LEXINGTON, MASS. — Defense contractor Raytheon posted an increase in earnings from continuing operations, but posted a net loss of $67 million, or 19 cents per diluted share, for the second quarter.
Raytheon said income from continuing operations was $117 million, or 33 cents per diluted share, compared to $95 million, or 28 cents per diluted share, in the year-ago period.
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Including discontinued operations, the company lost $67 million, or 19 cents per diluted share, compared to earnings of $49 million, or 14 cents per share, during the same period last year.
Raytheon’s loss from discontinuing operations consisted of charges it took related to the sale of its engineering and construction unit to Washington Group International last year. The two companies have been involved in a legal dispute over the sale of the unit for several months. Washington Group, which has filed for bankruptcy, alleges that Raytheon covered up costs of pending construction projects at the time of the sale.
