Defense contractor Raytheon Co. raised its profit and sales forecasts for 2019 following stronger-than-expected earnings for the third quarter.
Raytheon forecasts EPS in the range of $11.70 to $11.80 for the full year, an increase from a prior guidance range of $11.50 to $11.70.
The company also expects full-year 2019 net sales in the range of $29.1 billion to $29.4 billion, up from a previous forecast range of $28.8 billion to $29.3 billion.
Raytheon's EPS in the third quarter came to $3.08, up 36.9% year over year from $2.25. The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $2.84.
Net income attributable to Raytheon totaled $860 million, a gain of 33.5% from $644 million in the prior-year period.
Third-quarter net sales climbed 9.4% on an annual basis to $7.45 billion from $6.81 billion. The S&P Global Market Intelligence consensus revenue estimate for the quarter was $7.29 billion.
Raytheon shares closed up 3.76% at $211.21 each Oct. 24.
Shareholders of Raytheon and United Technologies Corp. approved on Oct. 11 the merger between the two aerospace and defense companies.
The all-stock merger-of-equals transaction is expected to close in the first half of 2020, subject to customary closing conditions, including regulatory approvals.