Raytheon Warning for 2002 Clips Its Shares

Raytheon Co. said its 2002 earnings could fall as much as 12% below Wall Street estimates. The company also said it expects government certification of its Premier business jet to come in the second quarter, three months later than hoped for by investors. The maker of the Patriot missile also forecast slight declines this year in operating income and revenue at its key defense electronics systems unit. Executives at Lexington, Mass.-based Raytheon reaffirmed previous guidance for 2001 earnings of $1.55 to $1.70 a share. But for next year, they said, the company expects earnings of $1.70 to $1.85 a share. Analysts who follow Raytheon had expected $1.94 a share, according to First Call/Thomson Financial. On the New York Stock Exchange, Raytheon’s Class A shares fell $1.66 to close at $33.50, while its Class B stock slid $1.58 to close at $33.81.