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(Reuters) – General Electric Co expects industrial revenue to rise by low to mid-single-digit percent this year, as gains at renewable energy, aviation and healthcare offset a decline in the power unit, Chief Executive Officer Larry Culp said on Thursday. The forecast, which excludes restructuring and currency changes, was one of very few projections GE gave investors as it reported fourth-quarter profit that fell below estimates but that beat Wall Street expectations for revenue and free cash flow luxury cufflinks.

(Reuters) – Tomahawk missile maker Raytheon Co disappointed investors on Thursday by forecasting conservative 2019 profit and revenue after reporting quarterly revenue below Wall Street expectations. Revenue in the quarter rose to $7.36 billion from $6.78 billion a year earlier boosted by higher demand for its weapons from the United States and its allies, but it missed estimates of $7.46 billion, according to IBES data from Refinitiv. Raytheon was the latest top U.S. defense contractor this week to reveal it wasn’t growing as fast as Wall Street expected, suggesting an anticipated surge in defense spending under President Donald Trump had not directly translated into weapons contracts – at least not yet luxury cufflinks.

Chief Executive Tom Kennedy told analysts on the call that the Trump administration’s recently released Missile Defense Review included several Raytheon programs including the Standard Missile-3 (SM-3) Block IIA and the ICBM interceptors that Raytheon is working on. “All around I think the missile defense review is great for us,” he said. Shares were down about 2.2 percent to $167.63 in early trading. The company said it expected 2019 net sales to range between $28.6 billion and $29.1 billion, marginally below analysts’ average expectation of $29.01 billion, according to Refinitiv data luxury cufflinks.

The U.S. weapons maker forecast 2019 profit in the range of $11.40 to $11.60 per share, below analysts’ average estimate of $11.78 per share, according to IBES data from Refinitiv luxury cufflinks. Toby O’Brien, Raytheon’s chief financial officer, told Reuters in an interview on Thursday that the approaching end of an Army training contract was holding back some of the 2019 growth. “It’s transitioning out, and winding down that program in and of itself dropped about a half a billion dollars year-over-year, so we’re absorbing that headwind,” he said, without providing an end date..

If that were ignored in 2019 “we’d be talking about, you know, eight to 10 percent growth instead of 6 to 8,” he said. The contract is in the Intelligence, Information and Services business unit, which posted a 23 percent jump in operating income in the fourth quarter versus the same period a year earlier luxury cufflinks. Rivals Lockheed Martin Corp, General Dynamics Corp and Northrop Grumman also forecast their 2019 profit below analysts’ estimates this week. Raytheon said operating cash flow from continuing operations is expected to be in the range of $3.9 billion to $4.1 billion in 2019, compared with $3.4 billion in the previous year. But the mid-point of the forecast fell short of analysts’ average estimate of about $4.1 billion..