WALTHAM, Mass --- Raytheon Company today announced net sales for the fourth quarter 2019 of $7.8 billion, up 6.5 percent compared to $7.4 billion in the fourth quarter 2018. Fourth quarter 2019 EPS from continuing operations was $3.16 compared to $2.93 in the fourth quarter 2018. The increase in the fourth quarter 2019 EPS from continuing operations was primarily driven by operational improvements.
Net sales in 2019 were $29.2 billion, up 7.8 percent compared to $27.1 billion in 2018. Full-year 2019 EPS from continuing operations was $11.92 compared to $10.15 for the full-year 2018.
The previously announced merger with United Technologies is targeted to close early in the second quarter of 2020, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, as well as completion by United Technologies of the separation of its Otis and Carrier businesses.
"Raytheon had a very successful year in 2019, delivering record bookings, backlog, sales and operating cash flow," said Thomas A. Kennedy, Raytheon Chairman and CEO. "Our results reflect the continued hard work and dedication of the Raytheon team and position us well for the future.
"Integration planning for the merger with United Technologies is progressing well, with the integration team developing detailed execution plans to capture revenue and cost synergies rapidly and ensure seamless operations post close. Our goal is to close the merger early in the second quarter of 2020."
The company generated strong operating cash flow for both the fourth quarter and full-year 2019. Operating cash flow from continuing operations was $2.8 billion for the fourth quarter 2019 and $4.5 billion for the full-year 2019, and was better than the company's prior guidance primarily due to improved working capital. Operating cash flow from continuing operations was $2.4 billion for the fourth quarter 2018. Operating cash flow from continuing operations was $3.4 billion for the full-year 2018, after making a $1.25 billion pretax discretionary pension contribution in the third quarter 2018.
The company had record bookings of $12.1 billion in the fourth quarter 2019, resulting in a book-to-bill ratio of 1.54. Fourth quarter 2018 bookings were $8.4 billion.
Full-year 2019 bookings were a record $36.3 billion, resulting in a book-to-bill ratio of 1.25. Full-year 2018 bookings were $32.2 billion.
Click here for the full statement, on the Raytheon website.