Raytheon Reports Solid Second Quarter 2015 Results
WALTHAM, Mass., July 23, 2015 /PRNewswire/ — Raytheon Company (NYSE: RTN) announced net sales for the second quarter 2015 were $5.8 billion compared to $5.7 billion in the second quarter 2014.
Second quarter 2015 EPS from continuing operations was $1.65 compared to $1.59 in the second quarter 2014. Second quarter 2015 EPS from continuing operations included a favorable FAS/CAS Adjustment of $0.10 compared to a favorable FAS/CAS Adjustment of $0.18 in the second quarter 2014. In addition, second quarter 2015 EPS from continuing operations included, as expected, a $0.29 favorable impact from a tax settlement. It also included a $0.09 unfavorable impact associated with Raytheon|Websense acquisition accounting adjustments and acquisition related costs discussed in further detail below.
The Company had bookings of $7.6 billion in the second quarter 2015, resulting in a book-to-bill ratio of 1.30. In the second quarter 2014, bookings were $6.8 billion. Year-to-date 2015 bookings were $12.1 billion, resulting in a book-to-bill ratio of 1.08. Year-to-date 2014 bookings were $11.1 billion.
“Our strategy to position the company for global growth is delivering results, which are reflected in the strong bookings and sales growth in the second quarter, as well as our improved growth outlook for 2015,” said Thomas A. Kennedy, Raytheon Chairman and CEO. “Additionally, we continue to pursue a balanced capital deployment strategy to create value for our customers and shareholders.”
Operating cash flow from continuing operations for the second quarter 2015 was $376 million compared to $153 million for the second quarter 2014. The increase in operating cash flow from continuing operations in the second quarter 2015 was primarily due to the timing of required pension contributions and the collection of the eBorders settlement with the U.K. Home Office, which was resolved in the first quarter 2015, partially offset by higher cash taxes.