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Tax Resolution Boosts Raytheon’s Net Income Despite Sales Drop In Fourth Quarter

Cal Biesecker By
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Tax Resolution Boosts Raytheon’s Net Income Despite Sales Drop In Fourth Quarter
Raytheon's Patriot air and missile defense system. (Photo: Raytheon)

Raytheon [RTN] on Thursday reported higher net income in the fourth quarter due to the resolution of tax matters from discontinued operations although sales tumbled, as expected, amid challenges in the federal market. Excluding the impact of the discontinued operations--which consist of former aircraft businesses--earnings from continuing operations were flat at $467 million, $1.46 earnings per share (EPS), versus $466 million ($1.41 EPS) a year ago. Those results easily beat consensus estimates of $1.35 EPS, in part due to a…

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