 24, 2007 June 25, 2006 % Change June 24, 2007 June 25, 2006 % Change
Net Sales $ 666 $ 633 5.2 % $ 1,254 $ 1,244 0.8 %
Operating Income 63 58 8.6 % 118 113 4.4 %
Operating Margin 9.5 % 9.2 % 9.4 % 9.1 %
Gross Bookings $ 564 $ 784 -28.1 % $ 1,099 $ 1,141 -3.7 %
Net Sales. The increase in sales in the second quarter of 2007 of $33 million was primarily due to increased activities on several programs with the U.S. Air Force as well as growth in certain classified programs.
Sales for the first six months of 2007 were relatively consistent with 2006.
Operating Income and Margin. Operating income and margin in the second quarter of 2007 and first six months of 2007 remained relatively consistent with the same periods in 2006.
Bookings. During the quarter, IIS booked $332 million on a number of classified contracts, including $157 million on a major classified contract.
Missile Systems
Three Months Ended Six Months Ended
($ in millions) June 24, 2007 June 25, 2006 % Change June 24, 2007 June 25, 2006 % Change
Net Sales $ 1,244 $ 1,117 11.4 % $ 2,384 $ 2,106 13.2 %
Operating Income 134 122 9.8 % 254 232 9.5 %
Operating Margin 10.8 % 10.9 % 10.7 % 11.0 %
Gross Bookings $ 1,005 $ 1,188 -15.4 % $ 2,317 $ 2,420 -4.3 %
Net Sales. The increase in sales in the second quarter of 2007 of $127 million was primarily due to $84 million of higher volume on the Standard Missile, AIM-9X and Phalanx programs.
The increase in sales in the first six months of 2007 of $278 million was primarily due to $214 million of higher volume on the Standard Missile, Phalanx and Advanced Medium-Range Air-to-Air Missile (AMRAAM) programs.
Operating Income and Margin. The increase in operating income of $12 million in the second quarter of 2007 and $22 million in the first six months of 2007 was primarily due to increased volume.
Bookings. During the quarter, MS booked $175 million for the production of AMRAAM for the U.S. Air Force. MS also booked $105 million for additional development on the Rolling Airframe Missile program for the U.S. Navy and $91 million for the production of Standard Missile-3.
Network Centric Systems
Three Months Ended Six Months Ended
($ in millions) June 24, 2007 June 25, 2006 % Change June 24, 2007 June 25, 2006 % Change
Net Sales $ 1,052 $ 880 19.5 % $ 1,981 $ 1,671 18.6 %
Operating Income 139 91 52.7 % 256 175 46.3 %
Operating Margin 13.2 % 10.3 % 12.9 % 10.5 %
Gross Bookings $ 1,165 $ 639 82.3 % $ 2,129 $ 1,562 36.3 %
Net Sales. The increase in sales in the second quarter of 2007 of $172 million and the increase in sales in the first six months of 2007 of $310 million were primarily due to growth in certain U.S. Army programs including an integrated ground combat surveillance program, a weapon locating radar program and increased production on the Improved Target Acquisition System program.
. . .
Jul 26, 2007
(c) 1995-2007 Cybernet Data Systems, Inc. All Rights Reserved
Raytheon shares gain, buck Street's downdraft
Raytheon shares gain, buck Street's downdraft
By Shawn Langlois, MarketWatch
Last Update: 4:11 PM ET Jul 26, 2007
SAN FRANCISCO (MarketWatch) -- Raytheon Co. reported Thursday a second-quarter profit that more than tripled, mostly reflecting the sale of the defense contractor's aircraft unit.
Shares of Raytheon (RTN) shed 25 cents to finish at $54.90 after bucking broader market weakness throughout much of the trading day.
The Waltham, Mass.-based company posted a net profit of $1.33 billion, or $2.97 per share, up from $310 million, or 69 cents per share, in the same quarter a year ago.
Net sales totaled $5.42 billion, compared with $4.97 billion in the year-earlier second quarter.
The sale of Raytheon Aircraft Co. during the second quarter amounted to a gain of $986 million. On a continuing operations basis, the company posted a profit of 79 cents a share, up from 61 cents, thanks to operational improvements, lower net interest and fewer pension expenses.
Analysts polled by Thomson Financial had expected earnings of 68 cents a share.
Raytheon also raised its outlook for earnings from continuing operations in 2007 to a range of $3.05 to $3.20 a share, up from a previous estimate of $2.85 to $3 a share.
Rival Boeing Co. (BA) , which on Wednesday that it swung to a second-quarter profit, bumped up its earnings forecast as well, and raised spending levels. See full story.
Lockheed Martin Corp. (LMT) Northrop Grumman Corp. (NOC) and General Dynamics Corp. (GD) have also lifted their projections for the full year.
Bank of America analyst Robert Stallard applauded Raytheon's results but stopped short of telling clients it's time to buy any of the major defense contractors.
"We remain neutral on defense as a sector ... given the likely slowdown in defense spending as the U.S. withdraws from Iraq and uncertainty concerning the presidential elections next year," he said in a note. End of Story
Shawn Langlois is a reporter for MarketWatch, and the editor of its community message boards.
Raytheon's 2nd Quarter Earnings ~ from their web-site
Press Release
Raytheon Reports Strong Second Quarter 2007 Results and Increases Full-year Guidance
Highlights
- Earnings per share (EPS) from continuing operations of $0.79, up 30 percent
- Sales of $5.4 billion, up 9 percent
- Increases full-year guidance for EPS, bookings and ROIC
- Sale of Raytheon Aircraft Company completed, resulting in after-tax net proceeds of $2.4 billion
- Repurchased 9.6 million shares for $526 million
WALTHAM, Mass., July 26, 2007 /PRNewswire-FirstCall/ -- Raytheon Company (NYSE: RTN) reported second quarter 2007 income from continuing operations of $356 million or $0.79 per diluted share compared to $276 million or $0.61 per diluted share in the second quarter 2006. Second quarter 2007 income from continuing operations was higher primarily due to operational improvements, combined with lower net interest and pension expense. As previously announced, second quarter 2007 income from continuing operations included a $39 million charge ($59 million pretax) or $0.09 per diluted share for the early redemption of $1.0 billion of debt.
"We are very pleased with the Company's solid operating performance in the first half of 2007, along with the significant wins during the quarter on Navy Multiband Terminal and Warfighter FOCUS programs, which represent a potential of $12 billion over the life of these programs," said William H. Swanson, Raytheon's Chairman and CEO. "Our strong operational improvements allow us to increase our 2007 guidance for full-year EPS and bookings."
Second quarter 2007 net income was $1,335 million or $2.97 per diluted share compared to $310 million or $0.69 per diluted share in the second quarter 2006. Net income for the second quarter 2007 included $979 million in discontinued operations or $2.18 per diluted share of which $986 million was attributable to the gain on the sale of Raytheon Aircraft Company (RAC), which was completed in the second quarter. The sale resulted in after-tax net proceeds of approximately $2.4 billion.
Net sales for the second quarter 2007 were $5.4 billion, up 9 percent from $5.0 billion in the second quarter 2006 led by Integrated Defense Systems (IDS), Missile Systems (MS) and Network Centric Systems (NCS).
Operating cash flow from continuing operations for the second quarter 2007 was an outflow of $46 million versus a positive $474 million for the second quarter 2006. The second quarter 2007 included $589 million in cash tax payments versus $101 million in cash tax payments paid in the second quarter 2006. Of the cash taxes paid in the second quarter 2007, $316 million was attributable to the gain on the sale of RAC.
Year-to-date operating cash flow from continuing operations was an outflow of $425 million versus a positive $426 million for the comparable period in 2006. The year-to-date decrease in operating cash flow was primarily due to $643 million in cash tax payments ($316 million attributable to the gain on the sale of RAC) in the first half 2007 versus $101 million of cash tax payments made in the first half 2006 combined with the $400 million discretionary cash contribution made to the Company's pension plans in the first quarter 2007 versus the $200 million discretionary cash contribution made in the first quarter 2006.
