Raytheon (NYSE: RTN) — one of 30 companies listed on Executive Mosaic’s GovCon Index — has reported third quarter earnings of $1.47 per share, a 10.9 percent decline from the same period in 2014Â and 4 cents above Wall Street expectations.
RaytheonÂ held to its full-year earnings outlook ofÂ $6.47-to-$6.62 per share and said third quarter results included aÂ 9-cent impactÂ the companyÂ expected from accounting adjustments related to its June purchaseÂ of controlling ownership in commercial cybersecurity provider Websense.
Raytheon invested $1.9 billion in Austin, Texas-based Websense for a push to offerÂ its defenseÂ and intelligence market-oriented cyber products and services to commercial sector customers.
Revenue for the Waltham, Mass.-based defense technology makerÂ climbed 5.64 percent from the same quarter in 2014 to $5.78 billion on Patriot missile system and other weapons sales.
Wall Street analysts had forecasted $5.76 billion in sales for the quarter.
RaytheonÂ also raised its full-year outlook to a range of $23 billion-to-$23.3 billionÂ from the prior $22.7 billion-$23.2 billion guidance.
Operating cash flow from continuing operations nearly doubledÂ to $1.1 billion in the quarter from $423 million in the same period last year from what Raytheon called favorable working capital the timing of someÂ cash tax payments.
Total backlog as of the third quarter’s end was $33.6 billion, approximately $300 million higher than the same period last year; andÂ funded backlog was $24.4 billion, nearlyÂ $1.5 billionÂ above fiscal 2014Â third quarter figures, orÂ 6.43 percent.
Third quarter sales in Raytheon’s integrated defense systems segment rose 7 percent year-over-year and missile systems climbed 11 percent from the same quarter in 2014.
Space and airborne systems showed a 4-percent sales decline from the prior year period and the based intelligence, information and systems segment fell 0.8 percent.
Raytheon shares have climbedÂ 4.15 percent since the year’s start and are up 14.83 percent over the last 12 months.