Raytheon 2014 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2014 Raytheon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 142

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

My 31 years with Raytheon have instilled in me a deep pride
for what we do for our customers. Driven by purpose, we
act as one global team creating trusted, innovative solutions
to make the world a safer place. Therefore, on behalf of the
Raytheon team worldwide, I am proud to present this record
of Raytheon’s performance during 2014.
Raytheon continued to deliver solid financial results
in 2014, despite a challenging environment, and I am
pleased with our overall performance. Bookings,
operating income and earnings were all up compared
to 2013, and cash flow was strong. In 2014, we had
solid net sales of $22.8 billion, and bookings totaled
$24.1 billion. Our full-year 2014 EPS from continuing
operations was $6.97, operating income was $3.2 billion,
and operating cash flow from continuing operations was
$2.1 billion after a $600 million pretax discretionary
pension plan contribution. At the end of 2014,
our backlog was $33.6 billion, and the funded backlog
was $23.1 billion. Confidence in these results led
to Raytheon’s stock outperforming the Standard
& Poor’s 500 index again in 2014, the fourth
consecutive year.
As stewards for our shareholders, we continued to
drive our balanced capital deployment strategy. For
the full-year 2014, the company repurchased 7.7
million shares of common stock for $750 million.
Additionally, we increased our dividend by 10 percent
in 2014–our 10th consecutive year with an increase.
Given the global threat environment, our international
strategy continues to be a strength. I have heard again
and again from customers I have met with around
the world that national security remains a top priority.
As a result, our international bookings in 2014
increased by 27 percent compared to 2013, and our
backlog at the end of 2014 included 40 percent
international business. A case in point, we added the
13th country to the global Patriot™ family with the
$2.4 billion award to provide the State of Qatar with
the Patriot Air and Missile Defense System.
In 2014, we had solid
net sales of $22.8
billion, and bookings
totaled $24.1 billion.”
Dear Fellow Shareholders,