The document provides an earnings summary and outlook for Q3 2006 and full year 2006-2007. It summarizes that earnings per share increased 41% in Q3 2006, bookings remained strong, and guidance was increased for EPS, bookings, operating cash flow and ROIC. The summary also mentions that net debt declined to its lowest point in over 11 years and over 5.5 million shares were repurchased in the quarter.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
Your big data audience insight big data show 24 apr 2013iCrossing
Presentation from the Big Data Show 2013 by iCrossing’s Data Strategist, Sam Zindel, on how Big Data can be used to provide consumer insight and brand loyalty.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
Your big data audience insight big data show 24 apr 2013iCrossing
Presentation from the Big Data Show 2013 by iCrossing’s Data Strategist, Sam Zindel, on how Big Data can be used to provide consumer insight and brand loyalty.
המאבק על החיים של מאות אלפי תושבי האזור מתחיל עכשיו. מתקן הגז הנוזלי שמתוכנן מול חופי חדרה הווה
סכנה ברורה ומיידית לכל אחד ואחת מאיתנו. מאות אלפי קוב של גז ומיליוני ליטרים של דלק כבד יוצבו מול
בתינו במידה ומשרד התשתיות יקדם את החלטת המועצה הארצית לתכנון ובנייה להקים מולנו את מתקן הגז
הנוזלי מהגדולים והמסוכנים בעולם.
לאתר המאבק:
http://www.bomb.org.il/
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 telegram contact of my personal pi vendor
@Pi_vendor_247
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
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
1. Third Quarter
Earnings
October 26, 2006
Dial In Number
866.800.8651 Domestic
617.614.2704 International
Replay Number
888.286.8010 Domestic
617.801.6888 International
Reservation Number: 46550358
Available through Nov. 02, 2006
1
2. Forward-Looking Statements
This presentation contains forward-looking statements, including information regarding the Company’s 2006 and
2007 financial outlook and guidance, future plans, objectives, business prospects and anticipated financial
performance. These forward-looking statements are not statements of historical facts and represent only the
Company’s current expectations regarding such matters. These statements inherently involve a wide range of
known and unknown risks and uncertainties. The Company’s actual actions and results could differ materially
from what is expressed or implied by these statements. Specific factors that could cause such a difference
include, but are not limited to: risks associated with the Company’s U.S. government sales, including changes or
shifts in defense spending, uncertain funding of programs, potential termination of contracts, and difficulties in
contract performance; the ability to procure new contracts; the risks of conducting business in foreign countries;
the ability to comply with extensive governmental regulation, including import and export policies and
procurement, aircraft manufacturing and other regulations; the impact of competition; the ability to develop
products and technologies; the risk of cost overruns, particularly for the Company’s fixed-price contracts;
dependence on component availability, subcontractor performance and key suppliers; risks of a negative
government audit; the use of accounting estimates in the Company’s financial statements; the potential
impairment of the Company’s goodwill; risks associated with the general aviation, commuter and fractional
ownership aircraft markets; accidents involving the Company’s aircraft; the outcome of contingencies and
litigation matters, including government investigations; the ability to recruit and retain qualified personnel; risks
associated with acquisitions, joint ventures and other business arrangements; the impact of changes in the
Company’s credit ratings; risks associated with exploring strategic alternatives for RAC, including the uncertainty
of whether a transaction will be consummated and the potential disruption to RAC’s business during such
transaction; and other factors as may be detailed from time to time in the Company’s public announcements and
Securities and Exchange Commission filings. In addition, these statements do not give effect to the potential
impact of any acquisitions, divestitures or business combinations, including any potential RAC transaction, that
may be announced or closed after the date hereof. The Company undertakes no obligation to make any revisions
to the forward-looking statements contained in this presentation or to update them to reflect events or
circumstances occurring after the date of this presentation. This presentation also contains non-GAAP financial
measures. A GAAP reconciliation and a discussion of the Company's use of these measures are included in this
presentation.
