Word: raytheon
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Dates: during 1950-1959
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...rise was equally strong in many a company that kept growing despite the recession. Raytheon Manufacturing noted a backlog of $280 million in unfilled orders, reported that a fat fourth quarter pushed 1958 earnings to $3.08 per share and a new record, 95% better than last year. Westinghouse. whose sales declined 5.6% largely because of the slump in appliances, had a better-than-good year: by working hard on a cost-control program, it managed to boost earnings to $4.25 per share v. $4.18 last year...
Wall Street is well aware of electronics' rapid growth, pays as much as 40 and 50 times earnings for what it calls "Buck Rogers stocks." Eager buyers this year boosted Texas Instruments from 26¾ to 86, Raytheon from 22 to 62⅝, Fairchild Camera from 18⅞ to 64¾, General Transistor from 17 to 51. But to many Wall Streeters, even such high prices seem cheap when sales and earnings are zooming. Explains one broker: "Current earnings are already past history. If you want to participate in growth, you have...
General Electric $58.6 $55.2 Raytheon Mfg. 2.5 1.0 Underwood Corp. .9 (loss) .2 IBM 40.9 22.3 (inclduing non-recurring $14 million capital gain...
Geneen rattled the structure of Raytheon so completely that the dust has just started to settle. He found "a $200 million operation with management enough to run only a $20 million company," a history of cases in which Raytheon developed and marketed a product only to lose out when hit by competition. To solve such problems, Geneen brought 32 executives into new management spots, reorganized the company into seven divisions, set a controller over each to exercise searching financial control...
Keep It Fluid. While it was changjng its pace, Raytheon really went after military contracts, now does 80% of its business with the Government. It is the only U.S. electronics firm with prime contracts for two mass-production missiles (the Army's ground-to-air Hawk and the Navy's air-to-air Sparrow III), is subcontractor for electronic devices for twelve other missiles and for equipment for the 6-52 and the 6-58. It is also manufacturing transistors, and their successor spa-cistors, for everything from field radios to satellite innards, hopes to raise...