Raytheon reported first quarter earnings for 2004. Revenue increased 11% year-over-year to $4.676 billion, driven by double-digit growth at IDS, IIS, and SAS. Operating income increased 9% to $372 million excluding pension adjustments. Strong bookings resulted in a record backlog of $31.2 billion. The company reiterated its full-year guidance for revenue over $20 billion, GAAP EPS from continuing operations of $1.30-1.40, and free cash flow over $1 billion.
http://bit.ly/knAsDu
Get Paid Every 24 Hours
6 Figures or More! No Recruiting - No Sponsoring!
Compound Daily! Easy!!
So check out the incentive plans.
Help Pakistan is a poverty-focused project of AL-Rehman Welfare Trust, a locally registered, non-government, not-for-profit welfare trust that provides financial assistance for food and critical medical treatment to impoverished families in Pakistan. We also provide support to find employment and finance education, vocational training and wedding arrangements for the underprivileged.
for more details, please visit www.helppakistan.org
http://bit.ly/knAsDu
Get Paid Every 24 Hours
6 Figures or More! No Recruiting - No Sponsoring!
Compound Daily! Easy!!
So check out the incentive plans.
Help Pakistan is a poverty-focused project of AL-Rehman Welfare Trust, a locally registered, non-government, not-for-profit welfare trust that provides financial assistance for food and critical medical treatment to impoverished families in Pakistan. We also provide support to find employment and finance education, vocational training and wedding arrangements for the underprivileged.
for more details, please visit www.helppakistan.org
SXSW: How New gTLDs Will Change the Web - Rob Garner - iCrossingiCrossing
As presented by Rob Garner, VP of Strategy for iCrossing. With ICANN's rollout of new vanity TLD's this year, marketers, IT, and legal professionals have many questions the implications and impact on their respective areas of business. While conceivably anything past the "." can now be registered and used as a proprietary presence or open registry, the price of entry makes this a heavy consideration for even the largest enterprise businesses.
"Health Impact Assesment in Confirmed Animal Feeding Operations (CAFO) Permitting" presented by Ellen Mee, JD, at the Ohio Clean Water Conference 2011.
Basic Computer & Internet Programs for Transitional Living facilitiesMickey Bryant
The goal of the programs is to provide a redirecting option to under privileged youth to get them off the street. And to provide the necessary techno-tools to individuals in treatment programs and shelters prior to them re-entering into society.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the what'sapp contact of my personal pi merchant below. 👇
+12349014282
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Raytheon Company
First Quarter Earnings
April 29, 2004
Dial In Number
800-901-5218 Domestic
617-786-4511 International
Replay Number
888-286-8010 Domestic
617-801-6888 International
Reservation Number: 36633390
Available through May 7, 2004
2. Forward Looking Statements
Certain statements included in this presentation, including any statements relating to the Company's future plans,
objectives, and projected future financial performance, contain or are based on, forward-looking statements within the
meaning of the federal securities laws. Specifically, statements that are not historical facts, including statements
accompanied by words such as quot;believe,quot; quot;expect,quot; quot;estimate,quot; quot;intend,quot; or quot;plan,quot; and variations of these words and
similar expressions, are intended to identify forward-looking statements and convey the uncertainty of future events or
outcomes. The Company cautions readers that any such forward-looking statements are based on assumptions that the
Company believes are reasonable, but are subject to a wide range of risks, and actual results may differ materially. The
Company expressly disclaims any current intention to provide updates to forward-looking statements, and the estimates
and assumptions associated with them, after the date of this presentation. Important factors that could cause actual
results to differ include, but are not limited to: the ability to obtain or the timing of obtaining future government awards;
the availability of government funding; changes in government or customer priorities due to program reviews or
revisions to strategic objectives; difficulties in developing and producing operationally advanced technology systems;
termination of government contracts; program performance, including resolution of claims; timing of contract
payments; the performance of critical subcontractors; government import and export policies and other government
regulations; the ultimate resolution of contingencies and legal matters, including investigations; the effect of market
conditions, particularly in relation to the general aviation, commuter and fractional aircraft markets; cost growth risks
inherent with large long-term fixed price contracts; conflicts with other investors in joint ventures and less than wholly-
owned businesses; and risks associated with outstanding letters of credit, surety bonds, guarantees and other support
agreements related to a number of contracts and leases of our former engineering and construction business unit.
