Diversified defense contractor Raytheon Company revealed outstanding corporate performance for the second quarter of 2019, including bookings of $9.5 billion and a book-to-bill ratio of 1.32. Net sales for the second quarter of 2019 were $7.2 billion, an increase of 8.1% compared to the $6.6 billion in sales for the company during the second quarter of 2018. For the second quarter of 2019, Raytheon achieved operating cash flow of $823 million from continuing operations, with earnings per share (EPS) of $2.92 from continuing operations, an increase of 5% over the EPS results of the second quarter of 2018 ($2.78). This increase in the second-quarter 2019 EPS stems from operational improvements and pension-related items, such as the favorable tax-related impact of a discretionary pension plan contribution.
Development and delivery of advanced systems such as the Patriot Missile System have helped boost strong growth for Raytheon Co. during the second quarter of 2019 (Courtesy: Raytheon Co.)
The company’s ongoing performance also appears strong, as previously announced merger activities, such as Raytheon and United Technologies, are on schedule to occur during the first half of 2020. “The company had very strong second quarter operating results, with our bookings, sales, operating margin, EPS, and cash flow all exceeding our expectations,” said Thomas A. Kennedy, Raytheon chairman and CEO. “We begin the second half with continued confidence in our growth outlook given our innovative technologies, breadth of franchises, and record backlog, Integration planning for the merger with United Technologies is progressing well, with the integration team developing detailed execution plans to capture revenue and cost synergies rapidly and ensure seamless operations past close.”