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Raytheon fiscal Q1 profit falls YOY

Raytheon Co. said its normalized net income for the fiscal first quarter ended March 29 was $1.24 per share, compared with the S&P Capital IQ consensus estimate of $1.40 per share.

EPS declined 16.0% year over year from $1.48.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $376.4 million, a decrease of 17.9% from $458.5 million in the year-earlier period.

The normalized profit margin dropped to 7.1% from 8.3% in the year-earlier period.

Total revenue declined on an annual basis to $5.29 billion from $5.51 billion, and total operating expenses fell on an annual basis to $4.63 billion from $4.72 billion.

Reported net income declined 6.9% on an annual basis to $539.2 million, or $1.78 per share, from $579.3 million, or $1.87 per share.