RAYTHEON HAS reported record earnings for the first quarter, which includes results from E-Systems, acquired for $2.3 billion. The US Company also cites the "record performance" at Raytheon Aircraft as contributing to second-quarter earnings of $195.5 million on sales of $2.8 billion. Net income was up by 1.7%, on sales up by 11.7%, over the same period in 1994.
"Raytheon has successfully made the transition to a diversified commercial company, and that has become an important factor in Raytheon's performance," says, chairman Dennis Picard. The E-Systems acquisition and increased regional- and general-aviation aircraft shipments offset a decline in sales and profits at Raytheon's defence operations.
Acquiring E-Systems also boosted the company's backlog, by 42%, to $10.3 billion from $7.27 billion at the end of the 1994 second quarter. New business booked during the quarter included the US Air Force/Navy Joint Primary Aircraft Training System, potentially worth $7 billion; the US Army's Enhanced Fibre-Optic Guided Missile, worth $140 million; and an Army air-traffic-control system, worth $150 million.
Raytheon's sales for the first six months of 1995 were up by 7.5% over the same period in 1994, to $5.2 billion, and net income was $369.4 million, up by 2.2%.
Source: Flight International
