Raytheon 2004 Annual Report Download - page 3
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Total sales rose 12 percent in 2004 to $20.2 bil-
lion, Government and Defense operating
income increased 30 percent, and Govern-
ment and Defense backlog was $29.6 billion at
the end of the year, up $4.5 billion over year-
end 2003. Raytheon Aircraft’s performance
was much improved, reflecting a continued
focus on the fundamentals, a better general
aviation market and a renewed luster to the
Beechcraft® and Hawker® aircraft brands.
While Raytheon’s income from continuing
operations was lower in 2004 than 2003, this
was primarily due to the settlement of a class
action shareholder lawsuit, which put the
uncertainty of this litigation behind us.
Raytheon’soperating cash flow was $2.1 bil-
lion for the year. The company’s net debt
was $4.6 billion at the end of 2004 compared
with $6.7 billion at the end of 2003. Since the
beginning of 2000, we have reduced net debt
by more than half.
The improvement in our balance sheet
enabled the Board of Directors near the end
of the year to approve plans to increase the
annual dividend by 10 percent and to autho-
rizethe repurchase of up to $700 million of
outstanding common stock. We also plan to
continue to pay down debt, which will make
our balance sheet even stronger.
Raytheon had a strong year in 2004. We said that we
would focus on predictable performance, strong rela-
tionships and innovative customer solutions. We did
what we said we were going to do and then some. Our
focus on the customer is paying dividends and, more
importantly, we continue to build on the trust and
confidenceour customers have in Raytheon, which is
reflected in our growth.
Dear Fellow
Shareholders,
.
Chairman and CEO