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Raytheon fiscal Q3 profit falls YOY

Raytheon Co. said its normalized net income for the fiscal third quarter ended Sept. 27 was $1.33 per share, compared with the S&P Capital IQ consensus estimate of $1.43 per share.

EPS fell 7.5% year over year from $1.44.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $399.6 million, a decrease of 9.4% from $441.0 million in the year-earlier period.

The normalized profit margin dropped to 6.9% from 8.1% in the year-earlier period.

Total revenue grew 5.6% on an annual basis to $5.78 billion from $5.47 billion, and total operating expenses increased 8.0% from the prior-year period to $5.09 billion from $4.71 billion.

Reported net income declined 12.7% from the prior-year period to $441.0 million, or $1.47 per share, from $505.1 million, or $1.65 per share.