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Raytheon (RTN) Tops Q3 Earnings, Misses Revenues Estimate

Zacks Equity Research
Updated

Raytheon Company RTN is the world’s largest missile manufacturer. It is one of the largest aerospace and defense companies in the U.S. with a 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.

Currently, Raytheon has a Zacks Rank #2 (Buy). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Raytheon delivered positive earnings surprise in the last four quarters with an average beat of 7.87%.

The key takeaways from this immediate announcement are highlighted below:

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Earnings: Raytheon beat on earnings expectations. Our consensus called for EPS of $1.90, and the company reported EPS of $1.97.

Revenue: The company however missed revenue expectations, marginally. Raytheon posted revenues of $6,284 million, compared to our consensus estimate of $6,332 million.

Raytheon Company Price and EPS Surprise

Raytheon Company Price and EPS Surprise | Raytheon Company Quote

Key Stats to Note: Bookings rose 0.5% year over year during the quarter to almost $7 billion. Backlog at the end of the third quarter was $36.7 billion, up from $35.7 billion in the year-ago quarter and in line with that of 2016-end.

Stock Price: In the pre-market trading session, Raytheon’s third quarter results made no significant impact on its share price. Yet, it would be interesting to see how the market reacts to the earnings release during the trading session today.

Check back later for our full write up on this Raytheon earnings report later!

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