Raytheon's 3Q Confirms Our View That U.S. Defense Stocks Had Gotten Ahead of Themselves
Narrow-moat Raytheon reported a third-quarter beat on EPS consensus. However, the stock, along with much of the U.S. defense sector, is down on the back of what we believe is expectation resetting after 2017 consensus got too high and defense firms delivered a modest 2018 outlook. EPS came in at $1.97 compared with $1.84 last year and revenue stood at $6.3 billion, up 4.5% year over year. Consolidated operating margins contracted by 10 basis points, falling to 13.7%. Management raised 2017 guida...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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