Raytheon Fires Off a Nice EPS Beat in 3Q; 2019 Margins and Cashflow Not as Impressive
Wide-moat Raytheon reported a third-quarter beat on EPS consensus. However, the stock, along with much of the U.S. defense sector, is down. For Raytheon, we think the weakness in shares is related to investors focusing on continued margin pressure combined with unimpressive 2019 guidance for cash and margins. Our thesis that Raytheon's backlog positions it for industry-leading growth remains intact but the defense sector's coincident pullback with the broader market confirms our view that the i...Raytheon, together with its subsidiaries, is a technology company, focused on defense and other government markets. The company has five segments: Integrated Defense Systems, which is engaged in integrated air and missile defense; large land- and sea-based radar solutions; command, control, communications, computers, cyber and intelligence solutions; Intelligence, Information and Services, which provides technical services to intelligence, defense, federal and commercial customers; Missile Systems, which produces missile and combat systems; Space and Airborne Systems, which develops integrated sensor and communication systems for missions; and Forcepoint, which develops cybersecurity products.
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