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Tax Relief, Pension Benefit Boost Raytheon’s First Quarter Earnings

Cal Biesecker By
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Tax Relief, Pension Benefit Boost Raytheon’s First Quarter Earnings
Raytheon Chairman and CEO Tom Kennedy. Photo: Raytheon

Raytheon [RTN] on Thursday posted strong first quarter net income driven by a tax benefit and pension income, which combined to more than offset lower operating earnings in most of the company’s business segments. Like its peers in the defense industry, Raytheon’s sales in the quarter fell but the company still found a way to increase its overall profits. Net income increased 22 percent to $596 million, $1.89 earnings per share (EPS), from $488 million ($1.49 EPS) a year ago.…

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