Defense Holding Their Ground
Raytheon (NYSE: RTN) recently reported that their second quarter earnings rose 7.5%. The company slated this increase as a result of lower costs and a widened profit margin. As a result of the increase, Raytheon raised its earnings outlook for the year. Per-share earnings of $5.70 to $5.85 are now expected, up from $5.55 to $5.70. As Pentagon spending remains a topic for debate, Raytheon and its peers have been expanding into new markets and territories. Raytheon is considered one of the most resilient U.S. Defense contractors, due in large part to its diversification and limited reliance on big-budget projects. Raytheon is currently bidding on a project to provide Turkey with a missile defense system.