Raytheon 4th-qtr earnings rise 19 percent on higher missile sales

Raytheon 4Q earns up 19 percent on missile sales

WALTHAM, Mass. — Defense contractor Raytheon Co. says its fourth-quarter profit rose 19 percent on higher sales of its Patriot missile defense systems and other military electronics.

Raytheon posted net income of $504 million, or $1.30 per share, up from $421 million, or $1.01 per share in the same quarter of 2008.

Sales grew 10 percent to $6.67 billion, helped by gains in overseas sales of Patriot systems and missiles for the Navy.

Analysts expected earnings of $1.23 per share on sales of $6.64 billion.

Raytheon reaffirmed its 2010 outlook for earnings of between $4.75 to $4.90 per share. Analysts expect $4.99 a share.

Its shares are down 90 cents, or 1.7 percent, to $52.56.