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FOR IMMEDIATE RELEASE
|Investor Relations Contact:|
Raytheon Reports Solid Fourth Quarter and Full-Year 2010 Results
Fourth quarter 2010 Adjusted EPS of $1.57, up 20 percent; EPS from continuing operations was $1.37(1)
Fourth quarter operating cash flow from continuing operations of $861 million after a $750 million discretionary pension plan contribution
Full-year 2010 Adjusted EPS of $5.58, up 15 percent; full-year 2010 EPS from continuing operations was $4.79(1)
Full-year 2010 operating cash flow from continuing operations of $1.9 billion after a $750 million discretionary pension plan contribution
Announced agreement to acquire Applied Signal Technology, Inc. and commencement of tender offer
Provides Guidance for 2011
WALTHAM, Mass., (January 27, 2011) Raytheon Company (NYSE: RTN) announced fourth quarter 2010 Adjusted EPS of $1.57 per diluted share compared to $1.31 per diluted share in the fourth quarter 2009(1), up 20 percent. The increase was primarily driven by operational improvements and capital deployment actions. Fourth quarter 2010 EPS from continuing operations was $1.37 compared to $1.30 in the fourth quarter 2009. Fourth quarter 2010 and fourth quarter 2009 EPS from continuing operations included net charges of $0.10 and $0.03, respectively, associated with the impacts of the early debt retirements. Fourth quarter 2010 also included FAS/CAS pension expense of $0.11, compared to $0.01 of FAS/CAS pension income in the fourth quarter 2009.
Adjusted EPS is EPS from continuing operations attributable to Raytheon Company common stockholders excluding the EPS impact of the FAS/CAS pension adjustment and, from time to time, certain other items. In addition to the FAS/CAS pension adjustment, Q4 2010 and 2009 Adjusted EPS exclude the impacts of early debt retirements in Q4 2010 and Q4 2009, and full-year 2010 and 2009 EPS exclude the impacts of the UK Border Agency program adjustment in Q2 2010, a favorable tax settlement in Q3 2010 and early debt retirements in Q4 2010 and Q4 2009. 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.
The following information was filed by Raytheon Co (RTN) on Thursday, January 27, 2011 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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