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Raytheon Co (RTN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Raytheon Co

CIK: 1047122 Ticker: RTN

Exhibit 99.1

 

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Raytheon Company

Global Headquarters

Waltham, Mass.

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Investor Relations Contact

Todd Ernst

781.522.5141

 
  

 

Media Contact

Jon Kasle

781.522.5110

 

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 2010

1. 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, Raytheon’s 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.”

 

1 

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.

 

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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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Comprehensive Income
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Accounting Standards
Acquisitions
Acquisitions (narrative) (details)
Acquisitions (rollforward Of Goodwill By Segments) (details)
Acquisitions (tables)
Acquisitions Acquisitions (schedule Of Asset And Liabilities Acquired) (details) (details)
Business Segment Reporting
Business Segment Reporting (components Of Identifiable Assets) (details)
Business Segment Reporting (components Of Intersegment Operating Income) (details)
Business Segment Reporting (components Of Operating Income) (details)
Business Segment Reporting (depreciation And Amortization) (details)
Business Segment Reporting (narrative) (details)
Business Segment Reporting (schedule Of Long-lived Assets By Geographic Area) (details)
Business Segment Reporting (schedule Of Operating Income From Continuing Operations Before Income Taxes) (details)
Business Segment Reporting (schedule Of Total Net Sales By Geographic Areas) (details)
Business Segment Reporting (segment Operating Performance) (details)
Business Segment Reporting (tables)
Commitments And Contingencies
Commitments And Contingencies (activity Related To Product Warranty Accruals) (details)
Commitments And Contingencies (estimates Of Total Remediation Costs, Weighted Average Risk-free Rate, Total Remediation Costs - Discounted And Recoverable Portion) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Annual Rentals On A Lease Basis) (details)
Commitments And Contingencies (schedule Of Environmental Remediation Costs) (details)
Commitments And Contingencies (stated Values Outstanding) (details)
Commitments And Contingencies (tables)
Contracts In Process, Net
Contracts In Process, Net (contracts In Process) (details)
Contracts In Process, Net (narrative) (details)
Contracts In Process, Net (tables)
Derivative Financial Instruments
Derivative Financial Instruments (fair Value Of Asset And Liability Derivatives Related To Foreign Currency Forward Contracts) (details)
Derivative Financial Instruments (narrative) (details)
Derivative Financial Instruments (notional Amounts Of Outstanding Foreign Currency Forward Contracts) (details)
Derivative Financial Instruments (pretax (losses) Related To Foreign Currency Forward Contracts Not Designated As Cash Flow Hedges) (details)
Derivative Financial Instruments (pretax Gains (losses) Related To Foreign Currency Forward Contracts Designated As Cash Flow Hedges) (details)
Derivative Financial Instruments (tables)
Discontinued Operations
Discontinued Operations (narrative) (details)
Fair Value Measurements
Fair Value Measurements (assets And Liabilities Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (rollforward Of Unrecognized Tax Benefits) (details)
Income Taxes (schedule Of Deferred Income Tax) (details)
Income Taxes (schedule Of Expenses For Income Taxes That Differ From The Us Statutory Rate Reconciliation) (details)
Income Taxes (schedule Of Provision For Federal And Foreign Income Taxes) (details)
Income Taxes (tables)
Notes Payable And Long-term Debt
Notes Payable And Long-term Debt (adjustments To The Principal Amounts Of Long-term Debt) (details)
Notes Payable And Long-term Debt (narrative) (details)
Notes Payable And Long-term Debt (schedule Of Aggregate Amounts Of Principal Payments Due On Long-term Debt For Next Five Years) (details)
Notes Payable And Long-term Debt (schedule Of Notes Payable And Long-term Debt) (details)
