Article: Raytheon Reports Fourth Quarter 2003 EPS of $0.52 from Continuing Operations; -- Earnings per share of $0.49 including the impact of discontinued operations -- Government and Defense bookings of $7.1 billion in the quarter and $20 billion for the year, backlog at all-time high of $25 billion -- Free cash flow from continuing operations of $906 million in the quarter and $1.6 billion for the year.

Raytheon Company reported fourth quarter 2003 income from continuing operations of $217 million or $0.52 per diluted share compared to $155 million or $0.38 per diluted share in the fourth quarter 2002. Income from continuing operations includes a pre-tax charge of $77 million from the early redemption of debt and a $55 million gain from the sale of its remaining investment in the Company's former aviation support business, both of which were previously announced. Non-cash pension expense (FAS/CAS pension adjustment) negatively impacted the quarter by $0.14 per diluted share on a year-over-year basis.

Fourth quarter 2003 net income was $205 million or $0.49 per ...

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