WALTHAM, Mass., April 27,
2017 /PRNewswire/ -- Raytheon Company (NYSE: RTN) today
announced net sales for the first quarter 2017 of $6.0 billion, up 3.4 percent compared to
$5.8 billion in the first quarter
2016. First quarter 2017 EPS from continuing operations was
$1.73, up 21.0 percent compared to
$1.43 in the first quarter 2016. The
increase in the first quarter 2017 EPS from continuing operations
was primarily driven by operational improvements.
"Solid revenue growth and margin expansion drove strong earnings
per share performance in the first quarter, with all of our
businesses meeting or exceeding expectations," said Thomas A. Kennedy, Raytheon Chairman and CEO.
"Our focus on global growth and operational excellence, combined
with our balanced capital deployment strategy, continues to create
value for our customers and shareholders."
Operating cash flow from continuing operations for the first
quarter 2017 was an outflow of $41
million compared to an inflow of $325
million for the first quarter 2016. The change in operating
cash flow from continuing operations in the first quarter 2017 was
primarily due to the timing of collections.
As previously reported, effective January
1, 2017, the company adopted the new revenue recognition
standard utilizing the full retrospective transition method. The
impact of adopting the new standard on the company's 2016 net sales
and operating income was not material. All 2016 financial results
have been recast to reflect this change.
Summary Financial
Results
|
|
|
|
|
|
|
|
|
|
|
1st
Quarter
|
|
%
|
($ in millions,
except per share data)
|
2017
|
|
2016
|
|
Change
|
|
|
|
|
|
|
Bookings
|
$
|
5,688
|
|
|
$
|
6,201
|
|
|
-8.3%
|
Net Sales
|
$
|
6,000
|
|
|
$
|
5,802
|
|
|
3.4%
|
Income from
Continuing Operations attributable to Raytheon Company
|
$
|
503
|
|
|
$
|
427
|
|
|
17.8%
|
EPS from Continuing
Operations
|
$
|
1.73
|
|
|
$
|
1.43
|
|
|
21.0%
|
Operating Cash Flow
from Continuing Operations
|
$
|
(41)
|
|
|
$
|
325
|
|
|
|
Workdays in Fiscal
Reporting Calendar
|
64
|
|
|
65
|
|
|
|
Bookings in the first quarter 2017 were $5.7 billion compared to $6.2 billion in the first quarter 2016.
Backlog
|
|
|
|
|
|
|
Period
Ending
|
($ in
millions)
|
Q1
2017
|
|
Q1
2016
|
|
2016
|
Backlog
|
$
|
36,054
|
|
|
$
|
34,171
|
|
|
$
|
36,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog at the end of the first quarter 2017 was $36.1 billion, an increase of approximately
$1.9 billion or 5.5 percent compared
to the first quarter 2016.
In the first quarter 2017, the company repurchased 2.7 million
shares of common stock for $400
million. In addition, as previously announced, Raytheon's
Board of Directors voted to increase the annual dividend rate by
8.9 percent from $2.93 to
$3.19 per share, the thirteenth
consecutive annual dividend increase.
Outlook
The company has updated its financial outlook for 2017. Charts
containing additional information on the company's 2017 outlook are
available at www.raytheon.com/ir.
2017 Financial
Outlook
|
|
|
|
|
Current
|
|
Prior
(1/26/17)
|
Net Sales
($B)
|
24.9 -
25.4*
|
|
24.8 -
25.3
|
Deferred Revenue
Adjustment ($M)1
|
(33)
|
|
(33)
|
Amortization of
Acquired Intangibles ($M)1
|
(127)
|
|
(127)
|
FAS/CAS Adjustment
($M)
|
428
|
|
428
|
Interest Expense, net
($M)2
|
(196) -
(201)*
|
|
(216) -
(221)
|
Diluted Shares
(M)
|
291 - 293
|
|
291 - 293
|
Effective Tax
Rate
|
~31.0%*
|
|
~31.5%
|
EPS from Continuing
Operations2
|
$7.25 -
$7.40*
|
|
$7.20 -
$7.35
|
Operating Cash Flow
from Continuing Operations ($B)
|
2.8 -
3.1
|
|
2.8 -
3.1
|
|
*Denotes
change from prior guidance
|
1 Deferred Revenue
Adjustment and Amortization of Acquired Intangibles represent the
unfavorable impact of the acquisition accounting adjustments to
record acquired deferred revenue at fair value and the amortization
of acquired intangible assets for all business
segments.
