RAYTHEON CO/ | 2013 | FY | 3

Quarterly Operating Results (Unaudited)
(In millions, except per share amounts, stock prices and workdays)
 
 
 
 
 
 
 
2013
First(3)
 
Second
 
Third
 
Fourth
Total net sales
$
5,879

 
$
6,115

 
$
5,842

 
$
5,870

Gross margin
1,274

 
1,362

 
1,308

 
1,230

Income from continuing operations
496

 
493

 
491

 
469

Net income attributable to Raytheon Company
488

 
488

 
489

 
531

EPS from continuing operations attributable to Raytheon Company
    common stockholders(1)
 
 
 
 
 
 
 
Basic
$
1.50

 
$
1.50

 
$
1.51

 
$
1.46

Diluted
1.49

 
1.50

 
1.51

 
1.46

EPS attributable to Raytheon Company common stockholders(1)
 
 
 
 
 
 
 
Basic
1.49

 
1.50

 
1.52

 
1.66

Diluted
1.49

 
1.50

 
1.51

 
1.66

Cash dividends per share
 
 
 
 
 
 
 
Declared
0.55

 
0.55

 
0.55

 
0.55

Paid
0.50

 
0.55

 
0.55

 
0.55

Common stock prices
 
 
 
 
 
 
 
High
$
59.01

 
$
68.07

 
$
80.69

 
$
91.04

Low
52.67

 
56.22

 
64.82

 
73.97

Workdays(2)
63

 
64

 
63

 
59


2012
First

 
Second

 
Third

 
Fourth(4)

Total net sales
$
5,938

 
$
5,992

 
$
6,045

 
$
6,439

Gross margin
1,279

 
1,340

 
1,356

 
1,347

Income from continuing operations
454

 
471

 
508

 
468

Net income attributable to Raytheon Company
448

 
471

 
500

 
469

EPS from continuing operations attributable to Raytheon Company
    common stockholders(1)
 
 
 
 
 
 
 
Basic
$
1.33

 
$
1.41

 
$
1.51

 
$
1.41

Diluted
1.33

 
1.41

 
1.51

 
1.41

EPS attributable to Raytheon Company common stockholders(1)
 
 
 
 
 
 
 
Basic
1.33

 
1.41

 
1.51

 
1.42

Diluted
1.32

 
1.41

 
1.50

 
1.42

Cash dividends per share
 
 
 
 
 
 
 
Declared
0.50

 
0.50

 
0.50

 
0.50

Paid
0.43

 
0.50

 
0.50

 
0.50

Common stock prices
 
 
 
 
 
 
 
High
$
52.96

 
$
56.59

 
$
58.40

 
$
59.28

Low
47.99

 
49.30

 
54.28

 
54.00

Workdays(2)
64

 
64

 
63

 
58

(1)
EPS is computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the total computed for each year.
(2)
Number of workdays per our fiscal calendar, which excludes holidays and weekends.
(3)
During the first quarter of 2013, we recorded a $25 million benefit for the 2012 research and development (R&D) tax credit. In January 2013, Congress approved legislation that included the extension of the R&D tax credit. The legislation retroactively reinstated the R&D tax credit for 2012 and extended it through December 31, 2013. As a result, we recorded the 2012 benefit in the first quarter of 2013.
(4)
During the fourth quarter of 2012, we received proceeds of $1,092 million for the issuance of $1.1 billion fixed rate long-term debt and exercised our call rights to repurchase, at prices based on fixed spreads to the U.S. Treasuries, $970 million of our long-term debt due 2014 and 2015 at a loss of $29 million pretax, $19 million after-tax, which is included in other expense (income), net.

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