TBR COMMENTARY: RAYTHEON IT SERVICES 3Q10 FISCAL PERFORMANCE - Sponsored Whitepaper

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Uneven demand across Raytheon IT Services’ (RITS) portfolio resulted in essentially flat growth in
3Q10, fueling uncertainty about 4Q10 and FY11. RITS’ top-line performance in 3Q10 - modest year-to-year
growth of 0.7% to $2.835 billion - was carried primarily by the Technical Services (TS) segment, a scenario that
has played out over the course of FY10. As a result of continued volume growth and new contract awards in
domestic and foreign training programs, RITS’ TS unit was again the company’s primary growth engine in 3Q10,
offsetting flat growth in Network Centric Systems (NCS) and another quarter of contracting revenue in
Intelligence & Information Systems (IIS). TBR believes that IIS’ and NCS’ respective performances in 3Q10 were
somewhat impacted by the timing of deal wins – awards that were made closer to the end of 3Q10, though IIS
continues to suffer from the loss of the U.K. Border Agency program in 3Q10.
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