|
2 Full-year 2017 EPS from
continuing operations now includes the expected unfavorable $0.05
net EPS impact in non-operating income associated with the $40
million ($0.09 EPS) impact related to the early retirement of debt
in Q2 2017, partially offset by the expected interest expense
reduction related to the retirement of the associated debt
primarily in the second half of 2017.
|
Segment Results
The company's reportable segments are: Integrated Defense
Systems (IDS); Intelligence, Information and Services (IIS);
Missile Systems (MS); Space and Airborne Systems (SAS); and
ForcepointTM.
Integrated Defense
Systems
|
|
|
|
|
|
1st
Quarter
|
|
|
($ in
millions)
|
2017
|
|
2016
|
|
%
Change
|
Net Sales
|
$
|
1,398
|
|
$
|
1,336
|
|
5%
|
Operating
Income
|
$
|
212
|
|
$
|
146
|
|
45%
|
Operating
Margin
|
15.2%
|
|
10.9%
|
|
|
Integrated Defense Systems (IDS) had first quarter 2017 net
sales of $1,398 million, up 5 percent
compared to $1,336 million in the
first quarter 2016. The increase in net sales for the quarter was
primarily driven by higher net sales on an international early
warning radar program awarded in the first quarter 2017.
IDS recorded $212 million of
operating income in the first quarter 2017 compared to $146 million in the first quarter 2016. The
increase in operating income for the quarter was primarily driven
by higher net program efficiencies and a favorable change in
program mix. The first quarter 2016 included a $36 million unfavorable program adjustment.
During the quarter, IDS booked $987
million for the Upgraded Early Warning Radar (UEWR) system
for Qatar. IDS also booked
$220 million to provide Patriot™
engineering services support for U.S. and international
customers.
Intelligence,
Information and Services
|
|
|
|
1st
Quarter
|
|
|
($ in
millions)
|
2017
|
|
2016
|
|
%
Change
|
Net Sales
|
$
|
1,507
|
|
$
|
1,532
|
|
-2%
|
Operating
Income
|
$
|
111
|
|
$
|
104
|
|
7%
|
Operating
Margin
|
7.4%
|
|
6.8%
|
|
|
Intelligence, Information and Services (IIS) had first quarter
2017 net sales of $1,507 million
compared to $1,532 million in the
first quarter 2016. As expected, the change in net sales for the
quarter was primarily driven by lower net sales on an international
classified program.
IIS recorded $111 million of
operating income in the first quarter 2017 compared to $104 million in the first quarter 2016. The
increase in operating income for the quarter was primarily driven
by a favorable change in program mix.
During the quarter, IIS booked approximately $930 million on U.S. Air Force programs. IIS also
booked $390 million on a number of
classified contracts.
Missile
Systems
|
|
|
|
1st
Quarter
|
|
|
($ in
millions)
|
2017
|
|
2016
|
|
%
Change
|
Net Sales
|
$
|
1,756
|
|
$
|
1,723
|
|
2%
|
Operating
Income
|
$
|
216
|
|
$
|
192
|
|
13%
|
Operating
Margin
|
12.3%
|
|
11.1%
|
|
|
Missile Systems (MS) had first quarter 2017 net sales of
$1,756 million compared to
$1,723 million in the first quarter
2016.
