Raytheon Company (NYSE:RTN) announced first quarter 2010 income from continuing operations attributable to Raytheon of $453 million or $1.18 per diluted share, compared to $449 million or $1.11 per diluted share in the first quarter 2009. First quarter 2010 FAS/CAS Adjusted Income was $487 million or $1.27 per diluted share, compared to $442 million or $1.09 per diluted share in the first quarter 2009(1).

First quarter 2010 FAS/CAS Adjusted EPS excluded ($0.09) per diluted share of FAS/CAS pension expense, compared to $0.02 per diluted share of FAS/CAS pension income in the first quarter 2009(1). Net sales in the first quarter 2010 were $6.1 billion, up 3 percent from $5.9 billion in the first quarter 2009. The Company generated solid operating cash flow from continuing operations of $257 million in the first quarter 2010, which included federal and foreign tax payments of $59 million. Operating cash flow from continuing operations in the first quarter 2009 was $411 million, which included a net tax refund of $323 million. Excluding these tax items, operating cash flow from continuing operations in the first quarter 2010 increased by $228 million, primarily due to improved performance. The Company ended the first quarter 2010 with $2.6 billion in cash and cash equivalents and $2.3 billion in total debt. To read the entire financial report, select this direct link.