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RAYTHEON INCOME INCREASES BY 21%

January 30, 2010 by

27 Jan 10. Raytheon Company (NYSE: RTN) reported fourth quarter 2009 income from continuing operations of $517m, up 21 percent compared to $428m in the fourth quarter 2008. EPS from continuing operations for the fourth quarter 2009 was $1.30, up 29 percent compared to $1.01 in the fourth quarter2008. Fourth quarter 2008 income from continuing operations included a $45m ($69 m pretax) unfavorable adjustment due to the impact of pension investment returns on existing contracts in 2008.

“Our 2009 results reflect the increasing global demand for our capabilities, as well as the Company’s strong operational performance,” said William H. Swanson, Raytheon’s Chairman and CEO. “Looking ahead, we expect continued growth by providing our customers with innovative solutions that address their evolving needs.”

Net sales in the fourth quarter 2009 were $6.7bn, up 10 percent from $6.1bn in the fourth quarter 2008.

Operating cash flow from continuing operations in the fourth quarter 2009 was $1,073m compared to $444 m in the fourth quarter 2008. In the fourth quarter 2008 the Company made $660 m in discretionary cash contributions to its pension plans. The Company made $1,115 m in total cash contributions to its pension plans in full-year 2009 compared to $1,174m in full-year 2008.

In the fourth quarter 2009 the Company repurchased 6.0m shares of common stock for $300 m, as part of its previously announced share repurchase program. For the full-year 2009 the Company repurchased 25.8m shares of common stock for $1.2 bn.

Full-Year Financial Results

Full-year 2009 income from continuing operations was $2.0bn, up 16 percent compared to $1.7 bn for the full-year 2008. EPS from continuing
operations for the full-year 2009 was $4.89, up 24 percent compared to $3.93 for the full-year 2008.

Net sales in 2009 were $24.9 bn, up 7 percent from $23.2bn in 2008, with all of Raytheon’s businesses contributing to the sales growth.

The Company generated strong operating cash flow for the year. Operating cash flow from continuing operations was $2.7 bn in 2009 compared to $2.0 bn in 2008. The increase in operating cash flow in 2009 was primarily due to improved performance and lower net cash tax payments. The
Company paid $627 m in cash taxes in 2009 and received $419m in tax refunds and credits, primarily related to the discretionary cash contributions that it made to its pension plans in December 2008. The Company paid $545 m in cash taxes in 2008 and received $97 m in tax refunds and credits.

The Company ended 2009 in a net cash position of $313 m ($2.6 bn
in cash and cash equivalents less total debt of $2.3 bn).

Summary Financial Results

4th Quarter %
———–
($ in ms, except per
share data) 2009 2008(1) Change
—- —— ——

Net sales $6,667 $6,086 10%
Income from continuing
operations $517 $428 21%
Income from continuing
operations attributable to
Raytheon Company $504 $421 20%
FAS/CAS Adjusted Income(2) $500 $441 13%
EPS from continuing operations $1.30 $1.01 29%
FAS/CAS Adjusted EPS(2) $1.29 $1.06 22%
Operating cash flow from cont.
ops. $1,073 $444

Workdays in fiscal reporting
calendar 61 60

Full-Year %
———
($ in ms, except per
share data) 2009 2008(1) Change

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