MS recorded $216 million of
operating income in the first quarter 2017 compared to $192 million in the first quarter 2016. The
increase in operating income for the quarter was primarily due to a
favorable change in program mix.
During the quarter, MS booked $203
million for AIM-9X Sidewinder™ short-range air-to-air
missiles for the U.S. and international customers and $159 million for Paveway™ for international
customers.
Space and Airborne
Systems
|
|
|
|
1st
Quarter
|
|
|
($ in
millions)
|
2017
|
|
2016
|
|
%
Change
|
Net Sales
|
$
|
1,555
|
|
$
|
1,445
|
|
8%
|
Operating
Income
|
$
|
190
|
|
$
|
167
|
|
14%
|
Operating
Margin
|
12.2%
|
|
11.6%
|
|
|
Space and Airborne Systems (SAS) had first quarter 2017 net
sales of $1,555 million, up 8 percent
compared to $1,445 million in the
first quarter 2016. The increase in net sales for the quarter was
primarily driven by higher net sales on an electronic warfare
systems program.
SAS recorded $190 million of
operating income in the first quarter 2017 compared to $167 million in the first quarter 2016. The
increase in operating income for the quarter was primarily driven
by a favorable change in program mix and higher volume.
During the quarter, SAS booked $256
million for Active Electronically Scanned Array (AESA)
radars for the U.S. Air Force, and $250
million on two contracts for international customers, one
for military processors and one for radar warning receivers. SAS
also booked $402 million on a number
of classified contracts.
Forcepoint
|
|
|
|
1st
Quarter
|
|
|
($ in
millions)
|
2017
|
|
2016
|
|
%
Change
|
Net Sales
|
$
|
144
|
|
$
|
139
|
|
4%
|
Operating
Income
|
$
|
16
|
|
$
|
18
|
|
-11%
|
Operating
Margin
|
11.1%
|
|
12.9%
|
|
|
Forcepoint had first quarter 2017 net sales of $144 million, up 4 percent compared to
$139 million in the first quarter
2016. Forcepoint recorded $16 million
of operating income in the first quarter 2017 compared to
$18 million in the first quarter
2016.
About Raytheon
Raytheon Company, with 2016 sales of
$24 billion and 63,000 employees, is
a technology and innovation leader specializing in defense, civil
government and cybersecurity solutions. With a history of
innovation spanning 95 years, Raytheon provides state-of-the-art
electronics, mission systems integration, C5ITM products
and services, sensing, effects, and mission support for customers
in more than 80 countries. Raytheon is headquartered in
Waltham, Massachusetts. Follow us
on Twitter.
Conference Call on the First Quarter 2017 Financial
Results
Raytheon's financial results conference call will be
held on Thursday, April 27, 2017 at
9 a.m. ET. Participants will include
Thomas A. Kennedy, Chairman and CEO;
Anthony F. O'Brien, vice president
and CFO; and other company executives.
The dial-in number for the conference call will be (800)
591-6942 in the U.S. or (617) 614-4909 outside of the U.S. The
conference call will also be audiocast on the Internet at
www.raytheon.com/ir. Individuals may listen to the call and
download charts that will be used during the call. These charts
will be available for printing prior to the call.
Interested parties are encouraged to check the website ahead of
time to ensure their computers are configured for the audio stream.
Instructions for obtaining the free required downloadable software
are posted on the site.
