UPDATE 1-Raytheon profit up on arms sales, raises forecast

(Adds details, outlook)

NEW YORK, Jan 31 (Reuters) - Raytheon (RTN.N) said on Thursday fourth-quarter profit rose 64 percent, helped by higher sales of its military and technology gear and a large one-time tax benefit.

The U.S. No. 5 defense contractor, which makes Patriot and Tomahawk missiles, also raised its full-year earnings forecast as its backlog of work hit a record.

Raytheon reported quarterly net profit of $598 million, or $1.37 per share, compared with $365 million, or 81 cents per share, in the year-ago quarter.

Excluding one-time items, it reported profit from continuing operations of 96 cents per share. That beat Wall Street's average forecast of 92 cents, according to Reuters Estimates.

Revenue rose 8 percent to $6 billion, just above analysts' average estimate of $5.88 billion.

Net profit was boosted by $214 million in tax benefits relating to the resolution of research and export tax matters from prior years.

For the full year, Raytheon forecast profit of $3.65 to $3.80 per share, up from its previous forecast of $3.45 to $3.65 per share. Wall Street was expecting $3.82 per share, on average.

The company's backlog -- or the value of uncompleted work on its books -- rose to a record $36.6 billion at the end of last year, up from $33.8 billion a year before. (Reporting by Bill Rigby; Editing by Maureen Bavdek)