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Raytheon Co (RTN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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
 
 
 
Pam Erickson
 
 
 
781.522.5822
For Immediate Release

Raytheon Reports Solid Fourth Quarter and Full-Year 2013 Results

Fourth quarter 2013 net sales of $5.9 billion; full-year net sales of $23.7 billion, down 2.9 percent for the year
Fourth quarter Adjusted Operating Margin1 of 13.1 percent; full-year Adjusted Operating Margin1 of 13.4 percent, up 10 basis points for the year
Fourth quarter reported operating margin of 12.1 percent; full-year reported operating margin of 12.4 percent, up 20 basis points for the year
Fourth quarter Adjusted EPS1 of $1.58; full-year Adjusted EPS1 of $6.38, up 1.6 percent for the year
Fourth quarter EPS from continuing operations of $1.46; full-year EPS from continuing operations of $5.96, up 5.5 percent for the year
Strong operating cash flow from continuing operations of $1.1 billion in the quarter and $2.4 billion for the year
__________________________________________________________________________________________________

WALTHAM, Mass., (January 30, 2014) - Raytheon Company (NYSE: RTN) announced
fourth quarter 2013 Adjusted EPS1 of $1.58 per diluted share compared to $1.62 per diluted share in the fourth quarter 2012. Fourth quarter 2013 EPS from continuing operations was $1.46 compared to $1.41 in the fourth quarter 2012. The fourth quarter 2012 Adjusted EPS1 excluded a $0.06 net charge associated with the impact of early debt retirement, and has been revised to include the favorable $0.02 impact for the 2012 research and development (R&D) tax credit approved by Congress in January 2013. In addition, the fourth quarter 2013 Adjusted EPS1 excluded an unfavorable FAS/CAS Adjustment of $0.12, compared with an unfavorable FAS/CAS Adjustment of $0.13 in the fourth quarter 2012.
Full-year 2013 Adjusted EPS1 was $6.38 per diluted share compared to $6.28 for the full-year 2012. Full-year 2013 EPS from continuing operations was $5.96 compared to $5.65 for the full-year 2012.
_____________________________
1 Adjusted EPS is diluted EPS from continuing operations attributable to Raytheon Company common stockholders, and Adjusted Operating Margin is total operating margin; in each case, excluding the impact of the FAS/CAS Adjustment, and from time to time, certain other items. Full-year 2013 Adjusted EPS excluded the $0.08 impact of the 2012 research and development (R&D) tax credit, approved by Congress in January 2013, that relates to 2012. Q4 2012 and full-year 2012 Adjusted EPS also excluded the impact of the early retirement of debt as discussed above and have been revised to include the favorable $0.02 and $0.07 impact, respectively, for the 2012 R&D tax credit. Adjusted EPS and Adjusted Operating Margin are non-GAAP financial measures. See attachment F for a reconciliation of these measures and a discussion of why the Company is presenting this information.


1

The following information was filed by Raytheon Co (RTN) on Thursday, January 30, 2014 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 Operating Income) (details)
Business Segment Reporting (depreciation And Amortization) (details)
Business Segment Reporting (schedule Of Property Plant And Equipment 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)
Business Segment Reporting Business Segment Reporting (sales To Major Customers) (details)
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)
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)
Income Taxes Income Taxes (schedule Of Domestic And Foreign Income From Continuing Operations Before Taxes) (details)
Income Taxes Income Taxes Paid, Net (schedule Of Income Taxes Paid, Net)( Details)
Notes Payable And Long-term Debt
Notes Payable And Long-term Debt (adjustments And Payments 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)
Notes Payable And Long-term Debt Notes Payable And Long-term Debt (fair Value Of Long-term Debt) (details)
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 (pbo & Abo Schedule) (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 Expense (income) Other Benefits) (details)
Pension And Other Employee Benefits (schedule Of Components Of Net Periodic Benefit Expense (income) Pension) (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 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)
Pension And Other Employee Benefits Pension And Other Employee Benefits (fair Value Of Plan Assets) (details)
Pension And Other Employee Benefits Pension And Other Employee Benefits (long Term Returns Used In Roa Assumptions) (details)
Pension And Other Employee Benefits Pension And Other Employee Benefits (marketable Securities Held In Trust) (details)
Pension And Other Employee Benefits Pension And Other Employee Benefits (pension Contributions) (details)
Pension And Other Employee Benefits Pension And Other Employee Benefits (veba Trusts) (details)
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)
Stock-based Compensation Plans Stock-based Compensation (details)
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)
Stockholders' Equity Stockholders' Equity (income Attributable To Participating Securities) (details)
Summary Of Significant Accounting Policies
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 (available For Sale Securities) (details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (comprehensive Income) (details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (net Eac Adjustments) (details)
Ticker: RTN
CIK: 1047122
Form Type: 10-K Annual Report
Accession Number: 0001047122-14-000013
Submitted to the SEC: Tue Feb 11 2014 4:14:06 PM EST
Accepted by the SEC: Tue Feb 11 2014
Period: Tuesday, December 31, 2013
Industry: Search Detection Navagation Guidance Aeronautical Sys

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