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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.

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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.

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.

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