Raytheon earnings beat, but cash flow concerns hit shares [Reuters]
RAYTHEON CO (RTN)
Last raytheon co earnings: 1/30 06:55 am
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Source: Reuters
Raytheon earnings beat, but cash flow concerns hit shares | Reuters 4 Min Read (Reuters) - Tomahawk missile maker Raytheon Co ( RTN.N ) on Thursday raised its earnings forecast for 2018 and reported stronger than expected results, but its shares fell on investor concerns about lower cash flow for the year. Raytheon shares sank 3.4 percent to $190.77 in early trading due to a $1.25 billion pension contribution that reduced 2018 free cash flow. Shares had earlier risen in premarket trading. Many companies have funded pension obligations to take advantage of a cut in the U.S. corporate tax rate to 21 percent from 35 percent. Raytheon’s pension funding exploits last year’s tax cut legislation and will nearly halve the company’s 2018 effective tax rate to about 10.5 percent, down from prior guidance of 18 percent. “Because of the timing of this contribution, making it here in the third quarter, we are able to deduct it at the prior statutory rate of 35 percent on our 2017 tax return givi
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