Courtesy Raytheon Missile Systems

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Raytheon Co. today reported that its net income fell because of a big one-time gain it recorded last year, but income from continuing operations grew 20 percent on missiles sales, border security work and lower pension expenses.

The company's Tucson-based Missile Systems unit posted a 9 percent increase in its second-quarter net sales, which it attributed to higher-volume sales in its Phalanx and medium-range missile programs.

Parent Raytheon Co. posted a 68 percent decline in net income, to $426 million, because of a $980 million gain reported last year from the sale of its aircraft company. Net earnings fell to $1 per share from $2.97 per share during the second quarter of 2007.

Excluding the 2007 gain, Raytheon reported second quarter 2008 income from continuing operations of $426 million, or $1.00 per share, compared with $355 million or $0.79 per share in the second quarter 2007.

Net sales for the second quarter 2008 were $5.9 billion, up 11 percent from $5.3 billion in the second quarter 2007.

Raytheon Missile Systems — the world's largest missile maker – reported bookings of $412 million for the production of the Advanced Medium-Range Air-to-Air Missile, or AMRAAM, and $376 million for Standard Missile-3. Quarter-over-quarter sales here rose to $1.36 billion from $1.24 billion.

"All of our businesses performed well and the company had a strong second quarter," William H. Swanson, Raytheon's chairman and CEO, said in prepared remarks. "We are increasing our financial outlook for the year as a result of our solid performance."

Shares of Waltham, Mass.-based Raytheon dropped slightly in mid-day trading on the New York Stock Exchange to $57.31, compared with with today's open of $58.37.

Raytheon is Southern Arizona's largest employer, with 12,500 full-time-equivalent employees at the end of 2007, according to the Star 200 survey of major employers.