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Raytheon misses estimate
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January 25, 2000: 8:15 a.m. ET
Defense contractor a penny short of forecasts as 4Q earnings, revenue slide
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NEW YORK (CNNfn) - Raytheon Co. posted lower fourth-quarter profit and revenue Tuesday that missed even analysts' lowered earnings expectations.
The Lexington, Mass.-based defense electronics manufacturer said it earned $72 million, or 21 cents per diluted share, for the quarter. That was significantly lower than the $341 million, or $1 per diluted share, the company earned a year earlier and missed the consensus analyst estimate, as compiled by First Call Corp., by a penny.
Company officials warned investors last week that its fourth-quarter earnings would fall sharply during the quarter due to production and shipment delays on 19 aircraft, cost increases at Raytheon Aircraft Co., and further erosion of international sales for missiles.
At the time, analysts were projecting earnings of 59 cents for the quarter. That estimate was later lowered to 22 cents.
The company said fourth-quarter revenue fell 8 percent to $4.8 billion, falling most sharply in its electronics business, in which sales plummeted more than 45 percent to $360 million.
For the full year, Raytheon reported profit of $457 million, or $1.34 per diluted share, before the impact of an accounting change during 1999. That compared to earnings of $844 million, or $2.47 per share, a year earlier. Net income for the full year totaled $404 million, or $1.19 per share.
Revenue for 1999 increased 2 percent to $19.8 billion.
Raytheon (RTN.B) shares lost 1-5/8 to 18-5/16 in trading Monday. 
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Raytheon Co.
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