Raytheon has reported a first quarter profit increase of 23 percent, due to strong sales of its missile and network systems.

First quarter revenue increased to US$5.4bn – an 11 percent on the same period last year.

Profit from continuing operations climbed to US$400m from US$324m a year earlier.

Including discontinued operations, net income rose 15 percent from US$346m to US$398m compared to the same period last year.

Sales for Raytheon’s Missile Systems division grew 15 percent to US$1.3bn.

Its Network Centric Systems division also saw revenue growth of 15 percent to just over US$1bn.

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The largest division, Integrated Defense Systems, grew nine percent to just under US$1.2bn.

By Elizabeth Clifford-Marsh