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Thursday, October 23, 2014

Raytheon beats on earnings despite drop in sales, (NYSE: RTN)

Raytheon Co on Thursday beat analysts' forecasts for third-quarter earnings despite a bigger-than-expected drop in revenue, and the U.S. weapons maker said its bookings pointed to renewed sales growth in coming years.The company also announced it was acquiring a privately held company in its core defense business for $400 million and said it would provide more details after the deal closed next month."We still have confidence in how the year will play out," Chief Financial Officer Dave Wajsgras told Reuters. He said fourth-quarter sales should rise, given a large deal with Qatar for a Patriot missile defense system now being finalized.Chief Executive Officer Tom Kennedy told analysts that geopolitical tensions and rising threats from Islamic State extremists were boosting demand for Tomahawk missiles and other products. Raytheon also expected a separate $2 billion Patriot deal with another country by year-end, he said, but did not name it.

Raytheon Company together with its subsidiaries, is a technology company specializing in defense, homeland security and other government markets worldwide. Shares of RTN traded higher by 0.36% or $0.352/share to $97.80. In the past year, the shares have traded as low as $76.91 and as high as $103.51. On average, 1703080 shares of RTN exchange hands on a given day and today's volume is recorded at 785348.