During the second quarter 2007, the Company repurchased 9.6 million shares for $526 million as part of the Company's previously announced share repurchase program. The Company has repurchased 14.7 million shares of common stock year-to-date for $801 million.
Summary Financial Results 2nd Quarter % Six Months %
($ in millions, except per
share data) 2007 2006 Change 2007 2006 Change
Net Sales $5,419 $4,973 9% $10,347 $9,633 7%
Total Operating Expenses 4,831 4,512 9,249 8,739
Operating Income 588 461 28% 1,098 894 23%
Non-operating Expenses 53 42 88 64
Income from Cont. Ops. before
Taxes $535 $419 28% $1,010 $830 22%
Income from Continuing
Operations $356 $276 29% $670 $548 22%
Income from Discontinued
Operations* 979 34 NM 1,011 49 NM
Net Income $1,335 $310 331% $1,681 $597 182%
Diluted EPS from Continuing
Operations $0.79 $0.61 30% $1.49 $1.22 22%
Diluted EPS $2.97 $0.69 330% $3.73 $1.33 180%
Operating Cash Flow from
Cont. Ops.** $(46) $474 $(425) $426
* Includes after-tax net gain of $986 million on sale of Raytheon
Aircraft Company in Q2'07
** Includes $316 million cash tax payment related to the completion of the
Raytheon Aircraft Company sale in Q2'07
Bookings and Backlog
Bookings 2nd Quarter Six Months
(in millions) 2007 2006 2007 2006
Total Bookings $4,973 $4,837 $10,255 $9,804
Backlog
(in millions) 06/24/07 12/31/06
Backlog $33,318 $33,838
Funded Backlog $18,067 $18,186
The Company reported total bookings for the second quarter 2007 of $5.0 billion compared to $4.8 billion in the second quarter 2006. The Company ended the second quarter 2007 with backlog of $33.3 billion compared to $31.5 billion at the end of the second quarter 2006 and $33.8 billion at the end of 2006.
Outlook
2007 Financial Outlook Current Prior *
Bookings ($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 $314 million expected to be paid in the second half of 2007. Charts containing additional information on the Company's 2007 performance and guidance are available on the Company's website at http://www.raytheon.com . See attachment F for the Company's calculation and use of ROIC, a non-GAAP financial measure.
Segment Results
Integrated Defense Systems
2nd Quarter % Six Months %
($ in millions) 2007 2006 Change 2007 2006 Change
Net Sales $1,166 $1,038 12% $2,258 $2,001 13%
Operating Income $212 $177 20% $411 $335 23%
Operating Margin 18.2% 17.1% 18.2% 16.7%
Integrated Defense Systems (IDS) had second quarter 2007 net sales of $1,166 million, up 12 percent compared to $1,038 million in the second quarter 2006, primarily due to growth on Missile Defense Agency, U.S. Navy and U.S. Army programs, as well as on international programs. IDS recorded $212 million of operating income compared to $177 million in the second quarter 2006. The increase in operating income was primarily due to higher volume and improved performance on several domestic programs.
During the quarter, IDS booked $298 million to provide system and software engineering for the Ballistic Missile Defense System (BMDS) program, $146 million related to the renewal of an international Patriot technical support contract, and $113 million for the continued design, production, integration, and testing of Cobra Judy Replacement Mission Equipment (CJRME).
Intelligence and Information Systems
2nd Quarter % Six Months %
($ in millions) 2007 2006 Change 2007 2006 Change
Net Sales $666 $633 5% $1,254 $1,244 1%
Operating Income $63 $58 9% $118 $113 4%
Operating Margin 9.5% 9.2% 9.4% 9.1%
Intelligence and Information Systems (IIS) had second quarter 2007 net sales of $666 million, up 5 percent compared to $633 million in the second quarter 2006, primarily due to increased volume on several U.S. Air Force programs and on certain classified programs. IIS recorded $63 million of operating income compared to $58 million in the second quarter 2006.
During the quarter, IIS booked $332 million on a number of classified contracts, including $157 million on a major classified contract.
Missile Systems
2nd Quarter % Six Months %
($ in millions) 2007 2006 Change 2007 2006 Change
Net Sales $1,244 $1,117 11% $2,384 $2,106 13%
Operating Income $134 $122 10% $254 $232 9%
Operating Margin 10.8% 10.9% 10.7% 11.0%
Missile Systems (MS) had second quarter 2007 net sales of $1,244 million, up 11 percent compared to $1,117 million in the second quarter 2006, primarily due to higher volume on Standard Missile, AIM-9X and Phalanx. MS recorded $134 million of operating income compared to $122 million in the second quarter 2006.
During the quarter, MS booked $175 million for the production of Advanced
Medium-Range Air-to-Air Missile (AMRAAM) for the U.S. Air Force. MS also
booked $105 million for additional development on the Rolling Airframe Missile
(RAM) program for the U.S. Navy and $91 million for the production of Standard
Missile-3 (SM-3).
Network Centric Systems
2nd Quarter % Six Months %
($ in millions) 2007 2006 Change 2007 2006 Change
Net Sales $1,052 $880 20% $1,981 $1,671 19%
Operating Income $139 $91 53% $256 $175 46%
Operating Margin 13.2% 10.3% 12.9% 10.5%
Network Centric Systems (NCS) had second quarter 2007 net sales of $1,052 million, up 20 percent compared to $880 million in the second quarter 2006, primarily due to growth on U.S. Army programs. NCS recorded $139 million of operating income compared to $91 million in the second quarter 2006. The increase in operating income was primarily due to higher volume and improved program performance.
During the quarter, NCS booked $159 million for development work on the U.S. Navy Multiband Terminal (NMT) contract, which has a combined potential value over its lifetime in excess of $1 billion for development and production.
Space and Airborne Systems
2nd Quarter % Six Months %
($ in millions) 2007 2006 Change 2007 2006 Change
Net Sales $1,065 $1,057 1% $2,029 $2,075 -2%
Operating Income $133 $152 -13% $262 $297 -12%
Operating Margin 12.5% 14.4% 12.9% 14.3%
Space and Airborne Systems (SAS) had second quarter 2007 net sales of $1,065 million compared to $1,057 million in the second quarter 2006. SAS recorded $133 million of operating income compared to $152 million in the second quarter 2006. Operating income was lower primarily due to profit adjustments taken on certain programs.
During the quarter, SAS booked over $200 million on a number of classified
contracts.
Technical Services
2nd Quarter % Six Months %
($ in millions) 2007 2006 Change 2007 2006 Change
Net Sales $473 $466 2% $899 $916 -2%
Operating Income $29 $30 -3% $50 $61 -18%
Operating Margin 6.1% 6.4% 5.6% 6.7%
Technical Services (TS) had second quarter 2007 net sales of $473 million compared to $466 million in the second quarter 2006. TS recorded operating income of $29 million in the second quarter 2007 compared to $30 million in the second quarter 2006.
During the quarter, TS was awarded the U.S. Army's Warfighter Field Operations Customer Support (FOCUS) contract to improve the readiness and effectiveness of U.S. Army soldiers. This Indefinite Delivery/Indefinite Quantity (IDIQ) contract has a potential total value in excess of $11 billion over a 10-year period.
Other
Net sales in the second quarter 2007 were $217 million compared to $202 million in the second quarter 2006, with operating income of $1 million in the second quarter 2007 compared to an operating loss of $10 million in the second quarter 2006.
