Raytheon Company (RTN - Free Report) 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 #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Raytheon delivered positive earnings surprise in the last four quarters with an average beat of 5.16%.
The key takeaways from this immediate announcement are highlighted below:
Earnings: Raytheon beat on earnings expectations. Our consensus called for EPS of $1.74, and the company reported adjusted EPS of $1.98.
Revenue: The company also surpassed revenue expectations. Raytheon posted revenues of $6,281 million, compared to our consensus estimate of $6,226.5 million.
Key Stats to Note: Bookings fell 8.4% year over year during the quarter to $6.5 billion. Backlog at the end of the second quarter was $36.2 billion, up from $35 billion in the year-ago quarter, but down from $36.7 billion as of 2016-end.
Stock Price: In the pre-market trading session, Raytheon’s second quarter results made no significant impact on its share price. Yet, it would be interesting to see how the market reacts to the earnings release during the trading session today.
Check back later for our full write up on this Raytheon earnings report later!
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>