LEXINGTON, MASS. — Raytheon Co., whose unit, Raytheon Naval & Maritime Integrated Systems, employs some 1,800 workers in Portsmouth, RI, has posted a loss of $124 million for the first quarter of 2001.
The loss of 36 cents per diluted share is less than the company’s loss of $181 million, or 54 cents per diluted share, during the year-ago period. Raytheon’s sales declined slightly, down from $4.2 billion a year ago to $4 billion during the most recent quarter. The company said sales were been affected by its selling of assets and a decrease in aircraft shipments.
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Raytheon, which has been selling assets to cut expenses and improve profitability, reduced its debt by 4 percent during the quarter. Its posted debt for the quarter is $9.6 billion, compared to $10 billion during the year-ago period.
The company also posted a charge of $221 million, or 64 cents per share, to finish work on two power plants it had guaranteed completion of prior to a now-disputed deal with construction company Washington Group International Inc. Washington Group, which had inherited the work after purchasing Raytheon’s construction and engineering unit last year, abandoned the projects and is seeking to cancel its purchase of the unit, claiming Raytheon hid cost overruns on the projects. Raytheon has denied the claims.
Income from Raytheon’s continuing operations was $97 million, or 28 cents per diluted share, compared to $80 million, or 24 cents per diluted share, during the same period last year.