Raytheon Company (NYSE: RTN), with 2006 sales of $20.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Disclosure Regarding Forward-looking Statements
This release and the attachments contain forward-looking statements, including information regarding the Company's 2007 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: risks associated with the Company's U.S. government sales, including changes or shifts in defense spending, uncertain funding of programs, potential termination of contracts, and difficulties in contract performance; the ability to procure new contracts; the risks of conducting business in foreign countries; the ability to comply with extensive governmental regulation, including import and export policies and procurement and other regulations; the impact of competition; the ability to develop products and technologies; the risk of cost overruns, particularly for the Company's fixed-price contracts; dependence on component availability, subcontractor performance and key suppliers; risks of a negative government audit; the use of accounting estimates in the Company's financial statements; the potential impairment of the Company's goodwill; risks associated with Flight Options' ability to compete and meet its financial objectives; risks associated with the commuter and fractional ownership aircraft markets; the outcome of contingencies and litigation matters, including government investigations; the ability to recruit and retain qualified personnel; risks associated with acquisitions, joint ventures and other business arrangements; the impact of changes in the Company's credit ratings; and other factors as may be detailed from time to time in the Company's public announcements and Securities and Exchange Commission filings. In addition, these statements do not give effect to the potential impact of any acquisitions, divestitures or business combinations that may be announced or closed after the date hereof. 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.
Conference Call on the Second Quarter 2007 Financial Results
Raytheon's financial results conference call will be held on Thursday, July 26, 2007 at 9 a.m. EDT. Participants will include William H. Swanson, Chairman and CEO, David C. Wajsgras, senior vice president and CFO, and other Company executives.
The dial-in number for the conference call will be (866) 800 - 8651. The conference call will also be audiocast on the Internet at http://www.raytheon.com . 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.
Media Contact: Investor Relations Contact:
Jon Kasle Greg Smith
781-522-5110 781-522-5141
Attachment A
Raytheon Company
Preliminary Statement of Operations Information
Second Quarter 2007
(In millions except
per share amounts) Three Months Ended Six Months Ended
24-Jun-07 25-Jun-06 24-Jun-07 25-Jun-06
Net sales $5,419 $4,973 $10,347 $9,633
Cost of sales 4,326 4,032 8,307 7,839
Administrative and selling
expenses 367 345 707 664
Research and development expenses 138 135 235 236
Total operating expenses 4,831 4,512 9,249 8,739
Operating income 588 461 1,098 894
Interest expense 54 68 114 137
Interest income (57) (13) (85) (34)
Other expense (income), net 56 (13) 59 (39)
Non-operating expense, net 53 42 88 64
Income from continuing operations
before taxes 535 419 1,010 830
Federal and foreign income taxes 179 143 340 282
Income from continuing operations 356 276 670 548
Net (loss) income from discontinued
operations (7) 34 25 49
Net gain on disposal 986 - 986 -
Income from discontinued operations 979 34 1,011 49
Net income $1,335 $310 $1,681 $597
Earnings per share from continuing
operations
Basic $0.82 $0.62 $1.53 $1.24
Diluted $0.79 $0.61 $1.49 $1.22
Earnings per share from
discontinued operations
Basic $2.24 $0.08 $2.30 $0.11
Diluted $2.18 $0.08 $2.24 $0.11
Earnings per share
Basic $3.06 $0.70 $3.83 $1.35
Diluted $2.97 $0.69 $3.73 $1.33
Average shares outstanding
Basic 436.7 442.7 438.9 442.5
Diluted 448.8 450.9 451.0 450.3
Attachment B
Raytheon Company
Preliminary Segment Information
Second Quarter 2007
(In millions)
Operating Income
As a Percent
Net Sales Operating Income of Sales
Three Months Ended Three Months Ended Three Months Ended
24-Jun-07 25-Jun-06 24-Jun-07 25-Jun-06 24-Jun-07 25-Jun-06
Integrated
Defense Systems $1,166 $1,038 $212 $177 18.2% 17.1%
Intelligence and
Information
Systems 666 633 63 58 9.5% 9.2%
Missile Systems 1,244 1,117 134 122 10.8% 10.9%
Network Centric
Systems 1,052 880 139 91 13.2% 10.3%
Space and
Airborne Systems 1,065 1,057 133 152 12.5% 14.4%
Technical Services 473 466 29 30 6.1% 6.4%
Other 217 202 1 (10) 0.5% -5.0%
FAS/CAS Pension
Adjustment - - (63) (96)
Corporate and
Eliminations (464) (420) (60) (63)
Total $5,419 $4,973 $588 $461 10.9% 9.3%
Operating Income
As a Percent
Net Sales Operating Income of Sales
Six Months Ended Six Months Ended Six Months Ended
24-Jun-07 25-Jun-06 24-Jun-07 25-Jun-06 24-Jun-07 25-Jun-06
Integrated
Defense Systems $2,258 $2,001 $411 $335 18.2% 16.7%
Intelligence and
Information
Systems 1,254 1,244 118 113 9.4% 9.1%
Missile Systems 2,384 2,106 254 232 10.7% 11.0%
Network Centric
Systems 1,981 1,671 256 175 12.9% 10.5%
Space and
Airborne Systems 2,029 2,075 262 297 12.9% 14.3%
Technical Services 899 916 50 61 5.6% 6.7%
Other 398 392 (7) (23) -1.8% -5.9%
FAS/CAS Pension
Adjustment - - (125) (181)
Corporate and
Eliminations (856) (772) (121) (115)
Total $10,347 $9,633 $1,098 $894 10.6% 9.3%
Attachment C
Raytheon Company
Other Preliminary Information
Second Quarter 2007
Funded
Backlog Backlog
(In millions) (In millions)
24-Jun-07 31-Dec-06 24-Jun-07 31-Dec-06
Integrated Defense Systems $7,958 $7,934 $3,879 $4,088
Intelligence and Information
Systems 3,615 3,935 877 893
Missile Systems 9,356 9,504 5,071 5,135
Network Centric Systems 5,328 5,059 4,031 4,037
Space and Airborne Systems 5,115 5,591 2,968 2,770
Technical Services 1,701 1,572 996 1,020
Other 245 243 245 243
Total $33,318 $33,838 $18,067 $18,186
Bookings
(In millions)
Three Months Ended
24-Jun-07 25-Jun-06
Total Bookings $4,973 $4,837
Attachment D
Raytheon Company
Preliminary Balance Sheet Information
Second Quarter 2007
(In millions)
Balance sheets
24-Jun-07 31-Dec-06
Assets
Cash and cash equivalents $3,045 $2,460
Accounts receivable, less allowance for
doubtful accounts 152 178
Contracts in process 3,945 3,600
Inventories 537 487
Deferred taxes 227 257
Prepaid expenses and other current assets 244 239
Assets held for sale - 2,296
Total current assets 8,150 9,517
Property, plant and equipment, net 2,086 2,131
Deferred taxes 240 189
Goodwill 11,541 11,539
Other assets, net 2,273 2,115
Total assets $24,290 $25,491
Liabilities and Stockholders' Equity
Notes payable and current portion of long-term
debt $686 $687
Advance payments and billings in excess of costs
incurred 1,895 1,962
Accounts payable 893 920
Accrued salaries and wages 754 944
Other accrued expenses 1,379 1,193
Liabilities held for sale - 1,009
Total current liabilities 5,607 6,715
Accrued retiree benefits and other long-term
liabilities 4,075 4,232
Long-term debt 2,233 3,278
Minority interest 195 165
Stockholders' equity 12,180 11,101
Total liabilities and stockholders' equity $24,290 $25,491
Attachment E
Raytheon Company
Preliminary Cash Flow Information
Second Quarter 2007
(In millions)
Cash flow information
Three Months Ended Six Months Ended
24-Jun-07 25-Jun-06 24-Jun-07 25-Jun-06
Income from continuing operations $356 $276 $670 $548
Depreciation 74 74 143 143
Amortization 23 22 43 41
Working capital (48) (47) (718) (564)
Discontinued operations (4) (14) (41) 14
Net activity in financing receivables 35 29 56 74
Other (486) 120 (619) 184
Net operating cash flow (50) 460 (466) 440
Capital spending (57) (53) (96) (88)
Internal use software spending (19) (21) (34) (25)
Acquisitions - - - (47)
Investment activity and divestitures 3,117 28 3,117 50
Dividends (113) (107) (220) (205)
Repurchase of common stock (526) - (801) (102)
Debt repayments (1,041) (339) (1,038) (371)
Discontinued operations - (10) (27) (18)
Other 74 23 150 89
Total cash flow 1,385 $(19) $585 $(277)
Attachment F
Raytheon Company
Non-GAAP Financial Measures
Second Quarter 2007
We define ROIC as income from continuing operations plus after-tax net
interest expense plus one-third of operating lease expense after-tax
(estimate of interest portion of operating lease expense) divided by
average invested capital after capitalizing operating leases (operating
lease expense times a multiplier of 8), adding financial guarantees less
net investment in Discontinued Operations, and adding back the cumulative
minimum pension liability/impact of FAS 158. ROIC is not a measure of
financial performance under generally accepted accounting principles
(GAAP) and may not be defined and calculated by other companies in the
same manner. ROIC should be considered supplemental to and not a
substitute for financial information prepared in accordance with GAAP. We
use ROIC as a measure of efficiency and effectiveness of our use of
capital and as an element of management compensation.
