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RAYTHEON PROFITS DOWN 34%

January 30, 2009 by

RAYTHEON PROFITS DOWN 34%

29 Jan 09. Raytheon Company announced fourth quarter 2008 adjusted income from continuing operations of $466m or $1.13 per diluted share, compared to $420m or $0.96 per diluted share in the fourth quarter 2007(1). Reported fourth quarter
2008 income from continuing operations was $421m or $1.02 per diluted share compared to $634m or $1.45 per diluted share in the fourth quarter 2007. Fourth quarter 2008 income from continuing operations included a $45m or $0.11 per diluted share unfavourable adjustment due to the impact of pension investment returns on existing contracts (the “CAS Pension Adjustment”). Fourth quarter 2007 income from continuing operations included a $214m or $0.49 per diluted share favourable adjustment due to tax-related benefits.

“Raytheon had a successful 2008 with strong bookings, a record backlog and solid growth in sales and operating income,” said William H. Swanson, Raytheon Chairman and CEO. “Our advanced technologies, program performance and diverse portfolio of products and services are uniquely suited to meet customer requirements and position us well for the future.”

Net sales in the fourth quarter 2008 were $6.1bn compared to $6.0bn in the fourth quarter 2007. The Company’s solid sales performance in the fourth quarter 2008 was achieved with 3 fewer work days than the fourth quarter 2007.

The Company continued to generate solid operating cash flow in the fourth quarter 2008. Operating cash flow from continuing operations in the fourth quarter 2008 was $444m compared to $941m in the fourth quarter 2007. The change was primarily due to $381m in tax refunds in the fourth quarter 2007. The Company also made $160m more in discretionary cash contributions to its pension plans in the fourth quarter 2008 ($660m in 2008 compared to $500m in 2007).

The Company ended the year with $50m of net debt. Net debt is defined as total debt less cash and cash equivalents.

Full-Year Financial Results

Full-year 2008 adjusted income from continuing operations was $1.7bn or $4.06 per diluted share, compared to $1.5bn or $3.31 per diluted share in 2007(2). Reported full-year 2008 income from continuing operations was $1.7bn or $3.95 per diluted share compared to $1.7bn or $3.80 per diluted share in 2007. Full-year 2008 income from continuing operations included the $45m or $0.11 per diluted share unfavourable CAS Pension Adjustment. Full-year 2007 income from continuing operations included a $219m or $0.49 per diluted share favourable adjustment due to tax-related benefits.

2008 net sales were $23.2bn compared to $21.3bn in 2007, an increase of 9 percent. All of Raytheon’s businesses contributed to the Company’s sales growth.

The Company generated excellent operating cash flow for the year. Operating cash flow from continuing operations was $2.0bn in 2008 compared to $1.2bn in 2007. The increase in operating cash flow in 2008 was primarily due to a reduction in working capital items, lower net cash tax payments and lower discretionary cash contributions made to the Company’s pension plans. The Company paid $448m in net cash taxes in 2008, compared to $734m in 2007 (which included $631m in tax payments attributable to the gain on the sale of Raytheon Aircraft Company (RAC) and $381m in tax refunds). The Company also made $660m in discretionary cash contributions to its pension plans in 2008 compared to $900m in 2007.

As part of its previously announced share repurchase program, the Company
repurchased 14.1 million shares of common stock for $680m in the fourth quarter 2008 and 30.7 million shares for $1.7bn for the year.

(1) Adjusted EPS and income from continuing operations are non-GAAP financial measures. Fourth quarter and full-year 2008 adjusted EPS and income from
continuing operations exclude the $45m ($69m pre-tax) or $0.11
per diluted share unfavourable adjustment due to the impact of pension
investment returns on existing contracts (the “C

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