A report by consulting firm McAleese & Associates says Raytheon (NYSE: RTN) posted $8.7B in bookings during the third quarter of 2018, reflecting a 25 percent increase from the same period last year.
Raytheon associated the increase with the integrated defense systems sector’s $1.3B Patriot missile defense system order from Poland and $787M in classified contracts booked by the company’s intelligence, information and services sector.
The Waltham, Mass.-based defense contractor expects orders for Patriot systems from Sweden, Poland and Romania to reach approximately $8B in the 2018-2020 timeframe, Jim McAleese, founder and principal at McAleese & Associates, wrote in the report.
McAleese noted that Raytheon is “upbeat†about its proposed offerings for some defense programs including the Lynx KF41 infantry fighting vehicle being developed with Rheinmetall for the U.S. Army’s Next-Generation Combat Vehicle competition; TOW missile; and the Excalibur Shaped Trajectory platform.
Raytheon CEO Thomas Kennedy said Thursday during its earnings call that the company has begun development work on two hypersonic programs – HAWC and Tactical Boost Glide – with the Defense Advanced Research Projects Agency, according to the report.
The company’s total net sales rose 8.3 percent to $6.8B in Q3 2018, while its earnings per share from continuing operations climbed 14.2 percent to $2.25 per share.
Raytheon ended the quarter with $41.6B in backlog, up 13.4 percent from the prior year period.
The company’s IDS and missile systems segments each recorded a 7 percent increase in Q3 net sales, while the IIS sector posted a 13 percent rise in revenue.
The space and airborne systems segment’s revenue jump 6 percent to $1.7B in Q3 2018, while Forcepoint saw its sales rise 2 percent to $173M in the previous quarter.
