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Tax Gain, Operating Improvements Boost Raytheon’s Earnings

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By Calvin Biesecker Buoyed by a favorable tax settlement, tax gains from discontinued operations and strong operating performance, Raytheon [RTN] yesterday posted a hefty increase in its third quarter earnings, overcoming higher pension expense and weak sales. The strong operating performance contributed to better overall margins, leading Raytheon to raise its earnings guidance for the year. Net income was $728 million, $1.94 earnings per share (EPS), up 48 percent against $490 million ($1.25 EPS) a year ago. Excluding the tax…

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