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Raytheon 2008 Annual Report

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Raytheon 2008 Annual Report Raytheon Financial Highlights Years ended December 31 2006 2007 2008 In millions, except per share amounts and percentages Backlog $33,838 $36,614 $38,884 Net Sales 19,707 21,301 23,174 Operating Income 1,944 2,328 2,596 Income from Continuing Operations (Adjusted in 2007 & 2008)1 1,187 1,474 1,719 Diluted EPS from Continuing Operations (Adjusted in 2007 & 2008)1 2.63 3.31 4.06 Operating Cash Floww from Continuing Operations 2,477 1,249 2,036 Dividends Declared per Share 0.96 1.02 1.12 Debt to Capital 26.3% 15.3% 20.3% Return on Invested Capital (Adjusted in 2007 & 2008)1 8.3% 9.5% 10.8% ROIC BACKLOG NET SALES OPERATING INCOME (Adjusted in 2007 & 2008)1 In billions, except percentages $38.9 $23.2 $36.6 10.8% $2.6 $33.8 $21.3 $31.5 $19.7 9.5% $2.3 $29.9 $18.5 $17.4 8.3% $1.9 $1.6 6.5% 5.4% $1.3 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 1 2008 income from continuing operations, diluted EPS from continuing operations and return on invested capital have all beenadjusted to exclude the $45 million ($69 million pretax) or $0.11 per diluted share unfavorable adjustment due to the impact of pension investment returns on existing contracts (CAS Pension Adjustment). 2007 income from continuing operations, diluted EPS from continuing operations and return on invested capital have all beenadjusted to exclude the $219 million or $0.49 per diluted share favorable adjustment due to certain tax-related benefifits. These measures are non-GAAP fi nancial measures. Please see the page that precedes the back cover of this report for a reconciliation of these measures to GAAP and a discussion of why the Company is presenting this information. 35050_Eds 1 4/3/09 11:07:48 PM Dear Fellow Shareholders, I am pleased to report that 2008 was another strong year International Success for our company. We successfully executed our strategy As we move forward with our strategic plan for growth, one and had strong operating results, reflflected in a record off the key drivers of our growth strategy is our focus on year-end backlog of $38.9 billion, nine percent sales growth expanding international sales, and in 2008 “international” and 23 percent growth in adjusted earnings per share contributed 28 percent of total bookings. The success from continuing operations. We had excellent operating of the company’s international strategy is reflflected in the cash flow of $2 billion for the year, and we continued to resurgence of our Patriot program, highlighted by an improve Return on Invested Capital. All of our businesses order in 2008 of up to $3.3 billion for the Patriot air and performed well. missile defense system for the United Arab Emirates. The Raytheon team has worked hard these last several years This follows on other important international programs to intensify our focus on the customer, to reshape and which, while previously awarded, achieved signifificant pro- focus our portfolio on our core government and defense gram milestones in 2008, including in the United Kingdom business, to become extremely process disciplined, and the e-Borders program for the U.K. Border Agency and to perform strongly on our programs and stay on budget. the Airborne Stand-Off Radar (ASTOR) system for the This last point has been of utmost importance to us. U.K. Ministry of Defence; and in Australia mission systems integration and support for the Australian Navy’s Hobart Balance Sheet Strength Class Air Warfare Destroyer. I am also pleased to report that We have also worked hard to strengthen the balance sheet. the Royal Moroccan Air Force has now selected Raytheon’s In September 2008, our senior debt rating was upgraded digital electronic warfare suite to equip its F-16s, a strategic by both Fitch and Standard & Poor’s to A-. We ended the win with a core technology internationally. year in a strong cash position, with our cash on hand nearly U.S. Programs equal to our debt outstanding, which means our net-debt was near zero. With respect to U.S. programs, I want to share with you a few of the many examples that reflfl ect the strength of our The result of our solid balance sheet is that we have been team and our focus on performance, relationships and able to both invest in our businesses’ future and to return solutions that drive customer success. cash to shareholders through increased dividends and share repurchases. Clearly, it was a tumultuous year in The fi rst example has a long name and an important financial markets and in the economy, and none of us objective. In 2008, we were awarded the Air Traffific Control are immune to these forces. At Raytheon, we did see an Optimum Training Solution (ATCOTS) contract to provide impact from market performance on our pension plan training support for Federal Aviation Administration investments. We made $660 million in discretionary air traffifi c controllers. As you will read in this report, cash contributions to the plans in 2008 and $900 million ATCOTS is a building block in the transition from today’s in 2007. While the near-term outlook for the financial ground-based air traffific control environment to future markets and the economy continues to be uncertain, satellite-based systems. we remain committed to continue to meet our pension The second example is our selection for the design and obligations going forward. development phase of the Joint Precision Approach and Landing System (JPALS) for the U.S. Navy. JPALS has a big mission: to provide pilots with an advanced pinpoint landing capability on aircraft carriers. 