Raytheon Co. announced preliminary earnings results for the fourth quarter and full year ended Dec. 31, 2011. For the quarter, the company reported net sales of $6,441 million, operating income of $860 million, income from continuing operations before taxes $821 million, income from continuing operations of $555 million or $1.58 per diluted share, net income attributable to the company of $543 million or $1.57 per diluted share as compared to reported net sales of $6,885 million, operating income of $804 million, income from continuing operations before taxes $715 million, income from continuing operations of $514 million or $1.37 per diluted share, net income attributable to the company of $459 million or $1.25 per diluted share for the same period prior year. Net operating cash flow was $1,319 million as compared to $861 million for the same period prior year. The increase in operating cash flow from continuing operations in the fourth quarter 2011 was primarily due to the timing of collections. Capital spending was $143 million as compared to $135 million for the same period prior year. Adjusted EPS was $1.74 as compared to $1.55 for the same period prior year. Adjusted income was $600 million as compared to $568 million for the same period prior year. The increase in adjusted EPS was driven by operational improvements and capital deployment actions. For the year, the company reported net sales of $24,857 million, operating income of $2,857 million, income from continuing operations before taxes $2,690 million, income from continuing operations of $1,897 million or $5.28 per diluted share, net income attributable to the company of $1,866 million or $5.27 per diluted share as compared to reported net sales of $25,183 million, operating income of $2,607 million, income from continuing operations before taxes $2,432 million, income from continuing operations of $1,843 million or $4.79 per diluted share, net income attributable to the company of $1,840 million or $4.88 per diluted share for the same period prior year. Net operating cash flow was $2,156 million as compared to $1,931 million for the same period prior year. Capital spending was $340 million as compared to $319 million for the same period prior year. Adjusted EPS was $5.90 as compared to $5.51 for the same period prior year. Adjusted income was $2,086 million as compared to $2,077 million for the same period prior year. For the year 2012, the company expects net sales of $24.5 to 25 billion, interest expense of $190 to $200 million, effective tax rate of $32%, adjusted EPS of $5.45 to $5.60, EPS from continuing operations of $4.90 - $5.05, operating cash flow from continues operations of $1.6 to 41.8 billion.