Disclosure Regarding Forward-looking Statements
This
release and the attachments contain forward-looking statements,
including information regarding the company's financial outlook,
future plans, objectives, business prospects and anticipated
financial performance. These forward-looking statements are not
statements of historical facts and represent only the company's
current expectations regarding such matters. These statements
inherently involve a wide range of known and unknown risks and
uncertainties. The company's actual actions and results could
differ materially from what is expressed or implied by these
statements. Specific factors that could cause such a difference
include, but are not limited to: the company's dependence on the
U.S. Government for a significant portion of its business and the
risks associated with U.S. Government sales, including changes or
shifts in defense spending due to budgetary constraints, spending
cuts resulting from sequestration, a government shutdown, or
otherwise, uncertain funding of programs and potential termination
of contracts; difficulties in contract performance; the resolution
of program terminations; the ability to procure new contracts; the
risks of conducting business in foreign countries; the
unpredictability of timing of international bookings; the ability
to comply with extensive governmental regulation and obtain
approvals, including export and import requirements such as the
International Traffic in Arms Regulations and the Export
Administration Regulations, anti-bribery and anti-corruption
requirements including the Foreign Corrupt Practices Act,
industrial cooperation agreement obligations, and procurement and
other regulations; changes in government procurement practices; the
impact of competition; the ability to develop products and
technologies, and the impact of associated investments and costs;
the ability to recruit and retain qualified personnel; the impact
of potential security and cyber threats, and other disruptions; the
risk that actual pension returns, discount rates or other actuarial
assumptions, including the long-term return on asset assumption,
are significantly different than the company's current assumptions;
the risk of cost overruns, particularly for the company's
fixed-price contracts; dependence on component availability,
subcontractor and partner performance and key suppliers; risks of a
negative government audit; risks associated with acquisitions,
investments, dispositions, joint ventures and other business
arrangements; the ability to grow in the government and commercial
cybersecurity markets; risks of an impairment of goodwill or other
intangible assets; the impact of financial markets and global
economic conditions; the use of accounting estimates in the
company's financial statements; the outcome of contingencies and
litigation matters, including government investigations; the risk
of environmental liabilities; and other factors as may be detailed
from time to time in the company's public announcements and
Securities and Exchange Commission filings. The company undertakes
no obligation to make any revisions to the forward-looking
statements contained in this release and the attachments or to
