Business

Raytheon: 3Q profit down, full-year outlook up

WALTHAM — Raytheon Co. said Thursday that third-quarter profit fell slightly, but the defense contractor raised its forecast for full-year revenue and earnings.

The shares fell 0.5 percent to $78.08. They began the day up 36 percent for the year.

Advertisement

Net income fell 2 percent to $489 million from $500 million in the 2012 third quarter, and included $2 million in profit from discontinued operations. In both quarters, the profit amounted to $1.51 per share, due to a reduction in the number of outstanding shares since last year.

Revenue fell more than 3 percent to $5.84 billion. Sales fell in all units, with the steepest drop, 7 percent, in the space and airborne systems division. Sales fell 3 percent in both the missiles and information-services units and were nearly flat in defense systems.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

Raytheon raised its forecast of full-year profit from continuing operations to between $5.67 and $5.77 per share, up from its July outlook for $5.51 to $5.61. It raised its 2013 revenue projection by $100 million, to between $23.6 billion and $23.8 billion. That takes into account the recent partial government shutdown.

Associated Press

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com