Raytheon posts $2.9B profit in 2018

RAYTHEON REPORTED a profit of $2.9 billion in 2018. / BLOOMBERG NEWS FILE PHOTO/ALASTAIR MILLER
RAYTHEON REPORTED a profit of $2.9 billion in 2018. / BLOOMBERG NEWS FILE PHOTO/ALASTAIR MILLER

PORTSMOUTH – Raytheon Co. reported net income of $2.9 billion in 2018, a 44 percent increase from 2017, the company announced Thursday. Earnings per diluted share were $10.15, compared with $6.95 one year prior.

Sales for the Waltham, Mass.-based defense company in 2018 totaled $27.1 billion, a 6.7 percent increase from 2017.

The company’s Integrated Defense Systems segment, which has operations in Portsmouth, where it employs 967, according to the PBN 2019 Book of Lists, reported a sales of $6.2 billion, a 6.5 percent increase over the previous year. Operating income for the segment was $1 billion, itself a 9.4 percent gain on its 2017 performance. The segment’s operating margin increased 0.5 percentage points year over year to 16.6 percent. The company said the increase in operating income for the full year was primarily driven by a “favorable change in mix.”

“Raytheon had a very successful year in 2018. We accelerated our sales growth yet again and achieved a new company record for operating cash flow,” said Thomas A. Kennedy, Raytheon chairman and CEO and former head of the IDS segment, in a statement. “We ended the year with record bookings and backlog, which positions us well for 2019 and beyond.”

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For full-year 2018, the company repurchased 6.7 million shares of common stock for $1.3 billion.

Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.