Northrop Grumman Corporation reported first quarter 2002 net income of $149 million, or $1.27 per share, compared with net income of $132 million, or $1.81 per share, for the same period of 2001, adjusted for SFAS No. 142 - Goodwill and Other Intangible Assets. The comparable per share decline reflects a substantial decrease in pension income and increases in interest expense and in the number of shares outstanding. On an economic earnings basis, the company reported increased earnings of $170 million, or $1.45 per share, compared with $101 million, or $1.39 per share, for the same period of 2001. First quarter 2002 earnings per share are based on average diluted shares outstanding of 112.8 million versus 72.8 million for the first quarter of 2001. "We are very pleased with our first quarter results which reflect the contributions of last year's three strategic acquisitions, coupled with strong organic growth and earnings," stated Kent Kresa, Northrop Grumman chairman and chief executive officer. Dr. Ronald D. Sugar, Northrop Grumman president and COO said, "With our April 1 announcement of the completion of the integration of Newport News Shipbuilding, all three of the company's 2001 acquisitions have been successfully completed." The 2002 first quarter results include the operations of Litton Industries, Inc. (Litton), acquired in the second quarter of 2001 and Newport News Shipbuilding, Inc
The Panama Canal Authority (ACP) announced today second quarter (Q2) operational metrics for fiscal year 2004. Q2 data reveals an increase in tonnage flow and a rise in Panamax vessel (the maximum size vessel that can pass through the Canal) transits. Moreover, there was a notable increase in Canal revenue. These metrics are based on operations from January through March of 2004, the second quarter of the ACP's 2004 fiscal year.
Hercules Offshore Inc. a provider of shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry, announced financial results for its third quarter, reporting increased profit from higher revenues. The Houston, Texas-based company reported third net income of $29.7 million or $0.90 per share, compared to $10.1 million or $0.41 per share in the third quarter of 2005.
Container ship owners Hapag-Lloyd report increased revenue and profits in the third quarter 2012. Hapag-Lloyd was able to increase freight rates, revenue and results in the third quarter, although the market environment remains challenging. The average freight rate rose year on year by 8% to USD 1,647/TEU. The rate increases initiated by Hapag-Lloyd in the first quarter and implemented in the second quarter had a tangible effect here.
Speaking at the 150th Annual Members Meeting of the classification society on 24 April 2012, in New York, ABS Chairman Robert D. Somerville reported that every sector of the ABS enterprise “contributed to another year of record performance in terms of the size of the ABS-classed fleet and strong orderbook.” ABS will continue to use its experience and knowledge “to create the innovations that will shape the maritime classification,” said Somerville.
Financial reporting is a sobering issue. Creative accounting, “cooking the books,” earnings manipulations and other accounting shenanigans have been around as long as folks have had income, paid bills, taxes or sought investors for their ventures. With intent to defraud for economic gain and financial crimes, came the passage into law of the Sarbanes-Oxley Act of 2002 (Sarbox or SOX) that made the consequences of such behavior more than just a slap on the wrist.
