Raytheon Company RTN reported first-quarter 2016 adjusted earnings from continuing operations of $1.43 per share, beating the Zacks Consensus Estimate of $1.36 by 5.1%. However, earnings decreased 19.7% from the year-ago figure of $1.78. Raytheon Company (RTN) EPS BNRI & Surprise Percent - Last 5 Quarters | FindTheCompany Operational PerformanceThe company’s first-quarter revenues of $5,763 million registered 9% year-over-year growth. The reported number surpassed the Zacks Consensus Estimate of $5,455 million by 5.6%.The company’s bookings in the first quarter were $6,201 million compared with $4,471 million in the year-ago period, reflecting an increase of 38.7%. Total backlog at the end of the quarter was $34.77 billion, up from $32.49 billion a year ago, while funded backlog was $26.17 billion, up from $23.72 billion a year ago.Total operating expenses climbed 15.8% to $5,151 million. As a result, operating income declined to $612 million from $840 million a year ago.Quarterly Segment PerformanceIntegrated Defense Systems: Segment revenues increased 2% year over year to $1,337 million due to higher sales on certain international Patriot programs. Segment operating income declined 20% to $147 million.Intelligence, Information and Services: Segment revenues of $1,493 million were higher than the year-ago level of $1,461 million due to higher sales on cybersecurity and special missions programs. Operating income in the reported quarter dropped to $100 million from $295 million a year ago.Missile Systems: Segment revenues grew 17% year over year to $1,720 million due to higher sales of Paveway and AMRAAM programs. Operating income decreased 7% to $192 million from $207 million a year ago.Space and Airborne Systems: Revenues in the quarter grew 7% year over year to $1,450 million. Operating income decreased 5% to $173 million due to a change in program mix.Forcepoint: This commercial cybersecurity company generated net sales of $136 million in the first quarter, up sharply from $24 million a year ago. The joint-venture entity registered an operating income of $14 million in the reported quarter.Financial UpdateRaytheon ended the first quarter with cash and cash equivalents of $1,934 million, down from $2,328 million as of Dec 31, 2015. Long-term debt was $5,332 million, up marginally from outstanding debt of $5,330 million as of Dec 31, 2015.Operating cash flow from continuing operations of $325 million in the quarter increased significantly from $55 million a year ago.In the fourth quarter, Raytheon repurchased 3.2 million shares of common stock for $400 million.GuidanceRaytheon maintained its 2016 revenue expectation in the range of $24.0 billion to $24.5 billion. However, it increased its earnings projection to the range of $6.93−$7.13 per share for 2016 from $6.80-$7.00 expected earlier.The company expects 2016 operating cash flow from continuing operations to be $2.7−$3.0 billion.Peer ReleasesPentagon’s prime contractor, Lockheed Martin Corp. LMT, reported adjusted first-quarter 2016 earnings of $2.58 per share, surpassing the Zacks Consensus Estimate of $2.51 by 2.8%.Northrop Grumman NOC reported first-quarter 2016 adjusted earnings of $2.77 per share, beating the Zacks Consensus Estimate of $2.47 by 12.1%. Earnings also increased 29.4% from $2.14 per share in the year-ago quarter on higher sales volume.General Dynamics Corporation GD announced first-quarter 2016 earnings from continuing operations of $2.34 per share, comfortably surpassing the Zacks Consensus Estimate and the year-ago figure of $2.14 by 9.3%.Zacks RankRaytheon Company currently has a Zacks Rank #3 (Hold).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NORTHROP GRUMMN (NOC): Free Stock Analysis Report GENL DYNAMICS (GD): Free Stock Analysis Report LOCKHEED MARTIN (LMT): Free Stock Analysis Report RAYTHEON CO (RTN): Free Stock Analysis Report To read this article on Zacks.com click here.