Raytheon's Results Beat The Street's Targets

Thursday, April 19, 2001
The nation's third- and fourth-largest defense contractors on Wednesday beat Wall Street's first-quarter profit targets, posting strong gains in operating results driven by their combat and electronic systems businesses.

Raytheon Co., maker of the Patriot missile, business jets and radar systems, reported a 21 percent increase in profits from ongoing operations to edge past analysts' consensus estimate. But after the affect of a large charge, the company showed a net loss.

General Dynamics Corp. surprised analysts with a 15 percent jump in net profits that easily surpassed expectations. The maker of nuclear submarines, tanks and destroyers followed by boosting guidance for full-year profits.

Defense stocks shot higher in Wednesday trading amid a broad market rally. The Standard & Poor's aerospace and defense index gained rose 1.2 percent to end at 1,344.88.

General Dynamics, which reported results before the market opened, jumped 3.9 percent, or $2.69 to close at $70.49, near a year-high of $79.

Raytheon, whose results were released after market hours, gained 2.98 percent during the session, or 95 cents to close at $32.85 - near a year-high of $36.68.

The financial reports from Raytheon and General Dynamics spurred optimism among some analysts and investors that numbers from other defense industry leaders would be positive.

Both Raytheon and General Dynamics generated stellar results from their defense-related segments.

Raytheon's earnings totaled $97 million, or $.28 per share, from continuing operations for the quarter compared with $80 million, or $.24 per share, a year ago. Including the impact of discontinued operations, the company had a net loss of $124 million, or $.36 per diluted share, versus a loss of $181 million, or $.54 per diluted share, a year ago.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1628 sec (6 req/sec)