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July 25, 2019, 7:10 a.m. EDT

Raytheon's stock rallies after big profit beat, raised outlook

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By Tomi Kilgore

DJIA

Shares of Raytheon Co. rose 1.0% in light premarket trading Thursday, after the defense contractor, which is in the process of merging with United Technologies Corp. , reported a second-quarter profit that was well above expectations and raised its full-year outlook. Net income rose to $817 million, or $2.92 a share, from $800 million, or $2.78 a share, in the year-ago period. The FactSet EPS consensus was $2.64. Sales increased 8.1% to $7.16 billion, above the FactSet consensus of $7.04 billion, as bookings rose 9.0% to $9.48 billion. Sales for the company's integrated defense systems, intelligence, information and services, missile systems and space and airborne systems business segments all rose, and topped expectations. For 2019, Raytheon raised its EPS outlook to $11.50 to $11.70 from $11.40 to $11.60 and its sales guidance to $28.8 billion to $29.3 billion from $28.6 billion to $29.1 billion. The stock has rallied 20.1% year to date through Wednesday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.05% has gained 16.9%.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,976.84
+289.93 +1.05%
Volume: 342.07M
Aug. 12, 2020 5:10p
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