2
3. Q3 2006 Company Highlights
Earnings per share (EPS) from continuing operations of
$0.72, up 41 percent
Strong operating cash flow; net debt at $2.8 billion, lowest
in over 11 years
Strong bookings of $6.1 billion; sales of $5.7 billion, up 7
percent
2006 full-year guidance increased for EPS, bookings,
operating cash flow, and return on invested capital (ROIC)
5.5 million shares of common stock repurchased for $250
million in the quarter; 7.9 million shares of common stock
repurchased for $352 million year-to-date
3
4. Bookings and Backlog ($B)
Bookings
Total Company
Government & Defense
15.3 14.7 17.5 17.0
15 18
15
12
12
9
9
5.2 6.1
6
4.2
3.4 6
3 3
0
0
YTD 2005 * YTD 2006
Q3 2005 Q3 2006
Q3 2005 Q3 2006* YTD 2005 YTD 2006
*Prior year includes Q2, 2005 multi-year awards of DDG
*2006 includes higher bookings at both MS & NCS
1000 ($1.7B) & F-18 AESA ($586M)
Backlog
Government & Defense Total Company
34.6
33.1
31.7
35 30.7 35
30 30
25 25
20 20
15 15
10 10
5 5
0 0
Q3 2005 Q3 2006
Q3 2005 Q3 2006
Bookings and backlog remain strong
4
5. Sales and Earnings Per Share
Total Company Sales ($B) EPS from Continuing Operations
16.6
18 15.7 $2.50
$2.05
15
$2.00
12 $1.45
$1.50
9
5.7
5.3 $1.00 $0.72
6
$0.51
$0.50
3
0 $0.00
Q3 2005 Q3 2006 YTD 2005 YTD 2006
Q3 2005 Q3 2006 YTD 2005 YTD 2006
• EPS up 41 percent in both Q3
• Sales up 7 percent in Q3 2006,
2006 & year-to-date
up 6 percent year-to-date
Continued strong sales and earnings
5
6. Government & Defense Sales
Sales ($B) Sales ($M)
Net
Q3 2005 Q3 2006 Change
6
4.7 IDS 919 1,030 111
4.5
5
IIS 649 626 (23)
4
MS 1,005 1,081 76
3
NCS 833 879 46
2
SAS 1,013 1,069 56
1 RTSC 479 509 30
Elims (394) (456) (62)
0
G&D 4,504 4,738 234
Q3 2005 Q3 2006
• G&D Sales up 5 percent in Q3 2006 primarily driven by DDG 1000
sales at IDS and ramp up of Standard Missile at MS
Continued growth in key markets
6
7. Government & Defense Margins
Operating Margins Operating Margins
Net
Q3 2005 Q3 2006 Change
14%
11.9%
11.7%
12% IDS 14.6% 16.2% 160 bps
IIS 8.8% 9.3% 50 bps
10%
MS 10.3% 10.1% (20) bps
8%
NCS 10.4% 9.9% (50) bps
6%
SAS 14.1% 13.8% (30) bps
4%
RTSC 7.9% 7.1% (80) bps
2%
G&D* 11.7% 11.9% 20 bps
0%
Q3 2005 Q3 2006
• G&D operating margins up 20 bps in Q3 2006 primarily driven by strong
performance at IDS
* After eliminations of intercompany operating profit
Continued focus on execution, full year remains on track
7
8. Raytheon Aircraft Company
Operating Margins
Sales ($M)
1,996 9.2%
10%
2,000 1,771
8%
6.4%
1,500
5.3%
6%
3.9%
1,000 758
642 4%
500 2%
0 0%
Q3 2005 Q3 2006 YTD 2005 YTD 2006 Q3 2005 Q3 2006 YTD 2005 YTD 2006
• Operating margins up 390 bps in
• Sales up 18 percent in Q3 2006,
Q3 2006, up 250 bps year-to-date
up 13 percent year-to-date
Strong volume, favorable mix and continued cost and productivity
improvements
8
9. Cash Flow
$ Millions
3rd Quarter Nine Months
2005 2006 2005 2006
Net Income 228 321 595 918
Depreciation & Amortization 109 113 327 341
Working Capital 245 37 (106) (621)
Other 216 279 528 556
Operating Cash Flow from Cont. Ops. 798 750 1,344 1,194
Capital Spending & Internal Software (96) (93) (244) (224)
Free Cash Flow from Cont. Ops. 702 657 1,100 970
Free Cash Flow (FCF) is not a measure of financial performance under generally accepted accounting principles (GAAP), and may not be
defined and calculated by other companies in the same manner. FCF should be considered supplemental to and not a substitute for financial
information prepared in accordance with GAAP.
