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Raytheon Reports Solid Q1 2017 Results; Sales Up 3.4%
May 1, 2017 | Raytheon CompanyEstimated reading time: 1 minute
Raytheon Company today announced net sales for the first quarter 2017 of $6.0 billion, up 3.4 percent compared to $5.8 billion in the first quarter 2016. First quarter 2017 EPS from continuing operations was $1.73, up 21.0 percent compared to $1.43 in the first quarter 2016. The increase in the first quarter 2017 EPS from continuing operations was primarily driven by operational improvements.
"Solid revenue growth and margin expansion drove strong earnings per share performance in the first quarter, with all of our businesses meeting or exceeding expectations," said Thomas A. Kennedy, Raytheon Chairman and CEO. "Our focus on global growth and operational excellence, combined with our balanced capital deployment strategy, continues to create value for our customers and shareholders."
Operating cash flow from continuing operations for the first quarter 2017 was an outflow of $41 million compared to an inflow of $325 million for the first quarter 2016. The change in operating cash flow from continuing operations in the first quarter 2017 was primarily due to the timing of collections.
As previously reported, effective January 1, 2017, the company adopted the new revenue recognition standard utilizing the full retrospective transition method. The impact of adopting the new standard on the company's 2016 net sales and operating income was not material. All 2016 financial results have been recast to reflect this change.
Backlog at the end of the first quarter 2017 was $36.1 billion, an increase of approximately $1.9 billion or 5.5 percent compared to the first quarter 2016.
In the first quarter 2017, the company repurchased 2.7 million shares of common stock for $400 million. In addition, as previously announced, Raytheon's Board of Directors voted to increase the annual dividend rate by 8.9 percent from $2.93 to $3.19 per share, the thirteenth consecutive annual dividend increase.
About Raytheon
Raytheon Company, with 2016 sales of $24 billion and 63,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 95 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5ITM products and services, sensing, effects, and mission support for customers in more than 80 countries.
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