Raytheon shares rise 2% on profit, revenue beats, higher 2018 guidance

Raytheon Co. RTN, -1.66%shares rose 2% in premarket trade Thursday after the company reported first-quarter profit and revenue beats and raised its 2018 guidance. Earnings for the latest quarter rose to $633 million, or $2.20 per share, from $506 million, or $1.73 per share in the year-earlier period.

The FactSet adjusted earnings-per-share consensus was $2.11. Revenue rose to $6.27 billion from $6.0 billion, compared with the FactSet consensus of $6.21 billion. Raytheon now expects 2018 revenue of $26.5 billion to $27 billion, compared with prior guidance of $26.4 billion to $26.9 billion, and EPS of $9.70 to $9.90, compared with prior guidance of $9.55 to $9.75. Raytheon shares have risen 2.3% over the last three months, compared with an 8% drop in the S&P 500 SPX, +0.90%and a 9.5% drop in the Dow Jones Industrial Average DJIA, +0.91%