Continued strong cash flow
9
10. 2006 Financial Outlook Update
Current Prior**
Bookings ($B) 23.0 - 24.0* 22.0 - 23.0
Sales ($B) 23.1 - 23.6 23.1 - 23.6
FAS/CAS Pension Expense ($M) 378 378
Interest expense, net ($M) 200 – 210* 220 - 230
Diluted Shares (M) 449 - 451 449 - 451
GAAP EPS from Cont. Ops $2.70 - $2.80* $2.60 - $2.70
Net Debt ($B) 2.0 - 2.2* 2.3 - 2.5
Operating Cash Flow ($B) 2.3 - 2.5* 2.0 - 2.2
ROIC (%) 8.4 - 8.8* 8.2 – 8.6
* Denotes change from prior guidance
** As of July 27, 2006
Net debt is defined as total debt less cash and cash equivalents
Increased full-year guidance for EPS, bookings, cash flow, and ROIC
10
11. EPS from Continuing Operations Outlook Update
2006 Full Year
Prior Guidance $2.60 - $2.70
Improved performance IDS $0.02
Improved performance RAC $0.03
Net interest expense $0.03
Other items $0.02
Current Guidance $2.70 - $2.80
Strong operating performance driving increase to EPS guidance 4
11
12. 2006 Financial Outlook: By Business
Current Current Prior
Sales ($B) Op. Margin Op. Margin**
IDS 4.0-4.2 15.9-16.4%* 15.7-16.2%
IIS 2.6-2.8 9.1-9.5% 9.1-9.5%
MS 4.2-4.4 10.2-10.6% 10.2-10.6%
NCS 3.2-3.4 10.2-10.6% 10.2-10.6%
SAS 4.2-4.4 13.3-13.7% 13.3-13.7%
RTSC 2.0-2.1 7.0-7.5% 7.0-7.5%
RAC 3.0-3.2 195M-205M* 175M-185M
Other 0.7-0.8 (40M)-(50M) (40M)-(50M)
Corp and Elims (1.6) (195M)-(205M)* (205M)-(220M)
Subtotal $23.1-$23.6 10.3-10.5%* 10.1-10.3%
FAS/CAS Inc Adj -1.6% -1.6%
Total Cont. Ops $23.1-$23.6 8.7-8.9%* 8.5-8.7%
G&D After elims $19.2-$19.7 12.0-12.2%* 11.9-12.1%
* Denotes change from prior guidance
** As of July 27, 2006
Operational improvements driving margin expansion
12
13. 2006 Financial Outlook: Cash Flow
$ Millions
Current Prior**
Income from continuing operations $1.2B - $1.3B* $1.1B - $1.2B
Depreciation & amortization 450 - 470 450 - 470
Working Capital 150 - 200* 50 - 100
Discretionary pension funding (200) (200)
Non cash tax expense 220 - 240 220 - 240
FAS/CAS income adjustment 378 378
Other 35 – 65* (15) - 15
Operating cash flow $2.3B - $2.5B* $2.0B - $2.2B
Capital & internal software spending (500) - (450)* (530) - (480)
Free cash flow $1.8B - $2.0B* $1.5B - $1.7B
* Denotes change from prior guidance
** As of July 27, 2006
Free Cash Flow (FCF) is not a measure of financial performance under generally accepted accounting principles (GAAP), and may not be
defined and calculated by other companies in the same manner. FCF should be considered supplemental to and not a substitute for financial
information prepared in accordance with GAAP.
