WASHINGTON—Raytheon Co. says its second quarter earnings fell sharply because of a big one-time gain the company recorded last year. But it says earnings from continuing operations grew 20 percent on higher sales.
The Waltham, Mass.-based defense contractor said Thursday it earned $426 million, or $1 per share, in the second quarter. That’s down from $1.33 billion, or $2.97 per share, in the same quarter last year, results that were pumped up by the sale of its aircraft division.
Without the gain, 2007 second quarter earnings would have been a much lower $355 million, or 79 cents per share.
It says sales rose 11 percent to about $5.9 billion.
Raytheon is the parent company of Centennial, Colo.-based Raytheon Polar Services.
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