Return on Invested Capital
2007 Current 2007 Prior
(In millions) Guidance Guidance
Low end High end Low end High end
of range of range of range of range
Income from continuing
operations
Net interest expense,
after-tax* Combined Combined Combined Combined
Lease expense, after-tax*
Return $1,470 $1,535 $1,400 $1,465
Net debt **
Equity less investment in
discontinued operations
Lease expense x 8 plus financial
guarantees Combined Combined Combined Combined
Minimum pension liability
(cumulative)
Invested capital from continuing
operations*** $17,050 $16,850 $17,050 $16,850
ROIC 8.6% 9.1% 8.2% 8.7%
* Effective tax rate: 33.9% (2007 guidance)
** Net debt is defined as total debt less cash and cash equivalents and
is calculated using a 2 point average
*** Calculated using a 2 point average
CONTACT:
Media
Jon Kasle
+1-781-522-5110
Investor Relations
Greg Smith
+1-781-522-5141
Both of Raytheon Company
Raytheon Q2 EPS $2.97 vs 69c
Raytheon Q2 EPS $2.97 vs 69c
By Michael Kitchen
Last Update: 7:15 AM ET Jul 26, 2007
NEW YORK (MarketWatch) -- Raytheon Co. (RTN) reported Thursday its second-quarter profit jumped to $1.33 billion, or $2.97 per share, from $310 million, or 69 cents per share, in the same quarter a year before. Net sales for the Waltham, Mass.-based defense company totaled $5.42 billion, compared $4.97 billion a year earlier. The company said its earnings from continuing operations were 79 cents a share, up from 61 cents a share, due to operational improvements, lower net interest and fewer pension expenses. A poll of analysts by Thomson Financial had forecast earnings of 68 cents per share. Raytheon also raised its outlook for earnings from continuing operations in 2007 to $3.05-$3.20 from a previous estimate of $2.85-$3.00.
TEWKSBURY, Mass., July 23, 2007 /PRNewswire/ --
The Naval Sea Systems Command has awarded Raytheon Company (NYSE: RTN) a $23.2 million contract to provide AN/AQS-20A mine hunting sonar engineering services and support. This award exercises an option on an existing 2005 contract, bringing the total contract value to $139 million .
AN/AQS-20A, a key component of the Organic Mine Countermeasures family of systems, has been integrated into multiple airborne mine countermeasures helicopters. Most notably, it is the primary mine hunting system integrated into the U.S. Navy's MH-60S. It provides critical capabilities in support of mine-clearing operations in both deep ocean and littoral waters by enabling the detection, classification and localization of bottom, close-tethered and volume mines.
The proven and highly capable AN/AQS-20A system is towed undersea to scan the water in front and to the sides of the vehicle as well as the sea bottom for anti-shipping mines. The system uses sonar and electro-optical sensors to provide high-resolution images of mines and mine-like objects as well as high-precision location information.
"AN/AQS-20A achieves the critical goal of the U.S. Navy's mine countermeasure strategy - taking the sailor and the ship out of the mine field," said Upinder Dhinsa, vice president of Raytheon Integrated Defense Systems' (IDS) Maritime Mission Systems. "Our technical expertise allows us to deliver advanced capabilities, and our focus on the safety and success of the warfighter drives our commitment to quality and reliability."
IDS' engineering services and support will advance the design, development and production of the system's acoustic and optical sensors through the implementation of pre-planned product improvements and whole life services and support. To date, the company has delivered 10 AN/AQS-20A systems to the Navy. Four systems are currently undergoing technical evaluation as part of the Navy's mine countermeasure operational testing - the final stage before official deployment to the fleet. IDS is under contract to deliver an additional 11 systems within the next 24 months.
AN/AQS-20A engineering and support services will be performed at Raytheon IDS' Maritime Mission Center, Portsmouth, R.I.
Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency , the U.S. Armed Forces and the Department of Homeland Security .
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Carolyn Beaudry
401.842.3550
SOURCE Raytheon Company
CLEVELAND --(BUSINESS WIRE)--
Flight Options, LLC , a leading provider of fractional shares in business aircraft and a Raytheon company (NYSE:RTN), today unveiled a branding initiative including a new logo and campaign theme - "We Give You More" - designed to emphasize Flight Options' unique position as the only provider of a complete spectrum of private jet services.
Flight Options is experiencing increasing interest among many business travelers who are reexamining private jet programs. The company's branding activities will communicate Flight Options' proven ability to offer more flexibility, value, innovation and personal service than ever before.
Velocity for the Flight Options brand will come in part through a national advertising campaign with insertions planned in leading publications such as The Wall Street Journal , Forbes, Fortune, Robb Report, and Elite Traveler. The Flight Options brand will also be visible in online media, and the company has unveiled a redesigned website, www.flightoptions.com, with enhanced functionality and user-friendly navigation.
Flight Options CEO S. Michael Scheeringa commented, "Though we're nearly ten years old, Flight Options is a very new company in every respect. Our branding initiative celebrates extraordinary developments that have led Flight Options to become the most customer-focused private jet company in the industry. I invite all business and leisure private jet users, as well as commercial travelers, to experience first hand a Flight Options travel experience that gives them more."
Flight Options offers more flexibility than ever before across a range of programs including JetPASS Ultimate Travel. A unique "tiered pricing" structure provides JetPASS members with a single account to access light, midsize, and large-cabin aircraft at variable prices depending on when they wish to fly.
Flight Options provides more value than ever before including Fractional First(TM). This program allows owners to utilize from 80 percent to 120 percent of their annual allocated hours while only incurring management fees for hours they actually fly.
Flight Options provides more innovative programs than ever before including new initiatives such as Turnkey Aircraft Management. In this program, owners keep aircraft at the location of their choice, to be maintained and flown by Flight Options personnel, and allow the company to charter the plane when they don't need it. This provides maximum access while offsetting costs. The company is also testing a repositioning leg sales programs that is rolling out this month.
Flight Options offers more personalized service than ever before with a dedicated owner services team and the most advanced flight operations center in the industry.
Flight Options has earned a reputation as a leader and innovator within the private aviation industry. The Cleveland, Ohio -based company will mark its 10th Anniversary in 2008 and offers the complete spectrum of programs from Fractional First(TM) ownership to leasing, aircraft management, and JetPASS Ultimate Travel Membership. The company is an industry leader in private aviation safety as well, having been selected by the FAA to partner and participate in the development and implementation of a formal Safety Management System (SMS) soon to be required for all air service providers. Flight Options provides personalized service to its Owners and Members, with a fleet of over 140 aircraft consisting of the Beechjet 400A, Hawker 400XP, Hawker 800XP, Citation X and Legacy. More information is available at www.flightoptions.com or by calling 877.703.2348.
