Shares of Raytheon Co slumped nearly 6 percent on Thursday after the U.S. weapon...
- Shares of Raytheon Co slumped nearly 6 percent on Thursday after the U.S. weapons maker reported a jump in its quarterly profit but left its earnings outlook for the year unchanged.
The company reaffirmed it expected earnings per share from continuing operations to be between $11.40 and $11.60 in 2019. It also left its forecast for net sales for the year in a range of $28.6 billion to $29.1 billion. Shares of Waltham, Massachusetts-based Raytheon were down 5.5 percent to $175.31 in late morning trading.
Sales in the Raytheon’s intelligence, information and services unit , its second biggest by revenue, increased 12.3 percent to $1.78 billion in the quarter, helped by higher revenue from “classified programs.” “We saw IIS and SAS with strong performance and we improved their total year outlook. But those improvements at IIS and SAS, they were effectively offset by some decreases in the margin outlook at Missiles based upon the quarter in the year,” O’Brien said.
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