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Raytheon Co (RTN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Raytheon Co

CIK: 1047122 Ticker: RTN


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.”
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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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
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)
Business Segment Reporting
Business Segment Reporting (capital Expenditures) (details)
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 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 (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)
Discontinued Operations Income From Discontinued Operations (tables)
Discontinued Operations Schedule Of Disposal Groups (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 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 Investments Included In Other Assets Net) (details)
Other Assets, Net (schedule Of Other 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 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 Reconciliation Of Amounts On The Balance Sheets) (details)
Pension And Other Employee Benefits (schedule Of Veba Trust Asset Information) (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, Unaudited (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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (accumulated Other Comprehensive Loss) (details)
Summary Of Significant Accounting Policies (inventory) (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 Summary Of Significant Accounting Policies (comprehensive Income) (details)
Ticker: RTN
CIK: 1047122
Form Type: 10-K Annual Report
Accession Number: 0001047122-13-000015
Submitted to the SEC: Wed Feb 13 2013 8:05:12 AM EST
Accepted by the SEC: Wed Feb 13 2013
Period: Monday, December 31, 2012
Industry: Search Detection Navagation Guidance Aeronautical Sys

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