Raytheon 2014 Annual Report Download - page 129

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
120
Note 16: Quarterly Operating Results (Unaudited)
(In millions, except per share amounts, stock prices and workdays)
2014 First(3) Second Third Fourth
Total net sales $ 5,508 $ 5,701 $ 5,474 $ 6,143
Gross margin 1,347 1,400 1,303 1,481
Income from continuing operations 593 501 519 580
Net income attributable to Raytheon Company 596 551 515 582
EPS from continuing operations attributable to Raytheon Company
common stockholders(1)
Basic $ 1.87 $ 1.59 $ 1.66 $ 1.86
Diluted 1.87 1.59 1.65 1.86
EPS attributable to Raytheon Company common stockholders(1)
Basic 1.89 1.76 1.66 1.88
Diluted 1.89 1.76 1.65 1.88
Cash dividends per share
Declared 0.605 0.605 0.605 0.605
Paid 0.550 0.605 0.605 0.605
Common stock prices
High $101.31 $101.47 $103.35 $110.47
Low 88.13 94.08 89.43 93.85
Workdays(2) 62 64 63 60
2013 First(4) Second Third Fourth
Total net sales $ 5,879 $ 6,115 $ 5,842 $ 5,870
Gross margin 1,274 1,362 1,308 1,230
Income from continuing operations 496 493 491 469
Net income attributable to Raytheon Company 488 488 489 531
EPS from continuing operations attributable to Raytheon Company
common stockholders(1)
Basic $ 1.50 $ 1.50 $ 1.51 $ 1.46
Diluted 1.49 1.50 1.51 1.46
EPS attributable to Raytheon Company common stockholders(1)
Basic 1.49 1.50 1.52 1.66
Diluted 1.49 1.50 1.51 1.66
Cash dividends per share
Declared 0.55 0.55 0.55 0.55
Paid 0.50 0.55 0.55 0.55
Common stock prices
High $ 59.01 $ 68.07 $ 80.69 $ 91.04
Low 52.67 56.22 64.82 73.97
Workdays(2) 63 64 63 59
(1) EPS is computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the total
computed for each year.
(2) Number of workdays per our fiscal calendar, which excludes holidays and weekends.
(3) In January 2014, a foreign subsidiary authorized and completed a transaction which resulted in a taxable dividend of approximately $115 million and
generated a net tax benefit of approximately $80 million, which is reflected in our first quarter of 2014 results.
(4) During the first quarter of 2013, we recorded a $25 million benefit for the 2012 research and development (R&D) tax credit. In January 2013, Congress
approved legislation that included the extension of the R&D tax credit. The legislation retroactively reinstated the R&D tax credit for 2012 and extended
it through December 31, 2013. As a result, we recorded the 2012 benefit in the first quarter of 2013.