Raytheon (NYSE: RTN): Q4 2019 Earnings Snapshot

— Raytheon Company (NYSE: RTN) reported its fourth-quarter 2019 earnings of $3.16 per share versus $3.12 per share expected.

— Net sales increased by 6.5% to $7.84 billion versus $8 billion expected.

— Integrated Defense Systems sales increased by 18% primarily driven by higher net sales on an international air and missile defense system program awarded in the third quarter of 2019 and an international missile defense radar program.

— Intelligence, Information, and Services sales rose by 2% primarily driven by higher net sales on classified programs in both cyber and space.

— Missile Systems sales rose by 1% primarily due to higher net sales on classified programs. Forcepoint sales rose by 3% year-over-year.

— Space and Airborne Systems sales grew by 7% helped by higher net sales on classified programs, the Next Generation Overhead Persistent Infrared program, and tactical communication systems programs.

— The company had record bookings of $12.1 billion in the fourth quarter of 2019, resulting in a book-to-bill ratio of 1.54. Fourth-quarter 2018 bookings were $8.4 billion.

— Backlog at the end of 2019 was a record $48.8 billion, an increase of $6.3 billion or 15 percent compared to the end of 2018.

— The previously announced merger with United Technologies (NYSE: UTX) is targeted to close early in the second quarter of 2020. This is subject to be the completion by United Technologies of the separation of its Otis and Carrier businesses.

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