The Association of Diesel Specialists has released its 1999 Financial Analysis, which provides financial data and operating trends in the diesel fuel injection service industry, based on statistics supplied by participating service members from the 1998 calendar year. The 79 companies reported a combined sales volume of $242 million. Pre-tax income was recorded at 3.76 percent of sales, a decrease from the 4.09 percent in the 1998 report. Gross profit margin increased slightly to 39.82 percent
Royal Caribbean Cruises Ltd. reports better than expected financial results, updates 2012 guidance KEY HIGHLIGHTS Results For the First Quarter of 2012: Net income was $47.0 million, or $0.21 per share, versus $78.4 million, or $0.36 per share, in 2011; Net Yields increased 7.0% on a Constant-Currency basis (+6.4% As-Reported). Net Cruise Costs ("NCC") excluding fuel increased 5.7% on a Constant-Currency basis (+5.1% As-Reported);
The Board of Directors of Thrane & Thrane has approved the annual report for the year 2002/03. The annual report shows that Thrane & Thrane in the financial year ended April 30, 2003, achieved increased revenue with 28 percent to $96.6M. Their operating profit increased with 93 percent to $13M. Net profit for the year increased with DKK 28 million to DKK 54 million. For the financial year ending April 30, 2004, Thrane & Thrane expects revenue of around DKK 620-640 million and operating
According to a report issued by Platts, LNG consumption in Japan could increase by 800,000 mt/month in a worst-case scenario in which none of the nuclear reactors due to go offline for planned maintenance over August 2011-April 2012 were allowed to resume operations, Platts reported, citing a Deutsche Bank report. In addition, coal consumption could also rise by 1.6 million mt/month. To put the increased LNG demand in perspective, aa 800
The U.S. Census Bureau announced that preliminary April steel imports were $2.5 billion (2.4 million metric tons) compared to the preliminary March totals of $2.3 billion (2.2 million metric tons). The April change in steel imports based on metric tonnage reflected increases primarily in blooms
DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, announced its unaudited financial and operating results for the first quarter ended March 31, 2013.
Wilhelmsen Ships Services (WSS) General Manager for Japan Yoshihiro Iizuka said that he expects more customers to sign up for its Ships Agency Re-Defined (SARD) solution throughout 2013 and beyond as the company prepares for Bariship 2013. Mr
The latest report from Ti, Global Transport and Logistics Financial Analysis 2013, reveals the winners and losers in the global logistics industry over what has been a tempestuous six year period. Analyzing the financial accounts of 20 of the world’s largest publicly quoted express
The United Shipbuilding Corporation (USC), is under criticism from Russian President Vladimir Putin for delays in delivery of several warships for the Russian Navy, RIA Novosti reported. In his complaint to USC officials, Putin cited problems with efficiency and quality on a number of projects
The London P&I Club’s result for the 2012/2013 financial year was a surplus across all classes of $9.4 million, increasing the free reserve to $154 million. Claims experience over the financial year was mixed, the company said
Dron & Dickson, specialist in design, supply and maintenance of hazardous area electrical equipment, has opened an office in Brazil creating the potential for future work in the area. The new base follows on from £10 million of contracts being secured in the region
Norwegian software company Tero Marine developed a new solution that they say will reduce workload and help improve safety for offshore divers. “It has enabled us to reduce the time we spend on reporting by 75 percent, increasing our ability to be more cost efficient
Crewmembers aboard the 314-ft fishing vessel 'Arctic Storm' extinguised an engine-room fire using the ship's Halon chemical firefighting system. The Coast Guard continues to respond to the vessel approximately 30 miles west of Grays Harbor, Wash.
The passenger ship 'Serenissima' grounded Monday night in Oban Bay, was refloated the next day & awaits underwater inspection. The UK Maritime and Coastguard Agency reported that the Stornoway Coastguard was alerted and was told that the ship had ran aground on sand and gravel
New NOAA report presented to the US Coast Guard examines national oil pollution threat from shipwrecks in US waters. The report finds that 36 sunken vessels scattered across the U.S. seafloor could pose an oil pollution threat to the nation's coastal marine resources
Georgia Ports Authority (GPA) moved 2.4 million tons of cargo in April, a 4.7 percent increase – or 108,532 tons – over the same month a year ago. This figure was boosted by a strong performance in containers, bulk and Roll-on/Roll-off cargo.
New contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since April 18, 2013 are included. Highlights are as follows: Deepwater Millennium - Awarded a two-year contract for work offshore Australia at a dayrate of
The company reports its earlier loss significantly reduced in first quarter 2013 financial results. Financial highlights: Freight rate up 4.2% year on year Slight increase in transport volume Revenue growth of 3.1% Loss significantly reduced
Jiangsu Province’s Economic and Information Technology Commission reviews Q1 2013 province-wide shipyard finances. The review of the shipbuilding industry’s performance showed that 44 privately-owned shipbuilders out of 66 failed to win new orders and none of major seven