Raytheon beats by $0.23, misses on revs; guides FY14 EPS below consensus, revs below consensus
Reports Q4 (Dec) earnings of $1.58 per share, excluding non-recurring items, $0.23 better than the Capital IQ Consensus Estimate of $1.35; revenues fell 8.8% year/year to $5.87 bln vs the $5.96 bln consensus.
- Co issues downside guidance for FY14, sees EPS of $5.76-5.91, excluding non-recurring items, vs. $6.29 Capital IQ Consensus Estimate; sees FY14 revs of $22.5-23.0 bln vs. $23.09 bln Capital IQ Consensus Estimate.
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The Company had bookings of $7.5 billion in the fourth quarter 2013 and ended 2013 with a backlog of $33.7 billion.
- Integrated Defense Systems (IDS) had fourth quarter 2013 net sales of $1,569 million compared to $1,730 million in the fourth quarter 2012. The change in net sales was primarily due to an international Patriot program nearing completion and lower volume on a tactical radar program. IDS had full-year 2013 net sales of $6,489 million compared to $6,492 million in 2012.
- Missile Systems had fourth quarter 2013 net sales of $1,638 million compared to $1,781 million in the fourth quarter 2012. The change in net sales was primarily driven by lower sales on U.S. Army sensor programs. MS had full-year 2013 net sales of $6,599 million compared to $6,639 million in 2012.