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Today the company reported second quarter earnings. I've tried to extract only the section of that report dealing with Raytheon's aircraft manufacturing business, along with a brief snapshot of he overall results:

Raytheon Reports 10 Percent Sales Growth in Second Quarter 2005 and Increases Full-year Guidance

-- Sales of $5.4 billion, EPS of $0.51 from Continuing Operations

-- Bookings of $8.1 billion, record backlog of $34.6 billion

-- Free cash flow from continuing operations of $736 million

(NYSE: RTN) reported second quarter 2005 income from continuing operations of $233 million or $0.51 per diluted share compared to a loss from continuing operations of $94 million or $0.22 per diluted share in the second quarter 2004. Second quarter 2004 income from continuing operations, excluding the
effect of charges for the settlement of a class action shareholder lawsuit and the early retirement of debt, was $152 million or $0.35 per diluted share.

Second quarter 2005 income from continuing operations was higher due to better operating results in the Government and Defense businesses and at Raytheon Aircraft Company (RAC) combined with lower interest expense.


2nd Quarter % Six Months %
(in millions, except margin
percent) 2005 2004 Change 2005 2004 Change

Net Sales $687 $570 21% $1,129 $944 20%
Operating Income $33 $23 43% $35 $(5)
Operating Margin 4.8% 4.0% 3.1% -0.5%

Commercial Deliveries 79 75 5% 112 100 12%

Raytheon Aircraft Company (RAC) had second quarter 2005 net sales of $687
million, up 21 percent from $570 million in the second quarter 2004. RAC
recorded operating income of $33 million in the quarter compared to $23
million in the comparable quarter in 2004. Operating income was higher
primarily due to higher sales volume and aircraft mix.

RAC delivered 79 commercial aircraft in the second quarter of 2005,
compared to 75 in the same quarter last year.

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