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Raytheon Co. topped analysts' second-quarter profit estimates as the defense giant boosted sales in its missile and space businesses.

Earnings from continuing operations rose to $2.38 a share, the Waltham, Massachusetts-based company said Thursday in a statement. The total included a tax-free gain of 53 cents a share after Raytheon modified a joint venture, as well as a 10-cent tax benefit from new accounting standards. Analysts projected adjusted earnings of $1.72 a share, according to the average of estimates compiled by Bloomberg.

The maker of Patriot missile-defense systems has looked to increase non-U.S. sales to counter a slowdown in Pentagon spending in recent years. Raytheon also has diversified its business by pursuing more commercial sales through a growing cyber-security unit.

Raytheon increased its 2016 profit forecast to $7.13 to $7.33 a share, a 20-cent boost. Analysts project annual earnings of $7.18 a share on average. The company held its sales forecast steady at $24 billion to $24.5 billion.

In the second quarter, sales rose 3.2 percent to $6.04 billion, Raytheon said. That exceeded analysts' average estimate of $5.83 billion. Revenue increased 6.2 percent in the Missile Systems division, primarily due to the Paveway laser-guided bomb program. Classified programs boosted the Space and Airborne Systems unit, which saw net sales advance 9.3 percent, Raytheon said.

The company booked a $487 million deal during the quarter to provide Patriot capabilities to Kuwait, along with smaller contracts with the U.S. Navy and the Royal Australian Navy.

Shares rose 8.7 percent this year through Wednesday, outpacing the 6 percent gain in the Standard & Poor's 500 Index.