Exhibit 99.1
 
 
Raytheon Company
 
 
Global Headquarters
 
 
Waltham, Mass.
 
 
 
 
 
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 2012 Results

Strong bookings of $7.9 billion in the quarter and $26.5 billion for the year; book-to-bill of 1.23 in the quarter and 1.09 for the year
Fourth quarter net sales of $6.4 billion, up slightly from prior year's fourth quarter; and full-year net sales of $24.4 billion, down 1.5 percent for the year
Fourth quarter 2012 Adjusted EPS1 of $1.60; EPS from continuing operations was $1.41
Full-year 2012 Adjusted EPS1 of $6.21, up 6.2 percent; EPS from continuing operations was $5.65, up 8.2 percent
Strong operating cash flow from continuing operations of $1.0 billion in the quarter and $2.0 billion for the year
__________________________________________________________________________________________________

WALTHAM, Mass., (January 24, 2013) - Raytheon Company (NYSE: RTN) announced fourth quarter 2012 Adjusted EPS
1 of $1.60 per diluted share compared to $1.72 per diluted share in the fourth quarter 2011. The change was due to the timing of operational improvements in the fourth quarter 2012 compared to the fourth quarter 2011. On a full-year basis, 2012 operational improvements were relatively consistent with 2011. Fourth quarter 2012 EPS from continuing operations was $1.41 compared to $1.56 in the fourth quarter 2011. Fourth quarter 2012 included a $0.06 net charge associated with the impact of early debt retirement. Fourth quarter 2012 also included an unfavorable FAS/CAS Adjustment of $0.13, compared with an unfavorable FAS/CAS Adjustment of $0.16 in the fourth quarter 2011.
Full-year 2012 Adjusted EPS1 was $6.21 per diluted share compared to $5.85 for the full-year 2011, up 6.2 percent. The increase was primarily driven by capital deployment actions and operational improvements. Full-year 2012 EPS from continuing operations was $5.65 compared to $5.22 for the full-year 2011.
“Raytheon’s solid operating performance in 2012 was a result of our continued focus on improving productivity and program execution, which delivered value to both our customers and shareholders,” said William H. Swanson, Raytheon’s Chairman and CEO. “Customer demand for advanced technologies and affordable solutions drove strong orders for both the fourth quarter and the year, and resulted in a record funded backlog.”
___________________________________
1 Adjusted EPS is EPS from continuing operations attributable to Raytheon Company common stockholders excluding the impact of the FAS/CAS Adjustment, and from time to time, certain other items. Q4 2012 and full-year 2012 Adjusted EPS also excludes the impact of the early retirement of debt as discussed above. 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.

1

The following information was filed by Raytheon Co (RTN) on Thursday, January 24, 2013 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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