Raytheon Company is the world’s largest missile manufacturer. It is one of the largest aerospace and defense companies in the U.S. with a diversified line of military products including missiles, radars, sensors, surveillance and reconnaissance equipment, communication and information systems, naval systems, air traffic control systems, and technical services.
Currently, Raytheon has a Zacks Rank #4 (Sell). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Raytheon delivered positive earnings surprise in the last four quarters with an average beat of 5.23%.
The key takeaways from this immediate announcement are highlighted below:
Earnings: Raytheon surpassed on earnings expectations. Our consensus called for EPS of $1.64, and the company reported adjusted EPS of $1.79.
Revenue: The company also came ahead on revenue expectations. Raytheon posted revenues of $6.03 billion, compared to our consensus estimate of $6.01 billion.
Key Stats to Note: Bookings improved 30.6% year over year during the quarter to $6.94 billion. Backlog at the end of the third quarter was $35.8 billion, up from $33.6 billion a year-ago.
The company has raised the upper limit of its earlier provided 2016 revenue guidance. The company currently expects to earn a revenue in the range of $24.2−$24.5 billion, compared to earlier range of $24–$24.5 billion. It has also increased its earnings from continuing operations projection to the range of $7.28-$7.38 per share from $7.13−$7.33 per share as expected earlier for 2016.
Check back later for our full write up on this Raytheon earnings report later!
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Raytheon (RTN) Tops Q3 Earnings & Sales Estimates
Raytheon Company is the world’s largest missile manufacturer. It is one of the largest aerospace and defense companies in the U.S. with a diversified line of military products including missiles, radars, sensors, surveillance and reconnaissance equipment, communication and information systems, naval systems, air traffic control systems, and technical services.
Currently, Raytheon has a Zacks Rank #4 (Sell). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Raytheon delivered positive earnings surprise in the last four quarters with an average beat of 5.23%.
The key takeaways from this immediate announcement are highlighted below:
Earnings: Raytheon surpassed on earnings expectations. Our consensus called for EPS of $1.64, and the company reported adjusted EPS of $1.79.
RAYTHEON CO Price and EPS Surprise
RAYTHEON CO Price and EPS Surprise | RAYTHEON CO Quote
Revenue: The company also came ahead on revenue expectations. Raytheon posted revenues of $6.03 billion, compared to our consensus estimate of $6.01 billion.
Key Stats to Note: Bookings improved 30.6% year over year during the quarter to $6.94 billion. Backlog at the end of the third quarter was $35.8 billion, up from $33.6 billion a year-ago.
The company has raised the upper limit of its earlier provided 2016 revenue guidance. The company currently expects to earn a revenue in the range of $24.2−$24.5 billion, compared to earlier range of $24–$24.5 billion. It has also increased its earnings from continuing operations projection to the range of $7.28-$7.38 per share from $7.13−$7.33 per share as expected earlier for 2016.
Check back later for our full write up on this Raytheon earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>