>>> Raytheon misses by $0.33, reports revs in-line; reaffirms FY14 guidance

Raytheon misses by $0.33, reports revs in-line; reaffirms FY14 guidance

Reports Q1 (Mar) earnings of $1.43 per share, excluding non-recurring items, $0.33 worse than the Capital IQ Consensus Estimate of $1.76; revenues fell 6.3% year/year to $5.51 bln vs the $5.49 bln consensus.
  • The first quarter 2014 Adjusted EPS1 excluded the previously announced $0.25 favorable tax impact from cash repatriation in the first quarter 2014. In addition, the first quarter 2014 Adjusted EPS1 excluded a favorable FAS/CAS Adjustment of $0.18, compared with an unfavorable FAS/CAS Adjustment of $0.14 in the first quarter 2013.
Co reaffirms guidance for FY14, sees EPS of $6.74-6.89, excluding non-recurring items, vs. $6.93 Capital IQ Consensus Estimate; sees FY14 revs of $22.5-23.0 bln vs. $22.83 bln Capital IQ Consensus Estimate.
  • The Company had bookings of $4.3 billion in the first quarter 2014, and ended the first quarter 2014 with a backlog of $32.2 billion and a funded backlog of $22.7 billion, an increase of $222 million compared to the first quarter 2013.