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FOR IMMEDIATE RELEASE
Raytheon Reports Solid Fourth Quarter and Full-Year 2011 Results
Fourth quarter 2011 Adjusted EPS of $1.74, up 12 percent; EPS from continuing operations was $1.581
Full-year 2011 Adjusted EPS of $5.90, up 7 percent; full-year 2011 EPS from continuing operations was $5.281
Strong operating cash flow of $1.3 billion in the quarter and $2.2 billion for the year after a $750 million discretionary pension plan contribution
Strong bookings of $7.1 billion in the quarter and $26.6 billion for the year; book-to-bill of 1.11 in the quarter and 1.07 for the year
WALTHAM, Mass., (January 26, 2012) Raytheon Company (NYSE: RTN) announced fourth quarter 2011 Adjusted EPS of $1.74 per diluted share compared to $1.55 per diluted share in the fourth quarter 20101. The increase was driven by operational improvements and capital deployment actions. Fourth quarter 2011 EPS from continuing operations was $1.58 compared to $1.37 in the fourth quarter 2010. Fourth quarter 2011 included an unfavorable FAS/CAS Adjustment1 of $0.16, compared with an unfavorable FAS/CAS Adjustment of $0.09 in the fourth quarter 2010. Fourth quarter 2010 EPS from continuing operations also included a $0.10 net charge associated with the impact of early debt retirement.
In a year of economic uncertainty, the Raytheon team focused on what we do best - ensuring customer success through program performance and product innovation, said William H. Swanson, Raytheons Chairman and CEO. Improved efficiencies and lower costs drove operating margin and earnings performance, while global demand for our affordable solutions resulted in strong orders.
Adjusted EPS is EPS from continuing operations attributable to Raytheon Company common stockholders excluding the EPS impact of the FAS/CAS Adjustment and, from time to time, certain other items. In addition to the FAS/CAS Adjustment: Q4 2010 Adjusted EPS excludes the impact of early debt retirement; full-year 2010 Adjusted EPS excludes the impact of the UKBA Program Adjustment in Q2 2010, a favorable tax settlement in Q3 2010 and early debt retirement in Q4 2010; full-year 2011 Adjusted EPS excludes the impact of the UKBA LOC Adjustment in Q1 2011 and the favorable tax settlement in Q3 2011. Adjusted EPS is a non-GAAP financial measure. See attachment F for a reconciliation of this measure and a discussion of why the Company is presenting this information.
The following information was filed by Raytheon Co (RTN) on Thursday, January 26, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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