WALTHAM, Mass. (AP) — Raytheon Co. said Thursday that third-quarter profit fell slightly, but the defense contractor raised its forecast for full-year revenue and earnings.
The shares fell $1.18, or 1.5 percent, to $77.31 in morning trading. They began the day up 36 percent for the year.
Net income fell 2 percent to $489 million from $500 million in the 2012 third quarter, and included $2 million in profit from discontinued operations. In both quarters, the profit amounted to $1.51 per share, due to a reduction in the number of outstanding shares since last year.
Analysts expected $1.32 per share, on average, according to FactSet.
Revenue dropped more than 3 percent to $5.84 billion, slightly above analysts' forecast of $5.82 billion. Sales fell in all of its business units, with the steepest drop, 7 percent, in its space and airborne systems division. Sales fell 3 percent in both the missiles and information-services units and were nearly flat in defense systems.