Source: Flight Options, LLC
WALTHAM, Mass., July 20, 2007 /PRNewswire/ --
Did the Mars Exploration Rovers find evidence of life on the Red planet? How long is a Martian year? Today, nearly 100 Washington area YMCA summer campers, ages 11-13 years, learned the answers to these questions when they teamed with Raytheon Company (NYSE: RTN) for a celebration of the planet Mars.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070720/NEF061-a )
(Photo: http://www.newscom.com/cgi-bin/prnh/20070720/NEF061-b )
Raytheon, as part of its MathMovesU middle school initiative, is showing young people how engaging math and science can be with a series of Mars-related activities, including hosting the YMCA campers at the Smithsonian National Air and Space Museum's annual MARS Day and recognizing the winner of the national MathMovesU Mission to MARS online math challenge.
In anticipation of MARS Day, summer campers from the Calomiris, National Capital and Capital View branches of the Metropolitan Washington YMCA worked to construct models of the solar system earlier this week. The campers showcased them on the steps of the Smithsonian National Air and Space Museum today before entering the museum to view the exhibits.
In addition to festivities at the museum, Raytheon announced the winner of its MathMovesU Mission to Mars challenge. Nicholas Grazio, a 7th grader from Wake Forest, N.C., won the grand prize - a Raytheon sponsored VIP trip for four to Washington, D.C ., and a VIP guided tour through the MARS Day exhibits. Aimed at encouraging kids to sharpen their math skills in an entertaining, interactive format, the MathMovesU challenge saw more than 700 sixth to eighth grade students nationwide participate in the space-themed, online math competition.
"It's heartening to see the national response for our MARS Day festivities, which tells us if we appeal to students' imaginations, they are more receptive to math and science," said Kristin Hilf, Raytheon's vice president of community relations. "MathMovesU helps middle schoolers build their math skills virtually, through activities and contests that can help them realize that math is relevant to their interests and can actually be a lot of fun."
Raytheon, a defense technology company with 2006 sales of $20.3 billion and 73,000 employees worldwide, believes that tomorrow's engineers and technologists need to be excited by and interested in math and science today. The MathMovesU initiative (www.mathmovesu.com) is a virtual space that helps stimulate interest in math by providing rich content tied to middle schoolers' passions, contests, prizes and events to inspire them to pursue educational tracks that will ideally lead to careers in science and engineering.
Contact:
Corinne Kovalsky Steve Collins
Raytheon Company Text 100
781.522.5144 617.399.4911
cjkovalsky@raytheon.com raytheonmmu@text100.com
SOURCE Raytheon Company
CHINA LAKE, Calif., July 20, 2007 /PRNewswire-FirstCall/ --
Raytheon Company (NYSE: RTN) is participating in the Empire Challenge 2007, a demonstration evaluating intelligence collection systems for joint and coalition operations. The exercise, which began July 15 , is being held at the China Lake Naval Air Warfare Center, China Lake, Calif.
The Empire Challenge exercise is designed to test and demonstrate techniques, standards and procedures for coalition Intelligence, Surveillance and Reconnaissance assets, using a variety of U.S. and allied Distributed Common Ground System (DCGS) ground systems. By federating U.S. DCGS systems with DCGS Integration Backbones (DIB) installed at coalition sites worldwide, system users can rapidly share battlespace information in real time.
The Raytheon team will install several key systems at the Empire Challenge to enhance the sharing of data with coalition forces and multiple coalition sites in Europe . The demonstration will improve situational awareness and intelligence sharing by bringing common and standardized data into a joint network-centric environment.
Ensuring information assurance is a key component to sharing data with coalition partners. Raytheon will protect the networks with its Raytheon High Speed Guard-Agatiya, a security product that is similar to a firewall but far more secure.
Systems integration will be demonstrated through the DCGS and the Multi- Sensor Aerospace/Ground Joint ISR Interoperability Coalition , or MAJIIC, shared data system background through the DIB.
Additionally, Raytheon will integrate AFATDS (the Advanced Field Artillery Tactical Data System) into DCGS to perform target weapon pairing to select the right effect for engaging the right target at the right time.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Keith Little
703.849.1675
SOURCE Raytheon Company
TUCSON, Ariz ., July 19, 2007 /PRNewswire-FirstCall/ --
Raytheon Company (NYSE: RTN) has delivered the first Near Term Sea-Based Terminal weapon to the U.S. Navy for use in defending against short-range ballistic missile threats. Raytheon, the Navy and Johns Hopkins University's Applied Physics Lab partnered to update the Standard Missile 2 Block IV weapon with unique modifications to provide this significant capability.
This production delivery follows the successful Pacific Phoenix sea trial, where a Near Term Sea-Based Terminal missile successfully intercepted a Lance target in May 2006 . Sea-Based Terminal is the Navy's operational concept to intercept short-range ballistic missiles as they reach the terminal phase of their trajectory. The near term solution uses Standard Missile 2 Block IV to provide this capability until a more capable system can be fielded. These weapons will be deployed on the Navy's Aegis-class warships.
"This has truly been a tremendous effort by a government-industry team to deliver a much needed capability gap filler until a long-term solution is fielded," said Scott Reiter, the Navy's project director for Standard Missile 2.
Raytheon is also developing an active radar Standard Missile 6. Standard Missile 6 will deploy in 2010 and deliver a transformational long-range, over- the-horizon counter to the ever-evolving cruise missile threat. Standard Missile 6 will also have an inherent capability to fulfill the sea-based terminal ballistic missile defense requirement.
"While we are excited about the future, this is a threat we face now," says Frank Wyatt, Raytheon Missile Systems vice president of Naval Weapon Systems. "Near Term Sea-Based Terminal provides a proven answer for today."
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
John Farlow
520.794.1211
SOURCE Raytheon Company
CLEVELAND --(BUSINESS WIRE)--
Flight Options, LLC , a leading provider of fractional shares in business aircraft and a Raytheon Company (NYSE:RTN), announced today that the Company is now offering whole aircraft management services in addition to Fractional First ownership and JetPASS membership.
"Flight Options is proud to introduce yet another product to the aviation marketplace by offering increased access to services we have been providing for ten years as a leading fractional operator," said S. Michael Scheeringa, chief executive officer, Flight Options, LLC . "Our unparalleled experience in managing and maintaining one of the world's largest private jet fleets makes Flight Options the perfect match for owners looking for an aircraft management partner."
The Company offers a variety of unique aircraft management program options that can be specialized to fit the aircraft owner's needs while offering guaranteed revenue based upon owner flexibility, location and aircraft type. Aircraft entered in the management program will be operated by Flight Options and maintained by the largest dedicated maintenance network in general aviation.
"Due to our large customer base and unique ability to accurately forecast flight demand, we are able to guarantee a significant amount of charter revenue for our aircraft management partners," said S. Michael Scheeringa.
Flight Options, LLC , has earned a reputation as a leader and innovator within the private aviation industry. The Cleveland, Ohio -based company will mark its 10th Anniversary in 2008 and offers the complete spectrum of programs from Fractional First(TM) ownership to leasing, aircraft management, and JetPASS Ultimate Travel Membership. The company is an industry leader in private aviation safety as well, having been selected by the FAA to partner and participate in the development and implementation of a formal Safety Management System (SMS) soon to be required for all air service providers. Flight Options provides personalized service to its Owners and Members, with a fleet of over 140 aircraft consisting of the Beechjet 400A, Hawker 400XP, Hawker 800XP, Citation X and Legacy. More information is available at www.flightoptions.com or by calling 877.703.2348.
Source: Flight Options, LLC
Raytheon Company's revolutionary F/A-18 Active Electronically Scanned Array radar is moving into full rate production following U.S. Navy approval. The APG-79 production line is ramping up in anticipation of delivering a total of 437 systems for the Navy in coming years.
EL SEGUNDO, Calif., July 18, 2007 /PRNewswire/ -- Raytheon Company's (NYSE: RTN) revolutionary F/A-18 Active Electronically Scanned Array radar is moving into full rate production following U.S. Navy approval.
The APG-79 production line is ramping up in anticipation of delivering a total of 437 systems for the Navy in coming years.
