Raytheon-US budget cuts to trim 2013 bookings by $400 mln-$600 mln

WASHINGTON, April 25 Thu Apr 25, 2013 8:12am EDT

WASHINGTON, April 25 (Reuters) - Mandatory U.S. budget cuts that took effect on March 1 will likely trim Raytheon Co's U.S. bookings by $400 million to $600 million this year, as expected, but no new surprises have emerged, the company's chief financial officer said on Thursday.

David Wajsgras, senior vice president and CFO, told Reuters in an interview that Raytheon's first-quarter results exceeded the company's expectations and its businesses remained well-aligned with the U.S. government's priorities in missile defense, electronic warfare and cyber operations.

Wajsgras said Raytheon continues to see strong international demand for its products, and international bookings are expected to rise 20 percent in 2013 to account for 36 percent of total bookings. As a result, international sales would comprise about 27 to 29 percent of the company's revenues in 2013, he said.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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