Exhibit 99.1

FOR IMMEDIATE RELEASE

Raytheon Reports Strong First Quarter Results

Highlights

WALTHAM, Mass., (April 22, 2010) – Raytheon Company (NYSE: RTN) announced first quarter 2010 income from continuing operations attributable to Raytheon of $453 million or $1.18 per diluted share, compared to $449 million or $1.11 per diluted share in the first quarter 2009. First quarter 2010 FAS/CAS Adjusted Income was $487 million or $1.27 per diluted share, compared to $442 million or $1.09 per diluted share in the first quarter 2009⁽¹⁾ . First quarter 2010 FAS/CAS Adjusted EPS excluded ($0.09) per diluted share of FAS/CAS pension expense, compared to $0.02 per diluted share of FAS/CAS pension income in the first quarter 2009⁽¹⁾.

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“We delivered strong results during the quarter and reaffirmed our positive outlook for the year,” said William H. Swanson, Raytheon’s Chairman and CEO. “We have strong competitive positions, a proven track record of performance, innovative solutions and technologies that are focused on our global customers.”

Net sales in the first quarter 2010 were $6.1 billion, up 3 percent from $5.9 billion in the first quarter 2009.

The Company generated solid operating cash flow from continuing operations of $257 million in the first quarter 2010, which included federal and foreign tax payments of $59 million. Operating cash flow from continuing operations in the first quarter 2009 was $411 million, which included a net tax refund of $323 million. Excluding these tax items, operating cash flow from continuing operations in the first quarter 2010 increased by $228 million, primarily due to improved performance.

The Company ended the first quarter 2010 with $2.6 billion in cash and cash equivalents and $2.3 billion in total debt.

In the first quarter, 2010 the Company repurchased 5.5 million shares of common stock for $300 million, as part of its previously announced share repurchase program. As announced in March 2010, the Company’s Board of Directors authorized the repurchase of up to an additional $2.0 billion of the Company’s outstanding common stock and also increased the Company’s annual dividend payout rate by 21 percent from $1.24 to $1.50 per share.

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Bookings and Backlog

Bookings exceeded net sales in the first quarter 2010. The Company reported total bookings in the first quarter 2010 of $6.5 billion, compared to $5.2 billion in the first quarter 2009.

The Company ended the first quarter 2010 with a backlog of $37.0 billion, compared to $36.9 billion at the end of 2009.

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Outlook

2010 Financial Outlook

The Company is reaffirming its positive outlook for 2010. Charts containing additional information on the Company’s 2010 financial outlook are available on the Company’s website at www.raytheon.com/ir.

Segment Results

Integrated Defense Systems

Integrated Defense Systems (IDS) had first quarter 2010 net sales of $1,336 million, up 6 percent compared to $1,262 million in the first quarter 2009, primarily due to growth on international Patriot programs. IDS recorded $210 million of operating income compared to $188 million in the first quarter 2009. The increase in operating income was primarily due to higher volume on international Patriot programs.

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During the quarter, IDS booked $162 million to provide engineering services support for a Patriot air and missile defense program for U.S. and international customers. IDS also booked $131 million on the Zumwalt-class destroyer program for the U.S. Navy, which included initial funding for the third ship.

Intelligence and Information Systems

Intelligence and Information Systems (IIS) had first quarter 2010 net sales of $730 million compared to $784 million in the first quarter 2009. The change in net sales was primarily due to expected lower net sales on a classified program and an international advanced border control and security program. IIS recorded $50 million of operating income compared to $61 million in the first quarter 2009, primarily due to lower volume and increased requirements on an international program.

During the quarter, IIS booked $1,721 million, including $886 million on a contract to develop the next-generation Global Positioning System Advanced Control Segment (GPS- OCX) for the U.S. Air Force and $624 million on a number of classified contracts, including $340 million on a major classified program.

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Missile Systems

Missile Systems (MS) had first quarter 2010 net sales of $1,361 million compared to $1,368 million in the first quarter 2009. MS recorded $158 million of operating income in both the first quarter 2010 and the first quarter 2009.

During the quarter, MS booked $535 million on a classified program. MS also booked $212 million for the development of Standard Missile-3 (SM-3) and $111 million for development work on the Exoatmospheric Kill Vehicle (EKV) program for the Missile Defense Agency. In addition, MS booked $207 million for the production of Standard Missile-2 (SM-2) for an international customer and the U.S. Navy, $203 million for the production of Tomahawk missiles for the U.S. Navy, $102 million for the production of the Joint Stand-off Weapon (JSOW) for the U.S. Navy, and $95 million for the production of Tube Launched, Optically Tracked, Wireless (TOW) missiles for international customers and the U.S. Army.

Network Centric Systems

Network Centric Systems (NCS) had first quarter 2010 net sales of $1,176 million compared to $1,154 million in the first quarter 2009. NCS recorded $165 million of operating income compared to $163 million in the first quarter 2009.

During the quarter, NCS booked $138 million for Long Range Advanced Scout Surveillance Systems (LRAS3) for the U.S. Army.

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Space and Airborne Systems

Space and Airborne Systems (SAS) had first quarter 2010 net sales of $1,095 million, up 5 percent compared to $1,046 million in the first quarter 2009, primarily due to growth on classified business. SAS recorded $159 million of operating income compared to $139 million in the first quarter 2009. The increase in operating income was primarily due to improved program performance.

