Replies to post #83453 on Zeev's Turnips Patch-No Politics (ZEEV)

[Fred Langford]

LOL, I thought of that right after I clicked Submit Post <G>

Fred

[Fred Langford]

Yikes, Are you psychic??

UPDATE 1-Raytheon warns earns to miss Wall St view
3/5/2003 7:19:09 PM










(Updates with after-hours trading, details about Northrop in second paragraph)







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NEW YORK, March 5 (Reuters) - Defense contractor Raytheon Co. (RTN) on Wednesday warned higher pension costs would likely cause 2004 earnings to miss Wall Street forecasts.

The Lexington, Massachusetts-based maker of Tomahawk and Patriot missiles became the latest defense company to lower expectations, after Northrop Grumman Corp. (NOC) earlier on Wednesday slashed its 2003 earnings forecast by about 8 percent, citing larger-than-expected costs in paying down debt.

Raytheon, a developer of military electronics, precision strike and missile systems, said it expected earnings from continuing operations in 2004 to be $1.60 to $1.70 per diluted share after including higher estimated pension costs of $0.30 per share.

It was the first time the company had provided a forecast for 2004, the company said.

Analysts surveyed by financial research firm Thomson First Call, on average, had expected the company to earn $1.83 per share.

The company also said labor costs for two Massachusetts power plant construction project meant that the fourth-quarter 2002 charge of $197 million announced on Jan. 24, 2003, would likely be $65-75 million more than previously estimated.

Raytheon said it expects 2003 earnings from continuing operations of $1.70-$1.80 per diluted share, in line with earlier projections. Analysts surveyed by First Call expected the company to earn an average of $1.72 per share.

Raytheon shares closed at $26.91 on the New York Stock Exchange. They traded in line with that closing price on electronic trading system Instinet.