"Moving into full rate production is a significant milestone for our APG- 79 AESA radar program," said Erv Grau, vice president for Raytheon's Tactical Airborne Systems business. "The tremendous capability of our system is a key enabler in the Super Hornet Block II's wide range of capabilities and provides a new level of sophistication in supporting our customer's critical mission. A hot production line also ensures that we can deliver on our domestic commitments and handle any international interest we may also receive, while remaining very cost competitive."
This milestone marks the end of the low rate initial production period of 84 radars.
"Super Hornet Block II and EA-18G aircraft equipped with AESA's revolutionary war-fighting capability makes naval aviation more relevant than ever to the joint combatant commander," said Capt. Donald Gaddis, F/A-18 and EA-18G Navy program manager. "Our Super Hornets and Growlers, with their cutting-edge radar technology, precise network-enabled weapons, and joint interoperable and open architectures increase the combat effectiveness of all forces operating in the battle space."
The AESA-equipped Super Hornet Block IIs are being delivered to two squadrons at Naval Air Station Oceana: the Black Lions of VFA-213 and the Gladiators of VFA-106. The former is the first Navy squadron to fly all AESA- equipped F/A-18F Super Hornets. In addition, AESA-equipped Block II Super Hornets are being introduced to squadrons at Naval Air Station Lemoore in California .
"The AESA is a game changer that not only improves the Super Hornet's sting but makes the F/A-18E/F Super Hornet Block II more reliable, more survivable and more formidable against all known threats," said Bob Gower, vice president for the F/A-18 programs for Boeing.
The revolutionary radar offers multi-target tracking and increased situational awareness. In air-to-air engagements, the radar allows targets to be engaged at very long ranges and offers reduced aircrew workload via its resource manager. The system also offers high-resolution ground mapping at long standoff ranges for air-to-surface tracking, with an interleaved mode capability and at least a three- to five-fold increase in system reliability.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Faith Jennings
310.334.2554
SOURCE Raytheon Company
ATLANTA --(BUSINESS WIRE)--
The 30th Anniversary World Energy Engineering Congress (WEEC) presented by the Association of Energy Engineers (AEE) in cooperation with U.S. EPA Energy Star is bringing together the Nation's foremost business and government leaders to address policy and technology opportunities for green energy and corporate sustainability. Held August 15-17, 2007 at the Georgia World Congress Center in Atlanta, GA , this three (3) day event is the nation's largest annual forum on energy efficiency, renewable energy, power and green energy trends.
Starting on Wednesday, August 15, 2007 the opening ceremonies will include three keynote addresses, starting with Dr. Paolo Bertoldi, Program Manager for the European Commission , will present a speech on New Developments in Europe for Sustainability and Carbon Reduction / Carbon Trading. Dr. Get Moy, Director, Installations Requirements & Management, U.S. Department of Defense , will address Sustainability Issues for DoD, and Mr. Leonard Haynes, Executive Vice President of Southern Company will speak on Southern Company's Vision for Green Energy and Sustainability.
On Friday, August 17 , Mr. Jason Hammer, Energy Advisor with Exxon Mobil Corporation will present a keynote address at the keynote luncheon on the Global Energy Outlook.
The U.S. Environmental Protection Agency (EPA) is sponsoring a special section of the exposition entitled GreenStreet. Here, corporate and government energy leaders can find solutions for making their organization more energy efficient, implement sustainable technologies & strategies, and be a green leader for economic growth. Visionary companies sending their corporate energy teams to the event include: Ford (NYSE: F), GM (NYSE: GM), Merck (NYSE: MRK), Heinz (NYSE: HNZ), Florida Power & Light (NYSE: FPL), Raytheon (NYSE: RTN), Mittal Steel (NYSE:MT), Chrysler (NYSE: DCX), Eli Lilly and Company (NYSE: LLY), Toyota (NYSE: TM) just to name a few. In addition, the conference sessions contain a powerhouse line-up of industry speakers ready to share their knowledge base, success stories and strategies for the future with fellow industry professionals.
For more information on this exciting event, please go to, www.energycongress.com, or to register for the event, VIP Media Registration. For more information on the Association of Energy Engineers visit, www.aeecenter.org.
Source: Association of Energy Engineers
WALTHAM, Mass., July 17, 2007 /PRNewswire-FirstCall/ -- Raytheon Company (NYSE: RTN) will issue its second quarter 2007 earnings news release at 7:00 a.m. EDT Thursday, July 26, 2007. The release will be posted on the Raytheon home page.
The second quarter 2007 earnings results conference call will be at 9:00 a.m. EDT on Thursday, July 26, 2007 . The call will be audio cast on the Internet at http://www.raytheon.com. Charts to be referenced during the call will be available on the website for printing prior to the call.
Participants are urged to check the website ahead of time to ensure their computers are configured for the audio stream. Instructions for obtaining the required downloadable software are posted to the site.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security, and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state of the art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact
Mac Jeffery
781.522.5111
Investor Relations Contact
Greg Smith
781.522.5141
SOURCE Raytheon Company
M2 PressWIRE - July 13, 2007 - City of Industry, CA - Defense industry alert provided by U.S. Equity News . The U.S. Army Tacom Life Cycle Management Command has awarded a unit of General Dynamics Corp. (NYSE: GD) a $54 million contract modification on Wednesday July 11, 2007 to provide technical support for Abrams tanks. The work will be performed by employees of Sterling Heights, Mich. -based General Dynamics Land Systems, which is a unit of the Falls Church -based defense industry giant.
U.S. BioDefense, Inc. (OTC BB:UBDE) subsidiary Emergency Disaster Systems, Inc. ( EDS ) announced on Wednesday July 11, 2007 the launch of its Affiliate Program. Affiliates can earn commission by introducing their clients to the EDS System line of products through their websites and newsletters. "Our new affiliate program is a great opportunity for our vendors and affiliates to promote proven product design to assist families, communities, organizations, corporations, and local governments to recover after disaster or emergency," says David Chin , CEO, U.S. BioDefense, Inc.
The U.S. Navy on Wednesday July 11, 2007 awarded a $24.4 million contract boost to a unit of Raytheon Co. (NYSE:RTN) for production of a radar warning system for the Australian government. Raytheon's Electronic Systems unit will deliver a radar warning receiver to the Royal Australian Air Force. The receiver provides air crew with visual and aural alerts when the system detects ground-based, ship-based or airborne radar emitters.
Lockheed Martin (NYSE: LMT) announced on Wednesday July 11, 2007 that it has delivered a fourth C-130J Super Hercules to the Royal Danish Air Force (RDAF), completing the current order for Denmark . Denmark's first C-130J was delivered in March 2004 and began operational service only one month after arriving at the RDAF's 721 Squadron in Aalborg, Denmark . RDAF C-130Js are being deployed and used in missions around the world and have already accumulated nearly 5,000 flight hours.
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MCKINNEY, Texas , July 12, 2007 /PRNewswire/ -- The U.S. Navy awarded Raytheon Company (NYSE: RTN) an $18.5 million contract modification to provide an infrared marker upgrade on Hornet and Super Hornet targeting pods, which will enhance F/A-18 ground operations support.
The upgrade will affect Lots 4 and 5 of the Advanced Targeting Forward- Looking Infrared program. The work will be performed by Raytheon Space and Airborne Systems in El Segundo, Calif., and McKinney, Texas .
"With the insertion of the IR marker, the non-traditional intelligence, surveillance, reconnaissance and targeting role of the F/A-18 is greatly expanded," said Roger Nordmeyer, the Raytheon program director for ATFLIR. "Equipping Hornets and Super Hornets with this additional mission capability reflects customer demand to make the most of every airborne sensor in today's world.
The marker supports ground operations and air-to-ground missions, allowing F/A-18 pilots to illuminate targets of interest with an infrared designator
To date, Raytheon has delivered more than 190 pods to the Navy, and the program is currently in Lot 3 full rate production. The company expects to begin building Lot 4 pods in December.