During the quarter, SAS booked $90 million for the production of Advanced Countermeasures Electronic System (ACES) for an international customer.

Technical Services

Technical Services (TS) had first quarter 2010 net sales of $801 million, up 15 percent compared to $696 million in the first quarter 2009, primarily due to continued growth in domestic and foreign training programs supporting the U.S. Army’s Warfighter Field Operations Customer Support (FOCUS) activities. TS recorded operating income of $67 million compared to $44 million in the first quarter 2009. The increase in operating income was primarily due to improved program performance, including higher award fees, and higher volume.

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During the quarter, TS booked $155 million on domestic training programs and $25 million on foreign training programs in support of the Warfighter FOCUS activities. TS also booked $88 million on the Security Equipment Integration Services (SEIS) contract for the Transportation Security Administration (TSA) and $78 million to provide operational and logistics support to the National Science Foundation (NSF) Office of Polar Programs.

Raytheon Company (NYSE: RTN), with 2009 sales of $25 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 88 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 75,000 people worldwide.

Conference Call on the First Quarter 2010 Financial Results

Raytheon’s financial results conference call will be held on Thursday, April 22, 2010 at 9 a.m. ET. Participants will include William H. Swanson, Chairman and CEO; David C. Wajsgras, senior vice president and CFO; and other Company executives.

The dial-in number for the conference call will be (866) 543-6405 in the U.S. or (617) 213-8897 outside of the U.S. The conference call will also be audiocast on the Internet at www.raytheon.com/ir. Individuals may listen to the call and download charts that will be used during the call. These charts will be available for printing prior to the call.

Interested parties are encouraged to check the website ahead of time to ensure their computers are configured for the audio stream. Instructions for obtaining the free required downloadable software are posted on the site.

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Disclosure Regarding Forward-looking Statements

This release and the attachments contain forward-looking statements, including information regarding the Company’s 2010 financial outlook, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are not statements of historical facts and represent only the Company’s current expectations regarding such matters. These statements inherently involve a wide range of known and unknown risks and uncertainties. The Company’s actual actions and results could differ materially from what is expressed or implied by these statements. Specific factors that could cause such a difference include, but are not limited to: the Company’s dependence on the U.S. Government for a significant portion of its business and the risks associated with U.S. Government sales, including changes or shifts in defense spending, uncertain funding of programs, potential termination of contracts, and difficulties in contract performance; the ability to procure new contracts; the risks of conducting business in foreign countries; the ability to comply with extensive governmental regulation, including import and export policies, the Foreign Corrupt Practices Act, the International Traffic in Arms Regulations, and procurement and other regulations; the impact of competition; the ability to develop products and technologies; the impact of changes in the financial markets and global economic conditions; the risk that actual pension returns, discount rates or other actuarial assumptions are significantly different than the Company’s assumptions; the risk of cost overruns, particularly for the Company’s fixed-price contracts; dependence on component availability, subcontractor performance and key suppliers; risks of a negative government audit; the use of accounting estimates in the Company’s financial statements; risks associated with acquisitions, dispositions, joint ventures and other business arrangements; risks of an impairment of goodwill or other intangible assets; the outcome of contingencies and litigation matters, including government investigations; the ability to recruit and retain qualified personnel; the impact of potential security threats and other disruptions; and other factors as may be detailed from time to time in the Company’s public announcements and Securities and Exchange Commission filings. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this release and the attachments or to update them to reflect events or circumstances occurring after the date of this release, including any acquisitions, dispositions or other business arrangements that may be announced or closed after such date. This release and the attachments also contain non-GAAP financial measures. A GAAP reconciliation and a discussion of the Company’s use of these measures are included in this release or the attachments.

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Attachment A

Raytheon Company

Preliminary Statement of Operations Information

First Quarter 2010

Attachment B

Raytheon Company

Preliminary Segment Information

First Quarter 2010

Attachment C

Raytheon Company

Other Preliminary Information

First Quarter 2010

Attachment D

Raytheon Company

Preliminary Balance Sheet Information

First Quarter 2010

Attachment E

Raytheon Company

Preliminary Cash Flow Information

First Quarter 2010

Attachment F

Raytheon Company

Non-GAAP Financial Measures - FAS/CAS Adjusted Measures

First Quarter 2010

FAS/CAS Adjusted EPS Non-GAAP Reconciliation

FAS/CAS Adjusted Income from Continuing Operations attributable to Raytheon Company common stockholders Non-GAAP Reconciliation

Attachment G

Raytheon Company

Preliminary Return on Invested Capital Non-GAAP Financial Measure

First Quarter 2010

The Company defines Return on Invested Capital (ROIC) as income from continuing operations excluding the after-tax effect of the FAS/CAS Pension Adjustment plus after-tax net interest expense plus one-third of operating lease expense after-tax (estimate of interest portion of operating lease expense) divided by average invested capital after capitalizing operating leases (operating lease expense times a multiplier of 8), adding financial guarantees less net investment in Discontinued Operations, and adding back the impact of the accounting standard for employers’ accounting for defined benefit pension and other postretirement plans. ROIC is not a measure of financial performance under generally accepted accounting principles (GAAP) and may not be defined and calculated by other companies in the same manner. ROIC should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company uses ROIC as a measure of efficiency and effectiveness of its use of capital and as an element of management compensation.

Return on Invested Capital