Further information regarding the factors that could cause actual results to differ materially from the projected results
can be found in the Company’s filings with the Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended December 31, 2003. This presentation includes certain non-GAAP financial
measures as defined under SEC rules. As required by SEC rules, the Company has provided a quantitative
reconciliation of each of those measures to the most directly comparable GAAP measure. This reconciliation, along
with definitions of non-GAAP terms used by the Company, is included in this presentation.
3. Q1 HIGHLIGHTS
● Strong Bookings drive Backlog to record $31.2B
● 11% year over year Revenue growth,
(8% excluding Flight Options)
● Continuing operations EPS of $0.24; $0.04 higher than
guidance
● Consolidated diluted EPS of $0.30 including discontinued
operations (-$0.03) and change in pension accounting
measurement date ($0.10)
● Free Cash Flow exceeds guidance by approximately $650M
● Net Debt at the end of Q1 at $7.1B vs. forecast of $7.8B
3
4. Q1 - Consolidated Results
($ Millions)
Net Sales Operating Income
$251
As Reported
2004 $4,676 2004 Excludes FAS/CAS Profit Adj. $372
$313
As Reported
2003 $4,201 2003
$341
Excludes FAS/CAS Profit Adj.
● Driven by double digit growth from ● 9% increase in op income excluding
IDS, MS, & SAS FAS/CAS pension adjustment
● G&D margins as expected
Free Cash Flow Bookings
$8,505
($286)
2004 2004
2003 ($819) 2003 $5,380
● Every business better than target ● Current quarter includes KEI
● Successful financial system implementation booking of $2.1B
● Large international collection earlier than ● Q1 classified bookings over $1.7 B
expected
4
5. PENSION IMPACT
($ Millions except EPS)
PRIOR GUIDANCE CURRENT GUIDANCE
EXPENSE 2004E 2005E 2004E 2005E
FAS ($714) ($732) ($741) ($754)
CAS ($256) ($339) ($264) ($350)
INCOME ADJUSTMENT ($458) ($393) ($477) ($404)
DILUTED EPS EFFECT ($0.72) ($0.60) ($0.75) ($0.62)
CASH
FUNDING REQUIRED ($318) ($316) ($400) ($355)
CAS RECOVERY $256 $339 $264 $350
NET CASH IMPACT ($62) $23 ($136) ($5)
5
6. 2004 FINANCIAL OUTLOOK
Prior Current
Bookings $22 B $23.0 B
Sales $19.5 - $20.0 B $20.0 B+
GAAP EPS from Cont. Ops $1.25 - $1.35 $1.30 - $1.40
EPS Excluding FAS/CAS Adj $1.97 - $2.07 $2.05 - $2.15
Continuing Ops Free Cash Flow Approx $1 B $1 B+
Total Free Cash Flow Approx $1 B $1 B+
6
8. Q1 - INTEGRATED DEFENSE SYSTEMS (IDS)
($ Millions)
Net Sales Operating Income
$94
2004 2004
$839
2003 $654 2003 $74
● Up 28% primarily due to DD(x) and ● Increase driven by volume, margin on target
Strong Missile Defense Sales
Free Cash Flow Bookings
2004 ($129) 2004 $786
($13) $904
2003 2003
● Significantly better than expected ● Current quarter includes SLAMRAAM
● Financial system implementation in Q1 2004; booking $122M, Patriot engineering
negative impact of $210M, services $148M
● Large international collection earlier than
expected
Note: Net sales include intercompany sales
8
9. Q1 - INTELLIGENCE & INFORMATION SYSTEMS (IIS)
($ Millions)
Net Sales Operating Income
2004 $494 2004 $45
2003 $462 2003 $41
● Up 7% driven by classified programs, ● Driven by volume; margin on target
NPOESS and DCGS
Free Cash Flow Bookings
2004 ($45) 2004 $553
2003 ($87) 2003 $678
● Improved collection cycles ● Current Qtr includes classified bookings
nearly $400M
Note: Net sales include intercompany sales
9
10. Q1 - MISSILE SYSTEMS (MS)
($ Millions)
Net Sales Operating Income
2004 $965 2004 $107
2003 $857 2003 $101
● Up 13% driven by the Phalanx and Standard Missile-3 ● Up 6% driven by increased sales volume,
programs partially offset with wind-down on cost recovery
for prior year restructuring costs
● Margin on target
Free Cash Flow Bookings
2004 ($41) $3,742
2004
