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Raytheon Co (RTN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 29, 2019

SEC Filings

Raytheon Co

CIK: 1047122 Ticker: RTN
Exhibit 99.1

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rtnlogo1a01a06a01a33.jpg
 
 
Raytheon Company
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Global Headquarters
 
 
Waltham, Mass.
 
 
 
 
 
Investor Relations Contact
 
 
Kelsey DeBriyn
 
 
 
781.522.5141
 
 
 
 
 
 
 
Media Contact
 
 
 
Corinne Kovalsky
 
 
 
781.522.5899
For Immediate Release

Raytheon Reports Strong Third Quarter 2019 Results

Bookings of $9.4 billion; book-to-bill ratio of 1.27
Record net sales of $7.4 billion, up 9.4 percent
EPS from continuing operations of $3.08, up 36.9 percent
Operating cash flow from continuing operations of $1.3 billion
Increased full-year 2019 guidance for sales, operating income and EPS
Raytheon and United Technologies shareholders overwhelmingly approved merger of equals; expected close remains on track for first half of 2020
__________________________________________________________________________________________________

WALTHAM, Mass., (October 24, 2019) - Raytheon Company (NYSE: RTN) today announced net sales for the third quarter 2019 of $7.4 billion, up 9.4 percent compared to $6.8 billion in the third quarter 2018. Third quarter 2019 EPS from continuing operations was $3.08 compared to $2.25 in the third quarter 2018. The increase in the third quarter 2019 EPS from continuing operations was primarily driven by operational improvements and the unfavorable $0.80 per share impact in the third quarter 2018 related to the pension plan annuity transaction.
As previously announced, on October 11, 2019 at their respective special meetings, Raytheon and United Technologies shareholders overwhelmingly approved all of the proposals necessary to complete the merger of equals transaction. The expected close of the merger remains on track for the first half of 2020, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, as well as completion by United Technologies of the separation of its Otis and Carrier businesses.
“Raytheon delivered strong bookings, sales growth, EPS and cash generation in the third quarter,” said Thomas A. Kennedy, Raytheon Chairman and CEO. “Bookings strength across our broad portfolio of proven technology solutions positions the company well for future growth.
“I am pleased that the shareholders of Raytheon and United Technologies voted in favor of our powerful strategic combination. The vote reflects a significant milestone on our path to unite two world-class companies with complementary technologies.”
Operating cash flow from continuing operations for the third quarter 2019 was an inflow of $1,278 million compared to an outflow of $444 million for the third quarter 2018. The increase in operating cash flow from continuing operations in the third quarter 2019 was primarily due to the $1.25 billion pretax discretionary pension


1

The following information was filed by Raytheon Co (RTN) on Thursday, October 24, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Raytheon Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accounting Standards
Accounting Standards (Narrative) (Details)
Acquisitions, Divestitures And Goodwill
Acquisitions, Divestitures And Goodwill (Narrative) (Details)
Acquisitions, Divestitures And Goodwill (Rollforward Of Goodwill By Segments) (Details)
Acquisitions, Divestitures And Goodwill (Tables)
Basis Of Presentation
Business Segment Reporting
Business Segment Reporting (Components Of Fas/Cas Operating Adjustment) (Details)
Business Segment Reporting (Disaggregation Of Revenue) (Details)
Business Segment Reporting (Segment Results) (Details)
Business Segment Reporting (Tables)
Business Segment Reporting (Total Assets) (Details)
Changes In Estimates Under Percentage Of Completion Contract Accounting
Changes In Estimates Under Percentage Of Completion Contract Accounting (Narrative) (Details)
Changes In Estimates Under Percentage Of Completion Contract Accounting (Net Eac Adjustments) (Details)
Changes In Estimates Under Percentage Of Completion Contract Accounting (Tables)
Commitments And Contingencies
Commitments And Contingencies (Estimates Of Total Remediation Costs) (Details)
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Stated Values Outstanding) (Details)
Commitments And Contingencies (Tables)
Contract Assets And Contract Liabilities
Contract Assets And Contract Liabilities (Narrative) (Details)
Contract Assets And Contract Liabilities (Tables)
Contract Assets And Liabilities (Net Contract Assets (Liabilities)) (Details)
Deferred Commissions
Deferred Commissions (Narrative) (Details)
Derivative And Other Financial Instruments
Derivative And Other Financial Instruments (Narrative) (Details)
Derivative And Other Financial Instruments (Schedule Of Derivative Assets And Liabilities) (Details)
Derivative And Other Financial Instruments (Schedule Of Long Term Debt Details) (Details)
Derivative And Other Financial Instruments (Tables)
Earnings Per Share (Eps)
Earnings Per Share (Eps) (Eps From Continuing Operations) (Details)
Earnings Per Share (Eps) (Income From Participating Securities) (Details)
Earnings Per Share (Eps) (Narrative) (Details)
Earnings Per Share (Eps) (Tables)
Earnings Per Share (Eps) (Weighted-Average Shares) (Details)
Income Taxes
Income Taxes Income Taxes (Narrative) (Details)
Inventories
Inventories (Narrative) (Details)
Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
Leases
Leases (Components Of Lease Expense) (Details)
Leases (Future Lease Payments) (Details)
Leases (Narrative) (Details)
Leases (Operating Lease Liabilities Recognized On Balance Sheet) (Details)
Leases (Other Information Related To Operating Leases) (Details)
Leases (Tables)
Pension And Other Employee Benefits
Pension And Other Employee Benefits (Narrative) (Details)
Pension And Other Employee Benefits (Schedule Of Components Of Net Periodic Benefit Cost) (Details)
Pension And Other Employee Benefits (Schedule Of Contributions) (Details)
Pension And Other Employee Benefits (Schedule Of Liabilities) (Details)
Pension And Other Employee Benefits (Schedule Of Marketable Securities) (Details)
Pension And Other Employee Benefits (Tables)
Proposed Merger With United Technologies Corporation (Utc)
Proposed Merger With United Technologies Corporation (Utc) (Narrative) (Details)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests (Narrative) (Details)
Redeemable Noncontrolling Interests (Redeemable Noncontrolling Interests Rollforward) (Details)
Redeemable Noncontrolling Interests (Tables)
Remaining Performance Obligations
Remaining Performance Obligations (Narrative) (Details)
Significant Accounting Policies Update
Significant Accounting Policies Update (Policies)
Stockholders' Equity
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details)
Stockholders' Equity (Changes In Shares Of Common Stock Outstanding) (Details)
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Repurchases Of Common Stock) (Details)
Stockholders' Equity (Tables)
Ticker: RTN
CIK: 1047122
Form Type: 10-Q Quarterly Report
Accession Number: 0001047122-19-000193
Submitted to the SEC: Thu Oct 24 2019 6:05:57 AM EST
Accepted by the SEC: Thu Oct 24 2019
Period: Sunday, September 29, 2019
Industry: Search Detection Navagation Guidance Aeronautical Sys

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