2 35050_Eds 2 4/3/09 11:07:51 PM Vision Strategy Goals Values The third example captured worldwide attention in development programs, or fi nding new ways to help secure February 2008 as Raytheon technology played a pivotal the science, technology, engineering and mathematics role in the successful intercept of a non-functioning (STEM) pipeline for the future. satellite. The company’s Standard Missile-3 intercepted the target 153 miles over the Pacifific Ocean. The Sea-Based Science, Technology, X-band radar, designed and built by Raytheon, tracked the Engineering and Mathematics satellite prior to the missile engagement and performed This is a tall order, but I believe we have made a strong the hit assessment afterward. Throughout the process, start. Our team’s work in support of STEM education is a Raytheon engineers worked closely with our customers and good example of innovation broadly defifined and executed. teammates to ensure mission success. The SM-3 satellite We know STEM education is important to Raytheon intercept team was recently awarded Aviation Week’s 52nd because we are, after all, a technology company that must Annual Laureate Award, which recognizes outstanding always be able to retain and attract STEM talent. We also achievement, strategy, leadership and heroism in aviation, know that future generations, and society, will need these aerospace and defense. same skills to prosper. In the long run, it is the single best investment we can make for our country. Prepared To Embrace The Future Given the importance of the STEM education challenge, the At the beginning of this letter, I summarized the scope company’s approach has been innovative and multifaceted. off our progress these last several years in focusing on customer success, reshaping our portfolio, improving Our MathMovesU® program, developed by Raytheon in process discipline, and strengthening the balance sheet. 2005, is reaching out to middle school students on their own terms to help them make the connection between This year’s Annual Report puts the spotlight on another key studying math and science now and having exciting careers contributor to the company’s success: innovation. Raytheon later. Since its inception, the program has touched the is a technology company, and we are very proud of our lives of more than 700,000 students, teachers and parents team’s wonderful solutions...from Universal Control through interactive learning programs, contests, live events, Systems that enhance performance in piloting unmanned scholarships, tutoring programs and more. aerial systems...toour role in two of TIME Magazine’s 50 Best Inventions of 2008: our Radio Frequency components A core component of MathMovesU is an exciting new for NASA’s soon-to-be launched Lunar Reconnaissance sponsorship at Epcott® at the Walt Disney World® Resort Orbiter and our Active Protection System that is being called the Sum of All Thrills..™ This interactive exhibit developed for the U.S. Army. In the pages that follow, you is scheduled to be unveiled later this year at the will read about some of the many, many technology solu- INNOVENTIONS pavilion. The exhibit will offer children tions developed by our world-class engineers and scientists. (and the child in alll of us) an exciting experience to help instill a passion for math and engineering principles. Our engineers and scientists inspire us. They show us what It is an experience one will not soon forget. can be accomplished when we look at the world with fresh eyes, collaborate, welcome new ideas and try to do things Raytheon has teamed with the New England Patriots to differently. We feel so strongly about this mindset that we unveil another exciting educational experience, The Hall are redoubling our efforts on innovation at Raytheon. That at Patriot Place presented by Raytheon. It is our hope that is, we want there to be an innovative approach to meeting tens of thousands of students will experience the math needs that extends beyond our engineers and scientists and science education program we have developed for to include all members of our team—whether they are school groups visiting one of the most exciting venues in developing a more effifi cient way to close the financial the country.
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