WASHINGTON Jan 30 U.S. arms maker Raytheon Co on Thursday reported higher-than-expected earnings in the fourth quarter, although revenues fell short of estimates.
The company also said it expected sales and earnings per share to drop further in 2014, given a decline in U.S. military spending, but said operating margins would remain strong.
Raytheon reported nearly flat net profit from continuing operations of $467 million, while earnings per share from continuing operations rose to $1.46 from $1.41 a year earlier. Sales fell 8.8 percent to $5.87 billion from $6.44 billion a year earlier.
Analysts looked for earnings per share from continuing operations of $1.35 on $5.95 billion in revenues, according to a poll by Thomson Reuters I/B/E/S.