On Friday, the defense contracting giant beat estimates for its second quarter, with 5.6 percent year-over-year top-line growth, which management attributed to improved government contract bookings and increased aircraft deliveries, Forbes magazine reported.

Raytheon produces radars, missiles and aircraft components, and reported earnings of 69 cents per share, versus Wall Street estimates of 63 cents, on sales of $5.7 billion. Bookings reached $5.5 billion while Raytheon's backlog totaled $34.4 billion, the report said

"Raytheon's second-quarter earnings again exceeded expectations and displayed the fruits of its consistent business execution and deploying its technical strengths to generate rising sales, earnings and funded backlog growth," Caris and Company analyst Mary Anne Sudol wrote in a in a recent investor assessment cited by Forces

Sudol wrote that she was encouraged by Raytheon's plans to exit its aircraft business, which is improving with new products but has for some time been considered outside Raytheon's core operations. The company will instead focus on opportunities in missile defense, international customer relationships, classified work and homeland security.

"The company is experiencing some of its best new business growth in areas where it is among the global leaders," Sudol wrote.

Raytheon expects to see annual sales of $2 billion in missile defense, while classified contract awards in the second quarter alone totaled $1.2 billion, including one contract worth $276 million. Homeland security is a relatively new market that has proven to be a growing source of new business with $500 million in new bookings so far this year, Forbes reported.

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