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Raytheon and Lockheed beat the Street

Published: 21:08 26 Apr 2012 BST

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Defense contractors Lockheed Martin Corp. (NYSE:LMT) and Raytheon Co. (NYSE:RTN) reported higher first-quarter profits Thursday, beating analysts' estimates.

Lockheed also reaffirmed its full-year earnings guidance, while Raytheon boosted its forecast.
Separately, Lockheed announced the retirement of Bob Stevens as its CEO by the end of this year, but said he will remain as chairman through January 2014.

For the first quarter, Lockheed Martin said its profit increased as sales benefited from its aeronautics and electronic systems segments.

In the first quarter, the company's net earnings increased to $668 million or $2.03 per share from $530 million or $1.50 per share, in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to earn $1.70 per share for the quarter.

Net sales for the quarter grew to $11.29 billion from $10.63 billion and also exceeded analysts' consensus estimate of $10.56 billion.

The company said aeronautics net sales increased 18 percent to $3.71 billion.

Electronic systems net sales were $3.61 billion, up four percent from the preceding year period.

Looking ahead, for the full-year 2012, Lockheed Martin said it expects earnings from continuing operations to be in the range of $7.70 to $7.90 per share on net sales of $45 to $46 billion.

Meanwhile, Raytheon announced first quarter net income of $448 million or $1.32 per share, higher than the $384 million or $1.06 per shar, last year.

Adjusted earnings were $1.46 per share, up from $1.37 per share a year ago.

Analysts were expecting just $1.16 per share.

The company said net sales declined to $5.94 billion from $6.05 billion a year earlier, but that still beat analysts' estimate of $5.77 billion.

Raytheon also boosted its 2012 adjusted earnings per share guidance to a new range of $5.55 to $5.70, up from the $5.45 to $5.60 range provided earlier.

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