Raytheon Aircraft Company, a division the company is reportedly trying to sell to reduce its debt burden, recorded sales of $749 million, up 6 percent from a year ago due to higher aircraft deliveries.
For the nine months ending Oct. 1, Raytheon recorded net sales of $12.56 billion, down 4 percent from $13.02 billion over the same period last year. Raytheon has a net loss for the first nine months of the year of $23 million, compared with earnings of $332 million in the year-ago period.
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Mattel’s Profits Fall
Mattel, in the midst of a restructuring and under new leadership, said its profit fell 22 percent in the third quarter because of declining sales.
The company said today it earned $174.3 million, or 41 cents per share, from continuing operations in the quarter ended Sept. 30 as compared with profits of $222.2 million, or 52 cents per share in the same period last year.
The results were in line with estimates of analysts surveyed by First Call/Thomson Financial.
Sales increased by 2 percent in the United States, but fell 5 percent in international markets, the company reported. Sales of the company’s two largest brands — Barbie and Fisher-Price — increased during the quarter.
Mattel reported its earnings the day after the sale of its money-losing interactive toy division, The Learning Co.
Mattel took a one-time charge of $441 million as the result of the sale, but said the sale would save it $1 million a day in operating losses.
The company’s disastrous experience with The Learning Co. cost former chief executive Jill Barad her job. Barad was replaced in May by chief executive Robert A. Eckert.
The company also took a restructuring charge of $74 million, or 18 cents per share. Including one-time charges, the company lost $336.8 million, or 79 cents per share, in the quarter.
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