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Raytheon profit misses consensus by 19.4% in fiscal Q2

Raytheon Co. said its normalized net income for the fiscal second quarter ended June 28 was $1.30 per share, compared with the S&P Capital IQ consensus estimate of $1.62 per share.

EPS fell 9.5% year over year from $1.44.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $392.6 million, a decrease of 11.5% from $443.6 million in the year-earlier period.

The normalized profit margin dropped to 6.6% from 7.8% in the year-earlier period.

Total revenue rose year over year to $5.85 billion from $5.70 billion, and total operating expenses grew year over year to $5.17 billion from $4.94 billion.

Reported net income grew from the prior-year period to $497.3 million, or $1.65 per share, from $490.0 million, or $1.59 per share.