update them to reflect events or circumstances occurring after the
date of this release, including any acquisitions, dispositions or
other business arrangements that may be announced or closed after
such date.
Attachment
A
|
Raytheon
Company
|
Preliminary Statement
of Operations Information
First Quarter
2017
|
(In millions, except
per share amounts)
|
|
|
Three Months
Ended
|
|
|
2-Apr-17
|
|
3-Apr-16
|
|
|
|
|
|
Net sales
|
|
$
|
6,000
|
|
|
$
|
5,802
|
|
Operating
expenses
|
|
|
|
|
Cost of
sales
|
|
4,530
|
|
|
4,441
|
|
General and
administrative expenses
|
|
729
|
|
|
748
|
|
Total operating
expenses
|
|
5,259
|
|
|
5,189
|
|
Operating
income
|
|
741
|
|
|
613
|
|
Non-operating
(income) expense, net
|
|
|
|
|
Interest
expense
|
|
58
|
|
|
58
|
|
Interest
income
|
|
(5)
|
|
|
(4)
|
|
Other (income)
expense, net
|
|
(7)
|
|
|
(2)
|
|
Total non-operating
(income) expense, net
|
|
46
|
|
|
52
|
|
Income from
continuing operations before taxes
|
|
695
|
|
|
561
|
|
Federal and foreign
income taxes
|
|
198
|
|
|
157
|
|
Income from
continuing operations
|
|
497
|
|
|
404
|
|
Income (loss) from
discontinued operations, net of tax
|
|
3
|
|
|
1
|
|
Net income
|
|
500
|
|
|
405
|
|
Less: Net income
(loss) attributable to noncontrolling interests in
subsidiaries
|
|
(6)
|
|
|
(23)
|
|
Net income
attributable to Raytheon Company
|
|
$
|
506
|
|
|
$
|
428
|
|
|
|
|
|
|
Basic earnings per
share attributable to Raytheon Company common
stockholders:
|
|
|
|
|
Income from continuing
operations
|
|
$
|
1.73
|
|
|
$
|
1.43
|
|
Income (loss) from
discontinued operations, net of tax
|
|
0.01
|
|
|
—
|
|
Net income
|
|
1.74
|
|
|
1.43
|
|
|
|
|
|
|
Diluted earnings per
share attributable to Raytheon Company common
stockholders:
|
|
|
|
|
Income from continuing
operations
|
|
$
|
1.73
|
|
|
$
|
1.43
|
|
Income (loss) from
discontinued operations, net of tax
|
|
0.01
|
|
|
—
|
|
Net income
|
|
1.74
|
|
|
1.43
|
|
|
|
|
|
|
Amounts attributable
to Raytheon Company common stockholders:
|
|
|
|
|
Income from continuing
operations
|
|
$
|
503
|
|
|
$
|
427
|
|
Income (loss) from
discontinued operations, net of tax
|
|
3
|
|
|
1
|
|
Net income
|
|
$
|
506
|
|
|
$
|
428
|
|
|
|
|
|
|
Average shares
outstanding
|
|
|
|
|
Basic
|
|
292.5
|
|
|
299.2
|
|
Diluted
|
|
292.8
|
|
|
299.6
|
|
Attachment
B
|
Raytheon
Company
|
Preliminary Segment
Information
|
First Quarter
2017
|
(In millions, except
percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
Net Sales
|
|
Operating
Income
|
|
As a Percent of Net
Sales
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
2-Apr-17
|
|
3-Apr-16
|
|
2-Apr-17
|
|
3-Apr-16
|
|
2-Apr-17
|
|
3-Apr-16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
$
|
1,398
|
|
|
$
|
1,336
|
|
|
$
|
212
|
|
|
$
|
146
|
|
|
15.2%
|
|
10.9%
|
Intelligence,
Information and Services
|
|
1,507
|
|
|
1,532
|
|
|
111
|
|
|
104
|
|
|
7.4%
|
|
6.8%
|
Missile
Systems
|
|
1,756
|
|
|
1,723
|
|
|
216
|
|
|
192
|
|
|
12.3%
|
|
11.1%
|
Space and Airborne
Systems
|
|
1,555
|
|
|
1,445
|
|
|
190
|
|
|
167
|
|
|
12.2%
|
|
11.6%
|
Forcepoint
|
|
144
|
|
|
139
|
|
|
16
|
|
|
18
|
|
|
11.1%
|
|
12.9%
|
Eliminations
|
|
(350)
|
|
|
(347)
|
|
|
(37)
|
|
|
(33)
|
|
|
|
|
|
Total business
segment
|
|
6,010
|
|
|
5,828
|
|
|
708
|
|
|
594
|
|
|
11.8%
|
|
10.2%
|
