Business

Raytheon boosts full-year forecast

WASHINGTON — Raytheon, the world’s largest missile maker, boosted its full-year profit forecast and said third-quarter profit rose less than 1 percent.

Profit from continuing operations for the year will be $5.36 to $5.46 a share, up from an estimate of $5.15 to $5.30 a share made in July, the Waltham, Mass., company said Thursday. Analysts projected a profit of $5.32 a share.

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Income from continuing operations rose in the quarter to $501 million, or $1.51 a share, from $498 million, or $1.42 a share, a year earlier, Raytheon said. It exceeded a $1.27-a-share analysts’ estimate. Sales declined 1.2 percent to $6.05 billion.

Raytheon’s results were aided by increased sales and profit in its integrated defense systems unit, which makes Patriot antimissile systems and early-warning radar, the company said.

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Raytheon shares rose 59 cents to $55.74.

Chief executive Bill Swanson has diversified his company’s products and services, both in the United States and internationally, to weather US defense spending cuts that may reach $1 trillion over a decade.

Operating income at four of Raytheon’s six units increased during the third quarter, according to the company. The network-centric systems unit had the biggest declines in sales and profit of 13 percent and 19 percent respectively.

Bloomberg News

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