Notes Payable And Long-term Debt (tables)
Other Assets, Net
Other Assets, Net (narrative) (details)
Other Assets, Net (schedule Of Computer Software Net) (details)
Other Assets, Net (schedule Of Investments Included In Other Assets Net) (details)
Other Assets, Net (schedule Of Other Assets Net) (details)
Other Assets, Net (schedule Of Other Intangible Assets Included In Other Non Current Assets Net) (details)
Other Assets, Net (tables)
Pension And Other Employee Benefits
Pension And Other Employee Benefits (adjustment To Accumulated Other Comprehensive Loss) (details)
Pension And Other Employee Benefits (narrative) (details)
Pension And Other Employee Benefits (pension Benefits Expected To Be Paid From Plans Or Companies Assets) (details)
Pension And Other Employee Benefits (schedule Of Change In Plan Assets) (details)
Pension And Other Employee Benefits (schedule Of Change In Projected Benefit Obligation) (details)
Pension And Other Employee Benefits (schedule Of Components Of Net Periodic Benefit Cost) (details)
Pension And Other Employee Benefits (schedule Of Fair Value Measurements Of The Company's Domestic Pension Plan Assets By Asset Category And By Level) (details)
Pension And Other Employee Benefits (schedule Of Fair Value Measurements Using Significant Unobservable Inputs) (details)
Pension And Other Employee Benefits (schedule Of Funded Status Amounts Recognized On The Balance Sheet) (details)
Pension And Other Employee Benefits (schedule Of Investment Allocation Ranges) (details)
Pension And Other Employee Benefits (schedule Of Other Benefits Asset Information) (details)
Pension And Other Employee Benefits (schedule Of Reconciliation Of Amounts On The Balance Sheets) (details)
Pension And Other Employee Benefits (schedule Of Weighted-average Net Periodic Benefit Cost Assumptions) (details)
Pension And Other Employee Benefits (schedule Of Weighted-average Year-end Benefit Obligation Assumptions) (details)
Pension And Other Employee Benefits (source Of Change In Accumulated Other Comprehensive Loss) (details)
Pension And Other Employee Benefits (tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (narrative) (details)
Property, Plant And Equipment, Net (property, Plant And Equipment, Net) (details)
Property, Plant And Equipment, Net (tables)
Quarterly Operating Results
Quarterly Operating Results (narrative) (details)
Quarterly Operating Results (schedule Of Quarterly Operating Results) (details)
Quarterly Operating Results (tables)
Stock-based Compensation Plans
Stock-based Compensation Plans (long-term Performance Plan Activity) (details)
Stock-based Compensation Plans (narrative) (details)
Stock-based Compensation Plans (restricted Stock Activity Disclosure) (details)
Stock-based Compensation Plans (schedule Of Stock Option Outstanding And Exercisable) (details)
Stock-based Compensation Plans (stock Option Activity Plan) (details)
Stock-based Compensation Plans (tables)
Stockholders' Equity
Stockholders' Equity (changes In Shares Of Common Stock Outstanding) (details)
Stockholders' Equity (eps From Continuing Operations Attributable To Raytheon Company Common Stockholders And Unvested Share-based Payment Awards) (details)
Stockholders' Equity (narrative) (details)
Stockholders' Equity (repurchases Of Common Stock Under Share Repurchase Programs) (details)
Stockholders' Equity (stock Options Included In And Excluded From Calculations) (details)
Stockholders' Equity (tables)
Stockholders' Equity (weighted-average Shares Outstanding For Basic And Diluted Eps) (details)
Subsequent Events
Subsequent Events (narrative) (details)
Subsequent Events (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (accumulated Other Comprehensive Loss) (details)
Summary Of Significant Accounting Policies (inventories) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (property, Plant And Equipment, Net) (details)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Comprehensive Income (details)
Ticker: RTN
CIK: 1047122
Form Type: 10-K Annual Report
Accession Number: 0001047122-12-000044
Submitted to the SEC: Wed Feb 22 2012 4:37:34 PM EST
Accepted by the SEC: Wed Feb 22 2012
Period: Saturday, December 31, 2011
Industry: Search Detection Navagation Guidance Aeronautical Sys

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