Raytheon reported second-quarter results that exceeded analysts’ estimates. The defense contractor company also boosted its full-year guidance.
The company’s net income came in at $817 million, or $2.92 a share – higher than analysts’ expectations of $2.64 a share (based on FactSet poll of analysts).
Revenue increased +8.1% year-over-year to $7.16 billion, also beating analysts’ estimate of $7.04 billion.
Raytheon lifted its full-year earnings guidance to $11.70 a share, compared to its previous projection of $11.60. It also raised its full-year net sales outlook to $29.3 billion from $29.1 billion.
Raytheon’s CEO Thomas A. Kennedy said the company’s merger plans with the United Technologies Corporation "is progressing well”. Kennedy indicated that the integration team is working on execution plans to materialize revenue and cost synergies from the merger. The transaction is expected to close in the first half of 2020, according to Kennedy.