Raytheon Reports Strong Fourth Quarter and Full-Year 2016 Results
Strong bookings of $7.6 billion in the quarter and a record $27.8 billion for the year; book-to-bill ratio of 1.21 in the quarter and 1.16 for the year
Fourth quarter net sales of $6.2 billion; full-year net sales of $24.1 billion, up 3.5 percent for the year
Fourth quarter EPS from continuing operations of $1.84; full-year EPS from continuing operations of $7.44
Strong operating cash flow from continuing operations of $1.1 billion in the quarter and $2.9 billion for the year, including a $500 million pretax discretionary pension plan contribution in the fourth quarter
WALTHAM, Mass., (January 26, 2017) - Raytheon Company (NYSE: RTN) today announced net sales for the fourth quarter 2016 of $6.2 billion compared to $6.3 billion in the fourth quarter 20151. Fourth quarter 2016 EPS from continuing operations was $1.84 compared to $1.85 in the fourth quarter 2015. Fourth quarter 2016 EPS from continuing operations included a favorable FAS/CAS Adjustment of $0.26 compared to a favorable FAS/CAS Adjustment of $0.10 in the fourth quarter 2015.
The Company made a pretax discretionary pension plan contribution in both the fourth quarter 2016 and the fourth quarter 2015, discussed further below, which had an unfavorable tax-related EPS impact of $0.04 and $0.02, respectively. The 2016 discretionary pension plan contribution was not included in the Company's prior guidance.
Net sales in 2016 were $24.1 billion, up 3.5 percent compared to $23.2 billion in 2015. Full-year 2016 EPS from continuing operations was $7.44 compared to $6.75 for the full-year 2015.
"I’m pleased with the Company’s operating performance in 2016. We delivered solid sales and earnings growth by executing our strategy and investing in advanced capabilities that align with our global customers’ evolving requirements," said Thomas A. Kennedy, Raytheon Chairman and CEO. "Strong domestic and international bookings throughout the year drove an increase in our backlog, which positions us well for growth in the future."
The Company generated strong operating cash flow for both the fourth quarter and full-year. Operating cash flow from continuing operations for the fourth quarter 2016 was $1.1 billion compared to $0.8 billion for the fourth quarter 2015. Fourth quarter 2016 operating cash flow from continuing operations included a $500 million pretax
1 Fourth quarter 2016 had 4 fewer work days than fourth quarter 2015.
The following information was filed by Raytheon Co (RTN) on Thursday, January 26, 2017 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.
View differences made from one year to another to evaluate Raytheon Co's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Raytheon Co.
Ticker: RTN CIK: 1047122 Form Type:10-K Annual Report Accession Number: 0001047122-17-000018 Submitted to the SEC: Wed Feb 15 2017 9:05:54 AM EST Accepted by the SEC: Wed Feb 15 2017 Period: Saturday, December 31, 2016 Industry: Search Detection Navagation Guidance Aeronautical Sys