Stock Analysis on Net
Stock Analysis on Net

Raytheon Co. (NYSE:RTN)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 12, 2020.

Common-Size Income Statement
Quarterly Data

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Raytheon Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
Products
Services
Net sales
Cost of sales, products
Cost of sales, services
Cost of sales, products and services
Gross margin
General and administrative expenses
Operating income
Retirement benefits non-service expense
Interest expense
Interest income
Other income (expense), net
Non-operating income (expense), net
Income from continuing operations before taxes
Federal and foreign income taxes
Income from continuing operations
Income (loss) from discontinued operations, net of tax
Net income
Net (income) loss attributable to noncontrolling interests in subsidiaries
Net income attributable to Raytheon Company

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).

Products and Services Composition
The proportion of net sales from products generally remained stable, fluctuating slightly around 83-85%, with a slight upward trend towards the end of the period, peaking at 85.39% in December 2017 and reaching 85.34% in December 2019. Services as a percentage of net sales correspondingly fluctuated inversely, mostly remaining between 14.5% and 17.5%, with small variations over time.
Cost of Sales
The cost of sales related to products represented the majority of cost and showed some volatility, often in the low 60% range of net sales, dipping below 59% at times (e.g., Q1 2018), but occasionally rising above 63% (mid-2015). Cost of sales for services stayed relatively steady between approximately 11.6% and 14%. When combined, the total cost of sales fluctuated between roughly 71.5% and 76.5% of net sales, suggesting some variability in cost control across periods but maintaining a generally consistent relationship with net sales.
Gross Margin
Gross margin as a percentage of net sales displayed a slight upward tendency over the period examined. Starting at 27.52% in Q1 2015, it dipped in mid-2015 but recovered and peaked around 28.43% in Q3 2018. This indicates an improvement in production efficiency or pricing power, offsetting increases in cost of sales in some quarters.
General and Administrative Expenses
General and administrative expenses relative to net sales remained fairly consistent, mostly between 9% and 13%, showing a small but noticeable decline in expense ratio from early 2018 onward, reaching a low of 9.32% in Q4 2019. This reflects an improved overhead cost management or scaling efficiencies over time.
Operating Income
Operating income, as a percent of net sales, showed variability but generally a positive trend. It started at 15.89% in Q1 2015, dipped below 11% mid-2015, but showed recovery and growth, peaking near 17.38% in Q3 2018 and maintaining above 16% through the end of 2019. This suggests stronger operational performance and efficient management of costs relative to sales.
Non-Operating Items
Retirement benefits non-service expense was first recorded in Q1 2018, showing a notable but fluctuating negative impact on net sales of up to -7.58%. Interest expense gradually decreased from around -1.1% to roughly -0.59%, indicating reduced interest costs or debt levels. Interest income showed a steady slight increase, reaching up to 0.19% in early 2019. Other income and non-operating income/expense displayed volatility, with a pronounced negative spike in other non-operating income in Q1 2018, suggesting some exceptional or one-time charges during that period.
Income Before Taxes and Taxes
Income from continuing operations before taxes tracked the operating income pattern with some variation, starting near 14.9% in Q1 2015, dropping mid-2015, and stabilizing around 13-14% in later periods. Federal and foreign income taxes relative to net sales varied substantially, with some quarters showing notably low or even positive tax rates, particularly in 2018, indicating possible tax management strategies or temporary benefits.
Net Income and Attribution
Net income generally mirrored income from continuing operations, with fluctuations corresponding to tax and non-operating items. It showed an overall rising trend, increasing from around 10.48% of net sales in early 2015 to about 11.29% by the end of 2019. Net income attributable to the company followed the same trajectory. The net income contribution from discontinued operations was minimal and sporadic, indicating a limited impact on overall profitability.