2003 ($219) 2003 $1,610
● 2003 included financial system implementation ● Current quarter includes KEI booking of $2.1B,
NLOS-LS for $525M, Tactical Tomahawk LRIP
Missiles for $170M and a contract for
Paveway II Laser Guided Bomb Kits
Note: Net sales include intercompany sales
10
11. Q1 - NETWORK CENTRIC SYSTEMS (NCS)
($ Millions)
Net Sales Operating Income
2004 $720 $55
2004
2003 $771 2003 $62
● Q1 sales on target ● Q1 margin on target
● Down 7% from prior year due to the projected ● Decrease in income driven by volume and
decrease in Air Traffic Management and run-out of low margin programs
Communications product lines
Free Cash Flow Bookings
($129)
2004 2004 $827
2003 ($173) $800
2003
● Financial system implementation in Q1 2004; ● Current quarter includes $101M of changes
negative impact of $62M to existing HTI contract due to Block 1 A-Kits
● Higher milestone collections than prior year and B-Kits ECP
Note: Net sales include intercompany sales
11
12. Q1 - SPACE AND AIRBORNE SYSTEMS (SAS)
($ Millions)
Net Sales Operating Income
2004 $1,013 2004 $129
2003 $894 2003 $104
● Up 13% driven by International and Classified ● Q1 income increase driven by volume
programs
Free Cash Flow Bookings
$1,682
2004 ($115) 2004
2003 ($50) 2003 $792
● Outflow vs. prior year driven by ● Current quarter includes over $1B in classified
liquidation of international payments bookings
Note: Net sales include intercompany sales
12
13. Q1 - TECHNICAL SERVICES (TS)
($ Millions)
Net Sales Operating Income
$474 $31
2004 2004
2003 $491 2003 $36
● Q1 sales on target ● Q1 margin on target
● Year over year decline primarily due to the
completion in 2003 of a major Base &
Range Services contract
Bookings
Free Cash Flow
$331
2004
2004 $16
2003 $260
$6
2003
● Continued focus on cash ● Q1 includes $65M International booking
Note: Net sales include intercompany sales
13
14. Q1 - RAYTHEON AIRCRAFT COMPANY (RAC)
($ Millions)
Net Sales Operating Income
$374
2004 2004 ($28)
2003 $361 2003 ($35)
● Lower new aircraft unit sales offset by higher ● Operating income slightly better than expected
used aircraft sales
Bookings
Free Cash Flow
$425
2004
($20)
2004
$306
2003
2003 $4
● Q1 free cash flow on target ● Current quarter includes $95M on JPATS
program
Note: Net sales exclude sales to Flight Options
14
15. Q1 - OTHER
($ Millions)
Net Sales Operating Income
$175 ($15)
2004 2004
2003 $40 2003 ($3)
● Consolidation of Flight Options' results in the ● Consolidation of Flight Options' results in the
current quarter accounts for $133M of the current quarter accounts for $9M of the
increased sales. increased loss.
15
16. Reconciliation of Non-GAAP Financial Measures
2003 2004
Q1 Q1
A. Free Cash Flow
Operating cash flow ($740) ($201)
Less: Capital spending ($58) ($60)
Internal use software spending ($21) ($25)
Free cash flow ($819) ($286)
Less: Discontinued operations ($305) $9
Free cash flow from continuing operations ($514) ($295)
B. Net Debt
Total debt $9,081 $7,410
Less cash $387 $340
Net Debt $8,694 $7,070
C. Operating income before FAS/CAS adjustment
Operating income $313 $251
FAS/CAS pension adjustment $28 $121
Operating income before FAS/CAS adjustment $341 $372
D. EPS excluding FAS/CAS adjustment
EPS from continuing operations $0.27 $0.24
FAS/CAS pension adjustment $0.05 $0.20
EPS excluding FAS/CAS adjustment $0.32 $0.44
Definitions:
Free cash flow is defined as operating cash flow less capital spending and internal use software spending.
Net debt is defined as total debt less cash and cash equivalents.
Operating income before FAS/CAS adjustment is defined as operating income adjusted for non cash
FAS/CAS pension amount
EPS excluding FAS/CAS adjustment is defined as EPS from continuing operations adjusted for the non cash
FAS/CAS pension amount.
16