Waltham, Mass.-based Raytheon Co., the world’s largest missile maker, reported income from continuing operations of $942 million in 2005 compared to $439 million in 2004. The company, which has a facility in Portsmouth, reported 2005 net income of $871 million compared to $417 million in 2004.
Total 2005 net sales for the company were $21.9 billion compared to $20.2 billion for 2004, an increase of 8 percent. Government and defense sales for the year (after the elimination of inter-company sales) increased 6 percent to $18.2 billion from $17.2 billion in 2004.
The company reported fourth quarter 2005 income from continuing operations of $282 million compared to $246 million in the fourth quarter of 2004. Fourth quarter 2005 net income was $276 million compared to $245 million in the fourth quarter 2004.
Net sales for the fourth quarter 2005 were $6.2 billion, up 9 percent from $5.7 billion in the fourth quarter 2004. Government and defense sales for the quarter (after the elimination of inter-company sales) increased 5 percent to $4.9 billion from $4.7 billion in the fourth quarter 2004. Raytheon Aircraft Company sales for the quarter increased 27 percent to $1,085 million from $853 million in the fourth quarter 2004.
Free cash flow from continuing operations for the fourth quarter 2005 was $1,033 million vs. $760 million for the fourth quarter 2004. Free cash flow is defined by the company as operating cash flow less capital spending and internal use software spending and constitutes a non-GAAP financial measure.
