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.

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Raytheon Co., consolidated income statement (quarterly data)

US$ in millions

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).

Net Sales and Revenue Trends
Net sales demonstrated a generally increasing trend over the examined periods, rising from $5,288 million in the first quarter of 2015 to $7,842 million in the final quarter of 2019. The product segment consistently contributed the majority of sales, showing fluctuations but overall growth from $4,387 million to $6,692 million in the same period. Services revenue also increased, though at a more moderate pace, growing from $901 million to $1,150 million.
Cost of Sales and Gross Margin
The cost of sales for products and services combined increased alongside revenue, rising from $3,833 million to $5,832 million by the end of 2019. Despite rising costs, the gross margin maintained a positive trajectory, increasing from $1,455 million to $2,010 million over the period, indicating effective cost management or pricing power sustaining profitability at the gross margin level.
Operating Income and Expenses
Operating income showed considerable improvement, climbing from $840 million in early 2015 to $1,279 million by the end of 2019, with some fluctuations. General and administrative expenses remained relatively stable, with minor increases but no proportional escalation compared to revenue growth, suggesting operational efficiencies.
Non-Operating Income and Expense
Non-operating income items, including retirement benefits non-service expense and other income/expense, showed variability. Particularly notable is the increase in retirement benefits non-service expense starting in 2017, with a significant spike to -$516 million in Q3 2018, which appears to have impacted net non-operating income negatively, as reflected in steep declines in this line in the same periods.
Income Before Taxes and Taxes
Income from continuing operations before taxes generally increased from an initial $788 million to over $1,000 million towards the end of 2019. However, federal and foreign income taxes exhibited volatility and irregularity, with some quarters showing unusually low or negative tax expenses, possibly due to tax adjustments or credits, especially post-2017 when tax regulations changed globally.
Net Income and Attributable Income
Net income attributable to the company increased significantly from $551 million in Q1 2015 to $885 million in Q4 2019, tracking the upward trend in operating performance. The net income series is consistent with continuing operations income, indicating that discontinued operations had minimal impact overall. Noncontrolling interests fluctuated but represented a small portion relative to net income attributable to the company.
Summary of Observations
Overall, the company demonstrated steady revenue growth, with effective cost control maintaining or improving gross margins and operating income. The increase in expenses related to retirement benefits and erratic non-operating income components warrant further attention to understand their future impact. Tax expense variability suggests changing tax environments or strategic tax planning. The net income reflects strong financial performance with consistent growth over the analyzed quarters.