Raytheon Sell Offs Cause Third-Quarter Decline

Defence contractor Raytheon has reported a decline in third quarter profits due to charges imposed after the sale of some of its businesses earlier this year.

Raytheon's third quarter profit totalled US$299m, down from US$321m, or seven percent, on the same period last year.

The company says the shortfall was caused by a charge of US$69m relating to the pending sale of its flight-operations business and a US$5m loss from the sale of its aircraft unit earlier this year.

Despite the overall loss, Raytheon says profits rose 14 percent to US$304m, while sales increased eight percent to US$5.36bn.

By staff writer