Raytheon cuts ’15 profit forecast

WALTHAM, Mass. – Raytheon Co. cut its 2015 profit forecast, as the maker of Patriot missile-defense systems absorbs costs from a $1.9 billion deal to create a cybersecurity company, Bloomberg News reported.

Earnings from continuing operations this year will be $6.47 to $6.62 a share, down from $6.67 to $6.82, Raytheon said last month as it reported second-quarter results. The company boosted projected annual sales by $400 million, for a range of $22.7 billion to $23.2 billion.

Waltham-based Raytheon, which has a Rhode Island production facility in Portsmouth, agreed in April to combine its cyber unit with Vista Equity Partners LLC’s Websense Inc. as the fourth-largest U.S. defense contractor seeks to expand commercial sales amid tightened Pentagon spending. Raytheon contributed $1.57 billion in net cash for an 80 percent stake in the new firm.

Quarterly earnings from continuing operations were $1.65 a share, the company said in a statement. The total included a 9-cent unfavorable impact from the Websense deal. Analysts projected profit of $1.63 a share, according to an average of 18 estimates compiled by Bloomberg.

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