Raytheon reported second quarter 2007 earnings. Key highlights include:
- EPS from continuing operations of $0.79, up 30% from the previous year.
- Net sales of $5.4 billion, up 9% from the previous year.
- Bookings of $5.0 billion and backlog of $33.3 billion.
- The company increased its full-year 2007 guidance for EPS, bookings, and return on invested capital.
People in today's on-the-go world rely on mobile devices for accessing a variety of information. Mobile consumption of Web properties is on track to overtake conventional desktop access by 2013. To achieve optimal customer engagement, enterprises need to focus on Web engagement for the mobile channel now more than ever before.
This presentation explores how mobile can be seamlessly woven into a Web engagement strategy, how to effectively deliver content across a multi-channel infrastructure with a particular emphasis on mobile devices, and how Alfresco and Crafter rivet can make it happen.
Summer Phytoplankton Communities in Productive Ohio Reservoirs: Importance of Cyanobacteria, Ecoregion, and Land Use Patterns. Presented at the Ohio Academy of Sciences, 2012.
People in today's on-the-go world rely on mobile devices for accessing a variety of information. Mobile consumption of Web properties is on track to overtake conventional desktop access by 2013. To achieve optimal customer engagement, enterprises need to focus on Web engagement for the mobile channel now more than ever before.
This presentation explores how mobile can be seamlessly woven into a Web engagement strategy, how to effectively deliver content across a multi-channel infrastructure with a particular emphasis on mobile devices, and how Alfresco and Crafter rivet can make it happen.
Summer Phytoplankton Communities in Productive Ohio Reservoirs: Importance of Cyanobacteria, Ecoregion, and Land Use Patterns. Presented at the Ohio Academy of Sciences, 2012.
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/
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.
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
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.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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.
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 contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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
2. Forward-Looking Statements
This presentation contains forward-looking statements, including information regarding the Company’s 2007
financial outlook, 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 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 Flight Options’ ability to
compete and meet its financial objectives; risks associated with the commuter and fractional ownership aircraft
markets; 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; 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 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.
7/25/2007 Page 2
3. Q2 2007 Highlights
EPS from continuing operations of $0.79, up 30 percent
Net sales of $5.4 billion, up 9 percent
Solid bookings of $5.0 billion; backlog of $33.3 billion
Increases full-year guidance for EPS, bookings and ROIC
Sale of Raytheon Aircraft Company completed, resulting in after-
tax net proceeds of $2.4 billion
Early redemption of $1.0 billion of debt, as previously announced
Repurchased 9.6 million shares for $526 million
7/25/2007 Page 3
4. Bookings and Backlog
Bookings ($B) Backlog ($B)
$33.3
$35.0
$31.5
$12.0
$9.8 $10.3
$30.0
$9.0
$25.0
$5.0
$4.8
$6.0
$20.0
$3.0
$0.0 $15.0
Q2 2006 Q2 2007 YTD 2006 YTD 2007 Q2 2006 Q2 2007
Bookings increase primarily driven by IDS and NCS. Backlog increase primarily
driven by NCS and MS.
Bookings and backlog continue to remain strong
7/25/2007 Page 4
5. Earnings Per Share from Continuing Operations
Diluted EPS ($)
Second Quarter
$1.49
$1.50 Second Quarter 2006 EPS $0.61
$1.22
Operational improvements $0.14
$1.00 • Growth $0.07
$0.79
$0.61 • Performance $0.07
Lower net interest expense $0.08
$0.50
Pension expense $0.05
Debt buyback ($0.09)
$0.00
Second Quarter 2007 EPS $0.79
Q2 2006 Q2 2007 YTD 2006 YTD 2007
Q2 2007 diluted EPS increase was primarily driven by improved performance at IDS,
