Raytheon Company (NYSE:RTN) reported Q1 EPS of $1.38 today, easily topping the consensus estimate for $1.09 per share. Revenues for the quarter were essentially flat year-over-year, up 0.1% to $6.06 billion, just edging the consensus estimate for $6.02 billion.
The company reaffirmed its 2011 outlook of net sales totaling $25.5 - $26.3 billion, with the consensus at $26.0 billion, but lowered its EPS estimate to $4.67 - $4.82 from the previous $4.83 - $4.98, vs. the consensus estimate of $4.98 per share.
William H. Swanson, Raytheon's Chairman and CEO said, "I am very pleased with the Company's solid performance in the quarter, particularly given the challenging budget environment. Our continued focus on cost efficiencies and program performance is reflected in the year-over-year improvements in our operating results."