13
14. 2007 Financial Outlook
2006 2007
Bookings ($B) 23.0 - 24.0 24.5 - 25.5
Net Sales ($B)
Government and Defense 20.8 - 21.3 22.2 - 22.7
Elimination of Intercompany Sales (1.6) (1.7)
Government and Defense after Elims 19.2 - 19.7 20.5 - 21.0
Raytheon Aircraft 3.0 - 3.2 3.3
Other 0.7 - 0.8 0.8
Total Company 23.1 - 23.6 24.6 - 25.1
GAAP EPS ($) 2.70 - 2.80 2.95 - 3.05
Operating Cash Flow ($B) 2.3 - 2.5 1.7 - 1.9
ROIC (% ) 8.4 - 8.8 9.0 - 9.4
Solid performance across the company
14
15. Summary
Intense focus on execution….and margin expansion
Strong profitable growth going forward…solid position in our
core markets…and expanding
Well positioned portfolio – platform agnostic – capability
focused
Excellent cash generation
ROIC focus and improvement
Well positioned for today….and tomorrow
15
17. 2006 Financial Outlook: Government and Defense
Current Prior**
Bookings ($B) 18.7 - 19.7* 18.0 - 19.0
Net Sales ($B)*** 19.2 - 19.7 19.2 - 19.7
Op. Margin (% )*** 12.0 - 12.2* 11.9 - 12.1
Operating Cash Flow ($B) 1.9 - 2.1* 1.7 - 1.9
* D eno t es chang e f r o m p r i o r g ui d ance
* * A s o f Jul y 2 7, 2 0 0 6
* * * A f t er el i mi nat i o n o f i nt er co mp any sal es
17
18. Pension Expense
$ Millions
2006 2007
Forecast Forecast
FAS (878) (794)
CAS (500) (449)
Income Adjustment (378) (345)
EPS Impact of FAS/CAS Pension (0.55) (0.51)
CAS Recovery 500 449
Funding Required (443) (470)
*
Discretionary Funding (200) (200)
* Actual cash payment made in Q1 2006
Note: 2007 pension assumes a discount rate of 5.75% and a return on assets of 8.75% as of Dec. 31, 2006
18
19. 2007 FAS/CAS Pension Adjustment ($M)
Estimated Return*
Estimated
Discount
Rate* 0.00% 5.00% 8.75% 15.00%
5.50% 390 385 395 406
Current
assumption
345
5.75% 340 335 354
6.00% 291 286 296 305
6.25% 241 236 246 255
* Pension expense for 2007 is based upon discount rates as of 12/31/2006 and asset returns for the
calendar year 2006. 2007 pension expense will be updated at year end 2006, once actual discount
rates and asset returns for 2006 are determined.
Note: The purpose of this chart is to indicate the range of outcomes of the 2007 FAS/CAS pension
adjustment based upon the 2006 discount rate and return on assets. Actual results not necessarily
19
limited to above scenarios. Includes International Pension.
20. Raytheon Aircraft – Delivery Forecast
2005 Current Prior
Actual Forecast Forecast* Change
0 Hawker 4000 0 5 (5)
58 Hawker 800XP/850XP 64 63 1
53 Hawker 400XP 54 51 3
30 Premier I 36 37 (1)
114 King Air 143 142 1
99 Pistons 122 126 (4)
354 Total Deliveries 419 424 (5)
* As of July 27, 2006
Includes Special Mission aircraft units but excludes JPATS delivery units
20
21. Return on Invested Capital Calculation
Outlook Outlook
2006 2007
Income from Continuing Operations
Net Interest Expense, after-tax* Combined Combined
Lease Expense, after-tax*
Return $1,415-$1,460 $1,510-$1,555
Net Debt**
Equity** Combined Combined
Lease expense x 8, plus Financial Guarantees* *
Invested Capital $16,775-$16,575 $16,700-$16,500
ROIC 8.4% - 8.8% 9.0% - 9.4%
*Effective Tax Rate 33.9% 34.0%
** 2 point average
We define Return on Invested Capital (ROIC) as income from continuing operations plus after-tax net interest expense plus one-third of
operating lease expense after-tax (estimate of interest portion of operating lease expense) divided by average invested capital after
capitalizing operating leases (operating lease expense times a multiplier of 8) and adding financial guarantees. ROIC is not a measure of
financial performance under generally accepted accounting principles (GAAP) and may not be defined and calculated by other companies in
the same manner. ROIC should be considered supplemental to and not a substitute for financial information prepared in accordance with
GAAP. The Company uses ROIC to make the most efficient and effective use of capital and as an element of management compensation.
21