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Raytheon Reports Second Quarter Financials (7/26/12)
Raytheon announced second quarter 2012 adjusted earnings per share (EPS) of $1.55 per diluted share compared with $1.37 per diluted share in the second quarter of 2011, up 13 percent. The increase was driven by operational improvements and capital deployment actions.
"Raytheon reported solid operating performance in the second quarter driven by strong execution across the company," said William H. Swanson, Raytheon's chairman and CEO. "As we celebrate our 90th anniversary this month, we continue to build on a long heritage of solving complex customer problems with innovative solutions and world-class technology while creating value for shareholders and customers."
Net sales for the second quarter 2012 were $5.992 billion, compared with $6.201 billion in the second quarter 2011. Operating cash flow from continuing operations for the second quarter 2012 was an outflow of $259 million compared with an outflow of $89 million for the second quarter 2011. Year-to-date operating cash flow from continuing operations was an outflow of $148 million versus an outflow of $29 million for the comparable period in 2011. The change in operating cash from continuing operations for both the quarter and year-to-date was primarily because of the timing of collections.
In the second quarter, the company repurchased 4 million shares of common stock for $200 million as part of its previously announced share repurchase program. Year-to-date 2012, the company repurchased 11.9 million shares of common stock for $600 million.
The company ended the quarter with $1.7 billion of net debt. Net debt is defined as total debt less cash and cash equivalents and short-term investments. Raytheon officials updated the company’s full-year 2012 outlook and increased guidance for EPS and operating cash flow from continuing operations.
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