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Despite a modest decline in sales, Raytheon [RTN] on Wednesday posted a solid increase in third quarter earnings driven by favorable pension impacts, lower taxes, and a lower share count as a result of the company’s stock repurchase activity. Each of the company’s four business segments had lower sales and only one, Space and Airborne Systems, managed an increase in operating profit. Still, operating margins were still strong at 13.2 percent, down a half percent from a year ago, excluding…
