WALTHAM, Mass. (AP) _ Raytheon Co. (RTN) on Thursday reported first-quarter profit of $506 million.
On a per-share basis, the Waltham, Massachusetts-based company said it had profit of $1.74. Earnings, adjusted to account for discontinued operations, were $1.73 per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The defense contractor posted revenue of $6 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $5.84 billion.
Raytheon expects full-year earnings to be $7.25 to $7.40 per share, with revenue in the range of $24.9 billion to $25.4 billion.
Raytheon shares have increased slightly more than 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 7 percent. The stock has increased 21 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RTN at https://www.zacks.com/ap/RTN
Keywords: Raytheon, Earnings Report
Automated Insights, source Associated Press News