Raytheon 2012 Annual Report Download - page 3
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celebrated its 90th anniversary in
2012, and we stayed true to our proud history by delivering solid
operating results.
Our focus on program execution and lowering costs drove
higher than expected earnings and cash flow for the year.
Demand for our broad portfolio of cutting-edge technologies
and innovative solutions resulted in bookings in excess of expec-
tations, and we ended 2012 with a record funded backlog.
During a year that also marked our 60th anniversary on
the New York Stock Exchange, Raytheon again delivered solid
returns for our shareholders. Our adjusted earnings per share
from continuing operations was $6.21 compared with $5.85 for
2011, an increase of 6 percent. We had strong operating cash
flow from continuing operations of $2 billion in 2012. The year
included $500 million in discretionary cash contributions to the
company’s pension plans, following a $750 million contribution
we made in 2011.
We recorded strong bookings of $26.5 billion in 2012, with a book-to-bill ratio of 1.09.
We ended 2012 with a backlog of $36.2 billion, compared with $35.3 billion at the end
of 2011, and our 2012 funded backlog was $24.0 billion, an increase of more than $1.5
billion from 2011.
We received strong domestic orders for missiles, radars, training, communications and
classified programs. Internationally, we received orders for command and control systems,
precision munitions, and sensors, among many other awards. International revenue was 26
percent of our total 2012 revenue – setting the standard for our industry and continuing to
validate our international strategy.
In 2012, we maintained our balanced approach to capital deployment. We repurchased
15.9 million shares of our common stock for approximately $825 million, and we increased
our dividend by 16 percent in 2012 – the eighth consecutive year with an increase.
DEAR FELLOW SHAREHOLDERS
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