The AN/ASQ-228 pod is a program of record for Hornets and Super Hornets, including Navy and Marine Corps carrier-based squadrons. In more than 100,000 hours of flight operations, ATFLIR has detected and tracked targets at substantial altitudes and ranges. Raytheon's is also the only pod that provides continuous auto-boresight alignment. The electro-optical sensor, targeting FLIR, and high-power laser share a common optical path for unmatched accuracy and mission effectiveness.
Raytheon Space and Airborne Systems is a leading provider of sensor systems giving military forces the most accurate and timely actionable intelligence available for the network-centric battlefield. With 2006 revenues of $4.3 billion and 12,000 employees, SAS is headquartered in El Segundo, Calif. Additional facilities are in Goleta, Calif.; Forest, Miss.; Dallas , McKinney and Plano, Texas ; and several international locations.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Dave Desilets
972.952.2239
TUCSON, Ariz ., July 11, 2007 /PRNewswire/ -- A Raytheon Company (NYSE: RTN) Cobra Unmanned Aircraft System (UAS) conducted the first official unmanned aircraft flight in North Dakota June 25 .
The Cobra flew approved flight profiles through military restricted airspace over Camp Grafton South, a National Guard training facility 45 miles south of Devil's Lake, N.D.
In addition to being the first unmanned aircraft to fly in North Dakota airspace, these were also the Cobras' first flights away from their home station in Tucson, Ariz .
During the three-day deployment to the site, the Cobras completed nine flights and executed completely autonomous takeoffs, landings and in-flight navigation along pre-planned routes.
The flights were part of Raytheon's collaboration with the University of North Dakota , John D. Odegard School of Aerospace Sciences , the University of North Dakota School of Engineering and Mines and the North Dakota National Guard .
In one of the planned missions from the Camp Grafton South airfield, a Cobra UAS carried the PrecisionAg digital imaging payload developed by the University of North Dakota Unmanned Aircraft Engineering team. The PrecisionAg payload is designed to take digital images of crops and rangeland for monitoring vegetation health for North Dakota agribusiness applications.
"With its ability to conduct completely autonomous flight profiles and its FAA experimental airworthiness certification, Cobra is positioned to be the preferred unmanned aircraft system for the science, research and engineering communities," said Don Newman, Raytheon director of Unmanned Systems. "Cobra can stay aloft for more than three hours with a 25-pound payload, providing researchers with an affordable, stable platform for an array of sophisticated electronic equipment and sensors."
Cobra is a low-cost, highly reliable unmanned aircraft designed to support Raytheon's development, integration and test of unmanned systems technologies. The aircraft has a wingspan of 10 feet and is 9-feet long.
The Cobra UAS was designed by Raytheon to support the development, test and demonstration of sensor systems; networked command, control and communications systems; and unmanned aircraft system architectural concepts.
The Cobra UAS integrates advanced systems and capabilities from several Raytheon businesses, including Tucson -based Missile Systems; Intelligence and Information Systems, based in Garland, Texas ; Space and Airborne Systems in El Segundo, Calif.; and McKinney, Texas -based Network Centric Systems.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Everett Tackett, APR
520.794.9494
TEWKSBURY, Mass., July 11, 2007 /PRNewswire/ -- The Missile Defense Agency has awarded Raytheon Company (NYSE: RTN) a $304 million contract to develop advanced tracking and discrimination capabilities for the Ballistic Missile Defense System (BMDS) forward based AN/TPY-2 radar.
Under the contract, Raytheon is responsible for the development and test of radar software, various engineering tasks, maintenance and support, infrastructure upgrades and deployment mission planning. Work will be performed at the company's Missile Defense Center, Woburn, Mass., and the Warfighter Protection Center, Huntsville, Ala.
"This award underscores the importance of providing our warfighters with state-of-the-art missile defense technologies to address emerging threats," said Pete Franklin, vice president, National & Theater Security Programs for Raytheon Integrated Defense Systems (IDS). "The critical capabilities that Raytheon is developing will track missiles over a wide range and help guide interceptors to their targets."
The BMDS program has been designed to counter evolving threats through the development and release of spiral capabilities. The first forward-based capability spiral was released on schedule in October 2006 and is now operational. Raytheon IDS is currently developing the second forward-based capability spiral with release planned in early 2008.
Raytheon IDS designed and built the AN/TPY-2 radar drawing on extensive sensor knowledge from its X-Band "Family of Radars." A high-power, transportable X-Band radar, the AN/TPY-2 is designed to detect, track and discriminate ballistic missile threats. It maximizes the capability of the BMDS to identify, assess and engage threats to the U.S., deployed forces and allies.
As the prime contractor for this program, Raytheon IDS has delivered the first two of five planned AN/TPY-2 radars to the Missile Defense Agency . The first radar, delivered in November 2004 , is currently deployed in Japan . It is the first new Missile Defense Agency system to be developed and deployed as an operational asset outside the U.S. The second AN/TPY-2 radar recently completed acceptance testing at Vandenberg Air Force Base, Calif. Raytheon is also responsible for whole-life engineering support for AN/TPY-2 radars under a contract awarded in June 2005 .
Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency , the U.S. Armed Forces and the Department of Homeland Security .
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Maureen Heard
339.645.6664
TUCSON, Ariz ., July 11, 2007 /PRNewswire/ -- A Raytheon Company (NYSE: RTN) Cobra Unmanned Aircraft System (UAS) conducted the first official unmanned aircraft flight in North Dakota June 25 .
The Cobra flew approved flight profiles through military restricted airspace over Camp Grafton South, a National Guard training facility 45 miles south of Devil's Lake, N.D.
In addition to being the first unmanned aircraft to fly in North Dakota airspace, these were also the Cobras' first flights away from their home station in Tucson, Ariz .
During the three-day deployment to the site, the Cobras completed nine flights and executed completely autonomous takeoffs, landings and in-flight navigation along pre-planned routes.
The flights were part of Raytheon's collaboration with the University of North Dakota , John D. Odegard School of Aerospace Sciences , the University of North Dakota School of Engineering and Mines and the North Dakota National Guard .
In one of the planned missions from the Camp Grafton South airfield, a Cobra UAS carried the PrecisionAg digital imaging payload developed by the University of North Dakota Unmanned Aircraft Engineering team. The PrecisionAg payload is designed to take digital images of crops and rangeland for monitoring vegetation health for North Dakota agribusiness applications.
"With its ability to conduct completely autonomous flight profiles and its FAA experimental airworthiness certification, Cobra is positioned to be the preferred unmanned aircraft system for the science, research and engineering communities," said Don Newman, Raytheon director of Unmanned Systems. "Cobra can stay aloft for more than three hours with a 25-pound payload, providing researchers with an affordable, stable platform for an array of sophisticated electronic equipment and sensors."
Cobra is a low-cost, highly reliable unmanned aircraft designed to support Raytheon's development, integration and test of unmanned systems technologies. The aircraft has a wingspan of 10 feet and is 9-feet long.
The Cobra UAS was designed by Raytheon to support the development, test and demonstration of sensor systems; networked command, control and communications systems; and unmanned aircraft system architectural concepts.
The Cobra UAS integrates advanced systems and capabilities from several Raytheon businesses, including Tucson -based Missile Systems; Intelligence and Information Systems, based in Garland, Texas ; Space and Airborne Systems in El Segundo, Calif.; and McKinney, Texas -based Network Centric Systems.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Everett Tackett, APR
520.794.9494
SOURCE Raytheon Company
TEWKSBURY, Mass., July 11, 2007 /PRNewswire/ -- The Missile Defense Agency has awarded Raytheon Company (NYSE: RTN) a $304 million contract to develop advanced tracking and discrimination capabilities for the Ballistic Missile Defense System (BMDS) forward based AN/TPY-2 radar.