Acquisition
Accounting Adjustments
|
|
(10)
|
|
|
(26)
|
|
|
(42)
|
|
|
(58)
|
|
|
|
|
|
|
FAS/CAS
Adjustment
|
|
—
|
|
|
—
|
|
|
108
|
|
|
105
|
|
|
|
|
|
|
Corporate
|
|
—
|
|
|
—
|
|
|
(33)
|
|
|
(28)
|
|
|
|
|
|
Total
|
|
$
|
6,000
|
|
|
$
|
5,802
|
|
|
$
|
741
|
|
|
$
|
613
|
|
|
12.4%
|
|
10.6%
|
Attachment
C
|
Raytheon
Company
|
Other Preliminary
Information
|
First Quarter
2017
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog
|
|
|
|
|
|
|
2-Apr-17
|
|
31-Dec-16
|
|
|
|
|
|
|
|
|
|
|
Integrated Defense
Systems
|
|
|
|
|
|
|
$
|
10,304
|
|
|
$
|
10,159
|
|
Intelligence,
Information and Services
|
|
|
|
|
|
5,965
|
|
|
5,662
|
|
Missile
Systems
|
|
|
|
|
|
|
10,517
|
|
|
11,568
|
|
Space and Airborne
Systems
|
|
|
|
|
|
|
8,817
|
|
|
8,834
|
|
Forcepoint
|
|
|
|
|
|
|
451
|
|
|
486
|
|
Total
backlog
|
|
|
|
|
|
|
$
|
36,054
|
|
|
$
|
36,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Bookings
|
|
|
|
|
|
|
2-Apr-17
|
|
3-Apr-16
|
|
|
|
|
|
|
|
|
|
|
Total
bookings
|
|
|
|
|
|
|
$
|
5,688
|
|
|
$
|
6,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
General and
Administrative Expenses
|
|
|
|
|
|
|
2-Apr-17
|
|
3-Apr-16
|
|
|
|
|
|
|
|
|
|
|
Administrative and
selling expenses
|
|
|
|
|
|
$
|
558
|
|
|
$
|
549
|
|
Research and
development expenses
|
|
|
|
|
|
171
|
|
|
199
|
|
Total general and
administrative expenses
|
|
|
|
|
|
$
|
729
|
|
|
$
|
748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash
|
|
|
|
|
2-Apr-17
|
|
31-Dec-16
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
$
|
2,186
|
|
|
$
|
3,303
|
|
Restricted cash
included within prepaid expenses and other current
assets
|
|
|
|
1
|
|
|
—
|
|
Total cash, cash
equivalents and restricted cash shown in Attachment E
|
|
|
|
$
|
2,187
|
|
|
$
|
3,303
|
|
Attachment
D
|
Raytheon
Company
|
Preliminary Balance
Sheet Information
|
|
First Quarter
2017
|
(In
millions)
|
|
|
|
|
|
2-Apr-17
|
|
31-Dec-16
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
2,186
|
|
|
$
|
3,303
|
|
Short-term
investments
|
399
|
|
|
100
|
|
Receivables,
net
|
1,319
|
|
|
1,163
|
|
Contract
assets
|
5,555
|
|
|
5,041
|
|
Inventories
|
599
|
|
|
608
|
|
Prepaid expenses and
other current assets
|
457
|
|
|
670
|
|
Total current
assets
|
10,515
|
|
|
10,885
|
|
|
|
|
|
Property, plant and
equipment, net
|
2,146
|
|
|
2,166
|
|
Goodwill
|
14,825
|
|
|
14,788
|
|
Other assets,
net
|
2,383
|
|
|
2,399
|
|
Total
assets
|
$
|
29,869
|
|
|
$
|
30,238
|
|
|
|
|
|
Liabilities,
Redeemable Noncontrolling Interest and Equity
|
|
|
|
Current
liabilities
|
|
|
|
Notes payable and
current portion of long-term debt
|
$
|
251
|
|
|
$
|
—
|
|
Contract
liabilities
|
2,605
|
|
|
2,646
|
|
Accounts
payable
|
1,282
|
|
|
1,520
|
|
Accrued employee
compensation
|
871
|
|
|
1,234
|
|
Other current
liabilities
|
1,298
|
|
|
1,139
|
|
Total current
liabilities
|
6,307
|
|
|
6,539
|
|
|
|
|
|
Accrued retiree
benefits and other long-term liabilities
|
7,743
|
|
|
7,758
|
|
Long-term
debt
|
5,086
|
|
|
5,335
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
349
|
|
|
449
|
|
|
|
|
|
Equity
|
|
|
|
Raytheon Company
stockholders' equity
|
|
|
|
Common
stock
|
3
|
|
|
3
|
|
Additional paid-in
capital
|
—
|
|
|
—
|
|
Accumulated other
comprehensive loss
|
(7,218)
|
|
|
(7,411)
