UPDATE 1-Raytheon tax rate to nearly halve on pension contribution [Reuters]
RAYTHEON CO (RTN)
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Source: Reuters
UPDATE 1-Raytheon tax rate to nearly halve on pension contribution | Reuters Reuters Staff 3 Min Read (Adds CFO comments, share price) By Mike Stone and Ankit Ajmera July 26 (Reuters) - Tomahawk missile maker Raytheon Co on Thursday said its tax rate for 2018 will drop by almost half because of a $1.25 billion pension contribution that exploits last year’s tax cut legislation, sending its shares higher in premarket trade. Many companies have made similar moves to take advantage of the cut in the U.S. corporate tax rate to 21 percent from 35 percent. Raytheon shares were up nearly 2 percent to $201.40 in pre-market trading. “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 giving us a financial benefit.” Chief Financial Officer Toby O’Brien told Reuters in an interview on Thursday. The company said its 2018 effective tax rate will be about 10.5 percent, down from th
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