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aytheon Company announced net sales for the third quarter 2015 of $5.8 billion compared to $5.5 billion in the third quarter 2014. Third quarter 2015 EPS from continuing operations was $1.47 compared to $1.65 in the third quarter 2014. Third quarter 2015 EPS from continuing operations included, as expected, a $0.09 unfavorable impact associated with Raytheon|Websense (RW) acquisition accounting adjustments discussed in further detail below.
"I'm very pleased with our strong revenue growth and cash flow generation in the third quarter," said Thomas A. Kennedy, Raytheon Chairman and CEO. "The Raytheon team remains focused on driving future growth by developing and delivering innovative solutions that address our global customers' most complex challenges."
Operating cash flow from continuing operations for the third quarter 2015 was $1.1 billion compared to $0.4 billion for the third quarter 2014. The increase in operating cash flow from continuing operations in the third quarter 2015 was primarily due to favorable working capital in the quarter and the timing of cash taxes. Year-to-date operating cash flow from continuing operations was $1.5 billion in 2015 versus $1.2 billion for the comparable period in 2014. The increase in operating cash flow from continuing operations in 2015 was primarily due to the timing of required pension contributions and the collection of the eBorders settlement with the U.K. Home Office, which was resolved in the first quarter 2015, partially offset by higher cash taxes.
he Company had bookings of $5.3 billion in the third quarter 2015 compared to $5.9 billion in the third quarter 2014. Year-to-date 2015 bookings were $17.4 billion, resulting in a year-to-date book-to-bill ratio of 1.03 and 1.06 on a trailing four quarter basis. Year-to-date 2014 bookings were $16.9 billion.
In the third quarter 2015, the Company repurchased 2.4 million shares of common stock for $250 million. Year-to-date 2015, the Company repurchased 7.0 million shares of common stock for $750 million.
The Company ended the third quarter 2015 with $2.3 billion of net debt. Net debt is defined as total debt less cash and cash equivalents and short-term investments.
Third quarter 2015 results include items related to the Raytheon|Websense transaction which are excluded from segment operating performance since management does not consider those items in evaluating the segment.