RAYTHEON CO (RTN) [Rocket]

In millions, except per share items	Dec-31-19	Sep-29-19	Jun-30-19	Mar-31-19	Dec-31-18	Sep-30-18	Jul-01-18	Apr-01-18
	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q
Revenues:
Missile Systems	8,726	8,698	8,615	8,456	8,298	8,166	8,029	7,879
Space & Airborne Systems	7,427	7,289	7,045	6,833	6,748	6,538	6,440	6,443
Intelligence, Information & Services	7,151	7,120	7,007	6,917	6,722	6,583	6,384	6,252
Other	2,289	2,004	1,804		1,847	1,751	1,663
Total revenues [+]	29,176	28,694	28,054	27,520	27,058	26,481	25,959	25,615
Products	29,176	28,694	28,054	27,520	27,058	26,481	25,959	25,615
Revenue growth [+]	7.8%	8.4%	8.1%	7.4%	6.7%	6.6%	5.6%	5.3%
Missile Systems	5.2%	6.5%	7.3%	7.3%	6.6%	8.9%	9.6%	10.5%
Space & Airborne Systems	10.1%	11.5%	9.4%	6.1%	4.9%	2.8%	1.4%	2.4%
Intelligence, Information & Services	6.4%	8.2%	9.8%	10.6%	8.8%	7.5%	4.5%	1.8%
Integrated Defense Systems	12.1%	9.6%	7.1%	5.9%	6.5%	5.9%	5.2%	5.4%
Cost of goods sold	21,413	20,974	20,346	19,918	19,573	19,165	18,762	18,506
Gross profit	7,763	7,720	7,708	7,602	7,485	7,316	7,197	7,109
Gross margin	26.6%	26.9%	27.5%	27.6%	27.7%	27.6%	27.7%	27.8%
Selling, general and administrative [+]	2,989	3,011	3,022	2,992	2,947	2,892	2,828	2,785
Sales and marketing		2,258	2,269	2,239		2,194	2,130	2,087
General and administrative	731				753
EBITDA [+]	5,379	5,306	5,271	5,183	5,106	4,990	4,930	4,879
EBITDA growth	5.3%	6.3%	6.9%	6.2%	6.8%	-3.1%	1.8%	2.7%
EBITDA margin	18.4%	18.5%	18.8%	18.8%	18.9%	18.8%	19.0%	19.0%
Depreciation and amortization	605	597	585	573	568	566	561	555
EBIT [+]	4,774	4,709	4,686	4,610	4,538	4,424	4,369	4,324
EBIT growth	5.2%	6.4%	7.3%	6.6%	7.3%	-4.1%	1.3%	2.2%
EBIT margin	16.4%	16.4%	16.7%	16.8%	16.8%	16.7%	16.8%	16.9%
Interest expense, net [+]	138	140	144	144	153	158	163	171
Interest expense	180	180	180	181	184	186	189	194
Interest income	42	40	36	37	31	28	26	23
Other income (expense), net	-650	-720	-1,093	-1,155	-1,238	-1,212	-972	-978
Pre-tax income	3,986	3,849	3,449	3,311	3,147	3,054	3,234	3,175
Income taxes	658	572	392	277	264	612	865	1,049
Tax rate	16.5%	14.9%	11.4%	8.4%	8.4%		26.7%	33.0%
Minority interest	-14		-18	-23	-27	-28	-30	-27
Earnings from continuing ops	893	6,175	5,958	5,940	6,417	3,094	3,591	3,345
Earnings from discontinued ops	1	-2			-1		-1	-2
Net income	894	6,173	5,957	5,940	6,416	3,094	3,590	3,343
Net margin	3.1%	21.5%	21.2%	21.6%	23.7%	11.7%	13.8%	13.1%

Basic EPS [+]	$3.19	$21.91	$21.02	$20.82	$22.36	$10.74	$12.41	$11.51
Growth	-85.7%	104.1%	69.4%	80.8%	151.6%	14.3%	69.3%	12.1%
Diluted EPS [+]	$3.18	$21.89	$21.00	$20.79	$22.34	$10.73	$12.40	$11.50
Growth	-85.7%	104.1%	69.4%	80.8%	151.6%	14.3%	69.3%	12.1%

Dividends per share [+]	$3.77	$3.70	$3.62	$3.55	$3.47	$3.40	$3.33	$3.26
Growth	8.6%	8.7%	8.7%	8.7%	8.8%	8.8%	8.8%	8.8%

Shares outstanding (basic) [+]	280	282	283	285	287	288	289	291
Growth	-2.4%	-2.2%	-2.1%	-1.8%	-1.5%	-1.6%	-1.6%	-1.7%
Shares outstanding (diluted) [+]	280	282	284	286	287	288	290	291
Growth	-2.4%	-2.2%	-2.1%	-1.8%	-1.5%	-1.6%	-1.6%	-1.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.