Raytheon Co. announced earnings results for the fourth quarter and full year of 2012. For the quarter, the company's net sales were $6,439 million compared to $6,422 million in the fourth quarter 2011. Operating cash flow from continuing operations for the fourth quarter 2012 was $988 million compared to $1,286 million for the fourth quarter 2011. The change in operating cash from continuing operations in the fourth quarter 2012 was primarily due to the timing of customer advances. Adjusted EPS of $1.60 per diluted share compared to $1.72 per diluted share in the fourth quarter 2011 The change was due to the timing of operational improvements in the fourth quarter 2012 compared to the fourth quarter 2011. Fourth quarter 2012 EPS from continuing operations was $1.41 compared to $1.56 in the fourth quarter 2011. Fourth quarter 2012 included a $0.06 net charge associated with the impact of early debt retirement. Operating income was $755 million against $849 million a year ago. Net income attributable to Raytheon Company was $471 million against $543 million a year ago. Income from continuing operations was $466 million against $539 million a year ago. Capital spending was $135 million against $143 million a year ago.

For the full year, the company's net sales were $24,414 million, compared to $24,791 million a year ago. Operating cash flow from continuing operations was $1,951 million compared to $2,102 a year ago. The company generated strong operating cash flow from continuing operations for both 2012 and 2011, of $2.0 billion and $2.1 billion, respectively. Adjusted EPS of $6.21 per diluted share compared to $5.85 per diluted share a year ago. The increase was primarily driven by capital deployment actions and operational improvements. Full-year 2012 EPS from continuing operations was $5.65 compared to $5.22 for the full-year 2011. Operating income was $2,989 million against $2,830 million a year ago. Net income attributable to Raytheon Company was $1,888 million against $1,866 million a year ago. Income from continuing operations was $1,889 million against $1,848 million a year ago. Capital spending was $339 million against $340 million a year ago.

For the year 2013, the company expects net sales in the range of $23.6 to $24.1 billion. Effective tax rate of 30%. EPS from continuing operations to be in the range of $5.16 to $5.31. Adjusted EPS in the range of $5.65 to $5.80. Operating cash flow from continuing operations in the range of $2.0 to $2.2 million.