Raytheon 2012 Annual Report Download - page 88
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80
RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts) Years Ended December 31: 2012 2011 2010
Net sales
Products $20,380 $20,725 $ 21,363
Services 4,034 4,066 3,787
Total net sales 24,414 24,791 25,150
Operating expenses
Cost of sales—products 15,712 16,245 17,000
Cost of sales—services 3,380 3,419 3,273
Administrative and selling expenses 1,629 1,672 1,639
Research and development expenses 704 625 625
Total operating expenses 21,425 21,961 22,537
Operating income 2,989 2,830 2,613
Non-operating (income) expense, net
Interest expense 201 172 126
Interest income (9)(14)(12)
Other expense (income), net 18 12 65
Total non-operating (income) expense, net 210 170 179
Income from continuing operations before taxes 2,779 2,660 2,434
Federal and foreign income taxes 878 782 590
Income from continuing operations 1,901 1,878 1,844
Income (loss) from discontinued operations, net of tax (1)18 35
Net income 1,900 1,896 1,879
Less: Net income attributable to noncontrolling interests in subsidiaries 12 30 39
Net income attributable to Raytheon Company $ 1,888 $ 1,866 $ 1,840
Basic earnings per share attributable to Raytheon Company common
stockholders:
Income from continuing operations $ 5.67 $ 5.25 $ 4.84
Income (loss) from discontinued operations, net of tax —0.05 0.09
Net income 5.67 5.30 4.94
Diluted earnings per share attributable to Raytheon Company common
stockholders:
Income from continuing operations $ 5.65 $ 5.22 $ 4.79
Income (loss) from discontinued operations, net of tax —0.05 0.09
Net income 5.65 5.28 4.88
Amounts attributable to Raytheon Company common stockholders:
Income from continuing operations $ 1,889 $ 1,848 $ 1,805
Income (loss) from discontinued operations, net of tax (1)18 35
Net income attributable to Raytheon Company $ 1,888 $ 1,866 $ 1,840
The accompanying notes are an integral part of the consolidated financial statements.