Most of the attention surrounding Raytheon (NYSE:RTN) right now is understandably related to its pending megamerger with the aerospace arm of United Technologies (NYSE:UTX). But Raytheon, in what could be its final earnings report as an independent company, demonstrated the potential in its portfolio and gave investors plenty to get excited about heading into the merger. Raytheon, unlike the other defense primes, is not focused on building large military platforms like tanks, ships, or planes, but rather specializes in missiles, space, cyber, electronics, and sensors. Raytheon has always been somewhat of a contrarian in the defense sector, and that will only increase when it combines with the commercial aerospace-heavy UTC portfolio and becomes one of the most diverse large companies in the industry. Here’s a look at how Raytheon performed in the final three months of 2019, and what management had to say about the future.The quarter contained a lot of noise. Raytheon beat thanks to stronger-than-expected earnings from its integrated defense systems business, which specializes in air and missile defense, radars, and control systems, and its intelligence business, as well as a lower-than-expected tax rate. The company’s space, missile, and Forcepoint cyber business all came in below expectations. Missiles is Raytheon’s largest business, but it registered just 1% sales growth for the quarter, and for the year saw its operating margin drop 70 basis points — that is, 0.70 percentage points — to 11%. Management blamed the sluggish sales on timing issues, with some purchases not happening as quickly as expected, implying the company should be able to register better growth in early 2020. Raytheon generated $2.8 billion in operating cash flow for the quarter, more than $200 million better than guidance, primarily due to improved working capital. For the full year the company generated $4.5 billion in operating cash flow, compared to a pension-adjusted $3.4 billion in 2018.The company registered strong sales in classified areas, achieving $8 billion in classified bookings for the full year, including more than $2 billion apiece in intelligence and space. While it is impossible to say what exactly that work entails, classified projects tend to be higher-margin contracts. Raytheon also continues to be the defense prime with the most foreign exposure, providing a nice hedge to potential U.S. budget battles or election-year pressures. International sales were $8.6 billion for the year, or nearly 30% of the company’s total revenue.