Raytheon Company (NYSE: RTN) announced net sales for the fourth quarter 2015 of $6.3 billion, up 3 percent compared to $6.1 billion in the fourth quarter 2014. Fourth quarter 2015 EPS from continuing operations was $1.85 compared to $1.86 in the fourth quarter 2014. Fourth quarter 2015 EPS from continuing operations included, as expected, an $0.08 unfavorable impact associated with acquisition accounting adjustments related to Forcepoint™, formerly known as Raytheon|Websense.
Net sales in 2015 were $23.2 billion, up 2 percent compared to $22.8 billion in 2014. Full-year 2015 EPS from continuing operations was $6.75 compared to $6.97 for the full-year 2014. Full-year 2015 EPS from continuing operations included, as expected, a $0.25 unfavorable impact associated with Forcepoint acquisition accounting adjustments and acquisition-related costs discussed in further detail below.
“Raytheon delivered solid operating performance and returned to growth in 2015. Strong bookings during the year from our global customers position us well for continued growth in 2016,” said Thomas A. Kennedy, Raytheon Chairman and CEO. “As we look ahead, we remain focused on creating value for our shareholders and customers by delivering strong program execution, while also investing in our future and pursuing a balanced capital deployment strategy.”
The Company generated strong operating cash flow for both the fourth quarter and full-year. Operating cash flow from continuing operations for the fourth quarter 2015 was $813 million compared to $829 million for the fourth quarter 2014. Fourth quarter 2015 operating cash flow from continuing operations was after a $200 million pretax discretionary cash contribution to the Company’s pension plans compared to $600 million in the fourth quarter 2014. For the full-year 2015 and 2014, the Company generated $2.3 billion and $2.1 billion of operating cash flow from continuing operations, respectively.
