Raytheon Company (RTN) has posted strong fourth quarter adjusted earnings of $1.30 per share — better than the Zacks Consensus Estimate of $1.24 per share. The company recorded adjusted earnings of $4.89 per share for fiscal 2009, comfortably beating the Zacks Consensus EPS Estimate of $4.83. EPS growth in the reported period also benefited from fewer outstanding shares. At year-end fiscal 2009 outstanding shares were 395.7 million compared to 426.5 million at year-end fiscal 2008.

Operating income in the reported quarter grew by double digits (22.5%) to $800 million over the year-ago period. The boost came mainly from higher operating income in Technical Services (18%), Network Centric Systems (14%), Missile Systems (8%), Space and Airborne Systems (4%) and Integrated Defence Systems (2%). However, Intelligence & Information Systems registered no growth.

On the revenue front, Raytheon in the reported quarter grew 10% during the quarter to $6.7 billion over the year-ago period. Top-line growth was fueled by all but the Intelligence & Information Systems segment. The upside came from Integrated Defense Systems (8%), Missile Systems (3%), Network Centric Systems (12%), Space and Airborne Systems (9%), and Technical Services (19%).

Raytheon reported total bookings of $7.1 billion for the quarter, compared to $8.5 billion in the fourth quarter of 2008. The company ended fiscal 2009 with a backlog of $36.9 billion compared to $38.9 billion at the end of 2008. Funded backlog as of year end fiscal 2009 stood at $23.5 billion.

Raytheon reaffirmed its fiscal 2010 outlook. The company expects 2010 revenue in the range of $25.9 – $26.4 billion. EPS for fiscal 2010 is forecasted in the range of $4.75 – $4.90. However this is below the Zacks Consensus EPS Estimate of $4.99 for fiscal 2010.

Raytheon is the one of the largest aerospace and defense companies in the U.S. It boasts of a well-diversified line of military products, including missiles, radars, sensors, surveillance and reconnaissance equipment, communication and information systems, naval systems, air traffic control systems and technical services. Raytheon’s primary competitors are Lockheed Martin (LMT), Northrop Grumman Corporation (NOC), and General Dynamics Corporation (GD).

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