Under the contract, Raytheon is responsible for the development and test of radar software, various engineering tasks, maintenance and support, infrastructure upgrades and deployment mission planning. Work will be performed at the company's Missile Defense Center, Woburn, Mass., and the Warfighter Protection Center, Huntsville, Ala.
"This award underscores the importance of providing our warfighters with state-of-the-art missile defense technologies to address emerging threats," said Pete Franklin, vice president, National & Theater Security Programs for Raytheon Integrated Defense Systems (IDS). "The critical capabilities that Raytheon is developing will track missiles over a wide range and help guide interceptors to their targets."
The BMDS program has been designed to counter evolving threats through the development and release of spiral capabilities. The first forward-based capability spiral was released on schedule in October 2006 and is now operational. Raytheon IDS is currently developing the second forward-based capability spiral with release planned in early 2008.
Raytheon IDS designed and built the AN/TPY-2 radar drawing on extensive sensor knowledge from its X-Band "Family of Radars." A high-power, transportable X-Band radar, the AN/TPY-2 is designed to detect, track and discriminate ballistic missile threats. It maximizes the capability of the BMDS to identify, assess and engage threats to the U.S., deployed forces and allies.
As the prime contractor for this program, Raytheon IDS has delivered the first two of five planned AN/TPY-2 radars to the Missile Defense Agency . The first radar, delivered in November 2004 , is currently deployed in Japan . It is the first new Missile Defense Agency system to be developed and deployed as an operational asset outside the U.S. The second AN/TPY-2 radar recently completed acceptance testing at Vandenberg Air Force Base, Calif. Raytheon is also responsible for whole-life engineering support for AN/TPY-2 radars under a contract awarded in June 2005 .
Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency , the U.S. Armed Forces and the Department of Homeland Security .
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Contact:
Maureen Heard
339.645.6664
SOURCE Raytheon Company
TUCSON, Ariz ., July 10, 2007 /PRNewswire/ -- Raytheon Company (NYSE: RTN) has teamed with General Dynamics Ordnance and Tactical Systems to submit a proposal for the systems design and development contract for the U.S. Army's Mid-Range Munition.
The XM1111 Mid-Range Munition is a precision-guided, 120 mm, gun-fired smart ammunition that will provide a dual-mode, beyond-line-of-sight capability for Future Combat System's Mounted Combat System. Beyond-line-of- sight is an extension of the traditional direct-fire fight that enables stand- off engagements at greater ranges. With a beyond-line-of-sight capability, armored vehicle gunners can engage targets traditionally denied by intervening terrain or existing structures in an urban environment.
"Mid-Range Munition and the beyond-line-of-sight capability that it brings to the Future Combat System's Mounted Combat System are critical to the survivability and lethality of the Future Combat System Brigade Combat Team," said Jim Riley, Raytheon Land Combat Product Line vice president. "We are committed to bringing this critical capability to the Army."
Raytheon has diverse experience in complex munition and missile systems integration and a long standing relationship as a supplier to the U.S. Army. Raytheon continues to provide the U.S. Army with mission-effective battlefield solutions for the 21st century as most recently demonstrated by the combat- proven effectiveness of the Excalibur precision-guided cannon artillery projectile.
Raytheon has delivered more than 1.3 million precision-guided munitions during the last 50 years, and General Dynamics Ordnance and Tactical Systems has been involved with the development and production of more than 3 million 120 mm tank cartridges. This vast development and production experience coupled with the expertise gained in the development, production and fielding of Excalibur will ensure that the U.S. Army receives the world's best and only array of gun-fired, precision-guided weapons.
During the last three years, the Raytheon team worked closely with the Army's Armament, Development and Engineering Center at Picatinny Arsenal, N.J., and the Office of Program Management for Maneuver Ammunition Systems in a successful science and technology program. The program was aimed at maturing technologies necessary to enable Mid-Range Munition to enter into a low-risk systems design and development program.
In March 2007 , the Raytheon team successfully demonstrated a dual-mode seeker using a digital semi-active laser seeker and the imaging infrared sensor when its Mid-Range Munition successfully hit a T-72 tank at 5.2 kilometers (3.1 miles). This achievement was the capstone of a dual-mode seeker science and technology program that achieved its goals ahead of schedule and below cost.
Raytheon will evolve the proven and mature science and technology design into a producible tactical design that will meet or exceed all systems design and development contract requirements.
"Our team's familiarity with the integration of precision weapons, including sensor and fire control systems, reduces systems design, development, execution and platform integration risk for Mid-Range Munition," said William Patterson, Raytheon Mid-Range Munition program manager.
Raytheon Company , with 2006 sales of $20.3 billion , is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Note to Editors:
This proposal is in response to the Army's request for proposal W15QKN-07- R-0605, dated May 11, 2007 .
For more information about Raytheon's Mid-Range Munition, see the Raytheon Precision Guided Projectiles Web feature at www.raytheon.com/feature/pgp
Contact:
Everett Tackett, APR
520.794.9494
SOURCE Raytheon Company
Raytheon Company has been awarded a $22 million U.S. Army contract option to provide 41 Rapid Aerostat Initial Deployment (RAID) tower systems with remote ground stations to protect U.S. Marine Corps forces in Iraq . These tower systems are in support of the U.S. Marine Corps Persistent Surveillance System initiative.
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United Technologies and Raytheon Complete Merger of Equals Transaction- Creates the world's most advanced aerospace and defense systems provider- Serves customers worldwide through a platform-agnostic, diversified portfolio of industry-leading businesses- Expects to introduce breakthrough technologies at an accelerated pace across high-value areas of commercial aerospace and defensePR Newswire WALTHAM, Mass., April 3, 2020 WALTHAM, Mass., April 3, 2020 /PRNewswire/ -- Raytheon Technologies Corporation (NYSE: RTX) announced the successful completion of the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses. Headquartered in Waltham, Mass., Raytheon Technologies is one of the largest aerospace and defense companies in the world with approximately $74 billion in pro forma 2019 net sales and a global team of 195,000 employees, including 60,000 engineers and scientists. Raytheon Company (NYSE:RTN) shares ceased trading prior to the market open on April 3, 2020, and each share of Raytheon common stock has been converted in the merger into the right to receive 2.3348 shares of United Technologies common stock (previously traded on the NYSE under the ticker symbol "UTX"). Upon closing of the merger, United Technologies' name has changed to "Raytheon Technologies Corporation," and its shares of common stock will begin trading today on the NYSE under the ticker symbol "RTX." United Technologies shareowners will continue to hold their shares of United Technologies common stock, which now constitute shares of common stock of Raytheon Technologies Corporation. Raytheon Technologies has a large, talented workforce to address the rapidly evolving needs of customers globally. The combined company expects to introduce breakthrough technologies at an accelerated pace across high-value areas such as hypersonics, directed energy, avionics and cybersecurity. In addition, Raytheon Technologies has a strong balance sheet and cash flows to support critical business initiatives, including company and customer-funded R&D. "Raytheon Technologies brings together two companies with combined strengths and capabilities that make us uniquely equipped to support our customers and partners during this unprecedented time. We will also play our part in the war on the COVID-19 pandemic, including doing everything we can to keep our employees around the globe safe and well," said Greg Hayes, CEO of Raytheon Technologies. "As we move forward, Raytheon Technologies will define the future of aerospace and defense through our focus on innovation, our world-class people and our financial and operational strength to create long-term value for our customers and shareowners." "Today, we introduce Raytheon Technologies as an innovation powerhouse that will deliver advanced technologies that push the boundaries of known science," said Tom Kennedy, Executive Chairman of Raytheon Technologies. "Our platform-agnostic, diversified portfolio brings together the best of commercial and military technology, enabling the creation of new opportunities across aerospace and defense for decades to come." Structure and Leadership
Raytheon Technologies' executive leadership team is comprised of Tom Kennedy, Executive Chairman, Greg Hayes, Chief Executive Officer, and Toby O'Brien, Chief Financial Officer. Additional leadership biographies are available on the company's website. Raytheon Technologies Investor Call About Raytheon Technologies
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