Raytheon 2013 Annual Report Download - page 85
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75
RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts) Years Ended December 31: 2013 2012 2011
Net sales
Products $19,855 $20,380 $20,725
Services 3,851 4,034 4,066
Total net sales 23,706 24,414 24,791
Operating expenses
Cost of sales—products 15,292 15,712 16,245
Cost of sales—services 3,240 3,380 3,419
General and administrative expenses 2,236 2,333 2,297
Total operating expenses 20,768 21,425 21,961
Operating income 2,938 2,989 2,830
Non-operating (income) expense, net
Interest expense 210 201 172
Interest income (12)(9)(14)
Other (income) expense, net (17)18 12
Total non-operating (income) expense, net 181 210 170
Income from continuing operations before taxes 2,757 2,779 2,660
Federal and foreign income taxes 808 878 782
Income from continuing operations 1,949 1,901 1,878
Income (loss) from discontinued operations, net of tax 64 (1) 18
Net income 2,013 1,900 1,896
Less: Net income attributable to noncontrolling interests in subsidiaries 17 12 30
Net income attributable to Raytheon Company $ 1,996 $ 1,888 $ 1,866
Basic earnings per share attributable to Raytheon Company common
stockholders:
Income from continuing operations $ 5.97 $ 5.67 $ 5.25
Income (loss) from discontinued operations, net of tax 0.20 — 0.05
Net income 6.17 5.67 5.30
Diluted earnings per share attributable to Raytheon Company common
stockholders:
Income from continuing operations $ 5.96 $ 5.65 $ 5.22
Income (loss) from discontinued operations, net of tax 0.20 — 0.05
Net income 6.16 5.65 5.28
Amounts attributable to Raytheon Company common stockholders:
Income from continuing operations $ 1,932 $ 1,889 $ 1,848
Income (loss) from discontinued operations, net of tax 64 (1) 18
Net income $ 1,996 $ 1,888 $ 1,866
The accompanying notes are an integral part of the consolidated financial statements.