MS and NCS combined with lower net interest expense and a reduction in pension
expense
Q2 2007 EPS increased by 30 percent
7/25/2007 Page 5
6. Total Company Sales
Second Quarter Sales ($M)
Sales ($B)
%
$12.0
$10.3 Q2 2006 Q2 2007 Change
$9.6
1,038 1,166 12%
IDS
$9.0
633 666 5%
IIS
$5.4 1,117 1,244 11%
MS
$5.0
$6.0
880 1,052 20%
NCS
1,057 1,065 1%
SAS
$3.0
466 473 2%
TS
202 217 7%
Other
$0.0 (420) (464) NM
Corp/Elims
Q2 2006 Q2 2007 YTD 2006 YTD 2007 Total 4,973 5,419 9%
Q2 2007 sales growth in all businesses, led by IDS, MS and NCS
Sales up 9 percent in Q2 2007
7/25/2007 Page 6
7. Operating Margins
Second Quarter Operating Margin/Dollars
Operating Margins (%)
Net
Q2 2006 Q2 2007 Change
17.1% 18.2% 110 bps
IDS
15%
9.2% 9.5% 30 bps
IIS
10.9% 10.6% 10.9% 10.8% (10) bps
MS
9.3% 9.3%
10% 10.3% 13.2% 290 bps
NCS
14.4% 12.5% (190) bps
SAS
6.4% 6.1% (30) bps
TS
5%
-5.0% 0.5% 550 bps
Other
-$63M -$60M $3M
Corp and Elims
-$96M -$63M $33M
FAS/CAS Inc Adj
0%
Q2 2006 Q2 2007 YTD 2006 YTD 2007 Total Cont. Ops 9.3% 10.9% 160 bps
Defense* 12.5% 12.8% 30 bps
Operating margins up in Q2 2007 primarily driven by strong performance at NCS and IDS
* After eliminations of intercompany operating profit
Operating margins up 160 bps in Q2 2007
7/25/2007 Page 7
8. 2007 Financial Outlook Update
Current Prior**
Bookings ($B) 22.0 - 23.0* 21.0 - 22.0
Sales ($B) 21.4 - 21.9 21.4 - 21.9
FAS/CAS Pension Expense ($M) 270 270
Interest expense, net ($M) 45 - 60* 65 - 80
Diluted Shares (M) 446 - 448 446 - 448
EPS from Continuing Operations $3.05 - $3.20* $2.85 - $3.00
(1)
Operating Cash Flow from Cont. Ops. ($B) 0.9 - 1.1* 1.5 - 1.7
(1) Includes cash tax payments of approximately $630 million,
resulting from the sale of Raytheon Aircraft
ROIC (%) 8.6 - 9.1* 8.2 - 8.7
* Denotes change from prior guidance
** As of April 25, 2007
Increased full-year guidance for EPS, bookings and ROIC
7/25/2007 Page 8
9. EPS from Continuing Operations Outlook Update
2007 Full Year
Prior Guidance $2.85 - $3.00
Operational Improvements $0.13
Interest expense, net $0.03
Other items $0.04
Current Guidance $3.05 - $3.20
Strong operating performance driving increase to EPS guidance 4
7/25/2007 Page 9
10. 2007 Financial Outlook: By Business
Current Prior **
Current Prior** Operating Operating
Sales ($B) Sales ($B) Margins/Dollars Margins/Dollars
IDS 4.5-4.7 4.5-4.7 17.3-17.7%* 16.3-16.7%
IIS 2.6-2.8 2.6-2.8 9.1-9.5% 9.1-9.5%
MS 4.6-4.8 4.6-4.8 10.5-10.9% 10.5-10.9%
NCS 3.8-4.0* 3.7-3.9 12.0-12.5%* 10.6-11.0%
SAS 4.3-4.5* 4.5-4.7 13.4-13.8% 13.4-13.8%
TS 2.1-2.3 2.1-2.3 6.2-6.6%* 7.2-7.6%
Other 0.7-0.8 0.7-0.8 (30M)-(40M) (30M)-(40M)
Corp and Elims (1.8) (1.8) (250M)-(260M) (250M)-(260M)
Subtotal $21.4-$21.9 $21.4-$21.9 11.4-11.7%* 11.1-11.4%
FAS/CAS Inc Adj -1.2% -1.2%
Total Cont. Ops $21.4-$21.9 $21.4-$21.9 10.2-10.5%* 9.9-10.2%
Defense after elims $20.6-$21.1 $20.6-$21.1 12.4-12.7%* 12.1-12.4%
* Denotes change from prior guidance
** As of April 25, 2007
Continued focus on performance
7/25/2007 Page 10
12. 2007 Financial Outlook: By Quarter
$ Millions except EPS
Q3 Q4 Total
Sales 25% 28% $21.4B - $21.9B
EPS 22 - 25% 28 - 31% $3.05 - $3.20
Operating Cash Flow
1
from Cont. Ops. $400 - $450 $0.9B - $1.1B $0.9B - $1.1B
1 Includes cash tax payments of approximately $630 million resulting from the sale of Raytheon Aircraft
Note: Adjusted to reflect Q2 2007 YTD results
7/25/2007 Page 12
13. Return on Invested Capital (ROIC) Calculation
$ Millions Outlook
2007E
Income from cont. ops.
Net interest expense, after-tax* Combined
Lease expense, after-tax*
Return $1,470 - 1,535
Net debt**
Equity less investment in disc. ops.
Combined
Lease exp. X 8, plus fin. guarantees
Minimum pension liability/FAS 158
Invested capital from cont. ops.*** $17,050 - 16,850
8.6 - 9.1%
ROIC
* Effective tax rate 33.9%
** Net debt is defined as total debt less cash and cash equivalents & is calculated using a 2 point average
*** Calculated using a 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), adding financial guarantees less net investment in Discontinued Operations, and adding back the cumulative minimum pension liability/impact of FAS 158. 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 as a measure of the
efficiency and effectiveness of its use of capital and as an element of management compensation.
7/25/2007 Page 13