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Thursday, October 26, 2006

Raytheon Profit Jumps

Raytheon Co., Waltham, Mass., saw third-quarter net income jump 41 percent, driven by defense systems and aircraft units. The company reported third-quarter net income of $321 million, compared to $228 million in the prior-year quarter, on sales of $5.7 billion, up 7 percent. Third quarter 2006 net income was higher primarily due to improved operating results at Integrated Defense Systems (IDS) and Raytheon Aircraft Company (RAC), combined with a reduction in pension expense. Raytheon’s Integrated Defense Systems (IDS) business posted net sales of $1 billion million, up 12 percent primarily due to growth in its DDG 1000 next-generation destroyer and international programs. Raytheon Aircraft Co. had third quarter 2006 net sales of $758 million, up 18 percent, due to increased new aircraft deliveries. Operating income doubled to $70 million, in part due to “favorable aircraft volume and mix.” More

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