WASHINGTON, April 24 Raytheon Co expects strong bookings and a slight gain in operating margins over the rest of this year after posting the highest quarterly earnings per share and cash flow in more than a decade, Chief Financial Officer David Wajsgras said Thursday.
Wajsgras told Reuters that international demand for Raytheon products remained strong, and foreign orders would account for nearly 30 percent of revenue and nearly 40 percent of bookings in 2014.
He said first-quarter bookings rose sharply to $4.3 billion due to a large missile defense order from Kuwait and a cybersecurity order from an undisclosed country. Bookings were expected to top $7 billion in the second quarter, he said.
The company expected a slight improvement in operating margins over the course of the year, after they reached 14.3 percent in the first quarter, he said.
To further lower costs, Raytheon plans to remove 10 percent of its global real estate over the next three to four years, beginning in 2014, Wajsgras said. He said 3 percent had already been removed, and another 2 percent would be taken out this year alone.
(Reporting by Andrea Shalal; Editing by Lisa Von Ahn)