|
|
Retained
earnings
|
17,599
|
|
|
17,565
|
|
Total Raytheon Company
stockholders' equity
|
10,384
|
|
|
10,157
|
|
Noncontrolling interests in subsidiaries
|
—
|
|
|
—
|
|
Total
equity
|
10,384
|
|
|
10,157
|
|
Total liabilities,
redeemable noncontrolling interest and equity
|
$
|
29,869
|
|
|
$
|
30,238
|
|
Attachment
E
|
Raytheon
Company
|
Preliminary Cash Flow
Information
|
First Quarter
2017
|
(In
millions)
|
|
Three Months
Ended
|
|
2-Apr-17
|
|
3-Apr-16
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
|
500
|
|
|
$
|
405
|
|
(Income) loss from
discontinued operations, net of tax
|
(3)
|
|
|
(1)
|
|
Income from
continuing operations
|
497
|
|
|
404
|
|
Adjustments to
reconcile to net cash provided by (used in) operating activities
from continuing operations, net of the effect of acquisitions and
divestitures
|
|
|
|
Depreciation and
amortization
|
130
|
|
|
124
|
|
Stock-based
compensation
|
57
|
|
|
54
|
|
Deferred income
taxes
|
(54)
|
|
|
(30)
|
|
Changes in assets and
liabilities
|
|
|
|
Receivables,
net
|
(155)
|
|
|
(94)
|
|
Contract assets and
contract liabilities
|
(554)
|
|
|
(295)
|
|
Inventories
|
9
|
|
|
41
|
|
Prepaid expenses and
other current assets
|
125
|
|
|
143
|
|
Income taxes
receivable/payable
|
244
|
|
|
189
|
|
Accounts
payable
|
(219)
|
|
|
(43)
|
|
Accrued employee
compensation
|
(361)
|
|
|
(351)
|
|
Other current
liabilities
|
(1)
|
|
|
(43)
|
|
Accrued retiree
benefits
|
283
|
|
|
221
|
|
Other, net
|
(42)
|
|
|
5
|
|
Net cash provided by
(used in) operating activities from continuing
operations
|
(41)
|
|
|
325
|
|
Net cash provided by
(used in) operating activities from discontinued
operations
|
—
|
|
|
1
|
|
Net cash provided by
(used in) operating activities
|
(41)
|
|
|
326
|
|
Cash flows from
investing activities
|
|
|
|
Additions to
property, plant and equipment
|
(86)
|
|
|
(150)
|
|
Proceeds from sales
of property, plant and equipment
|
11
|
|
|
1
|
|
Additions to
capitalized internal use software
|
(16)
|
|
|
(12)
|
|
Purchases of
short-term investments
|
(399)
|
|
|
—
|
|
Maturities of
short-term investments
|
100
|
|
|
127
|
|
Payments for
purchases of acquired companies, net of cash received
|
(39)
|
|
|
(57)
|
|
Other
|
(1)
|
|
|
—
|
|
Net cash provided by
(used in) investing activities
|
(430)
|
|
|
(91)
|
|
Cash flows from
financing activities
|
|
|
|
Dividends
paid
|
(215)
|
|
|
(201)
|
|
Repurchases of common
stock under share repurchase programs
|
(400)
|
|
|
(400)
|
|
Repurchases of common
stock to satisfy tax withholding obligations
|
(38)
|
|
|
(34)
|
|
Contribution from
noncontrolling interests in Forcepoint
|
8
|
|
|
11
|
|
Other
|
—
|
|
|
(5)
|
|
Net cash provided by
(used in) financing activities
|
(645)
|
|
|
(629)
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
(1,116)
|
|
|
(394)
|
|
Cash, cash
equivalents and restricted cash at beginning of the year
|
3,303
|
|
|
2,328
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
2,187
|
|
|
$
|
1,934
|
|
Raytheon Company
Global Headquarters
Waltham, Mass.
Investor Relations Contact
Todd Ernst
781.522.5141
Media Contact
Corinne Kovalsky
781.522.5899
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/raytheon-reports-solid-first-quarter-2017-results-300446556.html
SOURCE Raytheon Company