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Sales, Profits Dip At Raytheon In First Quarter

Cal Biesecker By
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Sales, Profits Dip At Raytheon In First Quarter
The Patriot air and missile defense system (Photo: Raytheon)

Raytheon [RTN] on Thursday posted declines in its top and bottom lines due to continued sluggishness in domestic defense spending, but the results were generally better than the company’s and analysts’ expectations.Net income fell 8 percent to $551 million, $1.78 earnings per share (EPS), from $596 million ($1.89 EPS), but still trumped consensus estimates by 36 cents per share.The first quarter results benefited handsomely from the recent settlement with the United Kingdom on the eBorders security program, which added $181…

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