WALTHAM, Mass. - Raytheon Co. said Thursday third-quarter earnings fell 7 percent despite higher sales, as the company took charges related to the sale of some businesses.
Profits from businesses operated in both periods, however, rose 14 percent to $304 million, or 69 cents per share, boosted by "operational improvements, combined with lower net interest payments and pension expense," according to the company.
Net income slid to $299 million, or 68 cents per share, from $321 million, or 71 cents per share.
The latest quarter included a charge of $69 million, or 16 cents per share, to write down the value of Raytheon's flight options business, which it is in the process of selling; and a loss of $5 million, or 1 cent per share, at Raytheon Aircraft Co., which the company sold this year.
Analysts, whose results typically exclude one-time items, expected profit of 82 cents per share, according to Thomson Financial.
Sales rose 8 percent to $5.36 billion from $4.94 billion, surpassing Wall Street's estimate of $5.34 billion.
The Waltham, Mass., company said its board approved $2 billion to repurchase shares. Raytheon also reiterated its full-year financial targets.
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