...$1.56 per diluted share compared to $1.48 per diluted share in the first quarter 2012, up 5 percent. First quarter 2013 EPS from continuing operations was $1.49 compared to $1.33 in the first quarter 2012. First quarter 2013 included $0.08 associated with the favorable impact of the 2012 research and development (R&D) tax credit. In addition, an unfavorable FAS/CAS Adjustment of $0.14 was included in both the first quarter 2013 and the first quarter 2012.

"Strong program execution drove solid operating results in the first quarter," said William H. Swanson, Raytheon's Chairman and CEO. "Our innovation and technology, along with our focus on productivity, agility and affordability, continue to create value for our customers and shareholders."

Net sales for the first quarter 2013 were $5,879 million, compared to $5,938 million in the first quarter 2012.

Operating cash flow from continuing operations for the first quarter 2013 was $422 million compared to $111 million for the first quarter 2012. The increase in operating cash from continuing operations in the first quarter 2013 was primarily due to working capital improvements and the timing of tax payments.

In the first quarter 2013, the Company repurchased 4.2 million shares of common stock for $225 million as part of its previously announced share repurchase program. In addition, as announced in March 2013, the Company's Board of Directors voted to increase the Company's annual dividend rate by 10 percent from $2.00 to $2.20 per share, the ninth consecutive annual dividend increase.

The Company ended the first quarter 2013 with $719 million of net debt. Net debt is defined as total debt less cash and cash equivalents and short-term investments.

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