US-based Raytheon Company has reported net sales for the second quarter 2018 of $6.6 billion, up 5.5 per cent compared to $6.3 billion in the second quarter 2017.

The second quarter 2018 earnings per share (EPS) from continuing operations was $2.78 compared to $1.89 in the second quarter 2017, said a statement from the company.

The increase in the second quarter 2018 EPS from continuing operations was primarily driven by lower taxes associated with tax reform, and the impact of a $1.25 billion pretax discretionary pension contribution that the company will make by September 15, using cash on hand, it said.

This discretionary contribution had a favourable tax-related EPS impact of $0.33 in the second quarter 2018 and was not included in the prior guidance.

The Naval Strike Missile, offered in partnership with Kongsberg, is a new multi-billion dollar missile franchise programme opportunity for Raytheon, it added.

Thomas A Kennedy, chairman and CEO, Raytheon, said: “We delivered strong bookings, sales growth, EPS and cash generation in the second quarter.”

“The strength of our bookings and record backlog demonstrate the company is well positioned for future growth,” he said.

Operating cash flow from continuing operations for the second quarter 2018 was $1.156 billion compared to $782 million for the second quarter 2017, said a statement.

The increase in operating cash flow from continuing operations in the second quarter 2018 was primarily due to favourable collections and lower net cash taxes, it said.

In the second quarter 2018, the company repurchased 1.9 million shares of common stock for $400 million. Year-to-date 2018, the company repurchased 3.8 million shares of common stock for $800 million, it added.

The company had bookings of $8.7 billion in the second quarter 2018, resulting in a book-to-to bill ratio of 1.31. Second quarter 2017 bookings were $6.5 billion, it stated. - TradeArabia News Service