Raytheon Reports 2nd Quarter Financial Results; Swanson Comments

Raytheon Company (NYSE: RTN) released its second quarter 2011 financial results on July 28.

The company reported earnings of $1.23 per diluted share, up from $1.34 in the second quarter of 2010.

EPS from continuing operations rose 120 percent over that period to $1.23 from $0.56.

Net sales increased $200 million year-over-year to $6.2 billion.

Operating cash flow from continuing operations for the second quarter 2011 was negative $91 million compared to positive $400 million for the second quarter 2010.

The company said an additional payroll period and higher cash tax payments in the second quarter 2011 were primarily responsible for the outflow.

“Raytheon’s strong second quarter performance continues to reflect our focus on execution and cost reduction activities, ” said William H. Swanson, Raytheon’s chairman and CEO. “We also saw global demand for our technologies and innovative solutions which resulted in robust bookings in the quarter.”

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