Raytheon Boosts Forecast as Q3 Earnings Easily Top Expectations

raytheon-rtn-logoDefense contracting giant Raytheon Company (NYSE:RTN) this morning posted better-than-expected third quarter earnings and lifted its full-year outlook, as demand for its specialized defense systems continued to rise.

The Waltham, MA-based company reported Q3 EPS of $1.79, easily topping Wall Street’s view of $1.64. Revenues rose 4.3% from last year to $6.03 billion, in-line with analyst estimates.

Looking ahead, Raytheon boosted its full-year 2016 EPS forecast to a range of $7.28 to $7.38 (up from $7.13-7.33), which would likely beat analysts’ view of $7.29. It also lifted its revenue outlook to $24.20-24.50, versus Wall Street’s estimate of $24.45 billion.

RTN noted it saw bookings of $6.9 billion in the third quarter, with year-to-date bookings now climbing to $20.3 billion. Backlog at the end of Q3 was $35.8 billion, up $2.2 billion from the same time last year.

The company commented via press release:

“The Company‚Äôs strong operating performance in the third quarter reflects our continued focus on driving global growth and creating value for our customers and shareholders,” said Thomas A. Kennedy, Raytheon Chairman and CEO.

Raytheon shares rose $1.22 (+0.86%) to $142.50 in premarket trading Thursday following the earnings results. Prior to today’s report, RTN had gained 13.45% year-to-date.