Northrop Grumman 3Q Profits Soar

Thursday, October 25, 2007
Northrop Grumman Corp. (NOC) said third-quarter profit soared 62%, helped by a gain from the dissolution of a joint venture and a strong performance in its ships business. It also raised its forecast for 2007 earnings from continuing operations. The Los Angeles global defense and technology company said net income rose to $489m, or $1.41 a share, from $302m, or 86 cents a share, a year earlier. The latest results included a gain of $21m, or 6 cents a share, for the dissolution of the company's AMSEC joint venture with SAIC Inc. (SAI). For giving up its 55% stake in AMSEC, SAIC received some of the venture's operations. Year-ago results included a pretax legal provision of $112.5m, or 20 cents a share. Revenue rose 6.7% to $7.93b from $7.43b a year ago. Analysts, on average, were expecting earnings, excluding items, of $1.27 a share and revenue of $7.92 billion. Shares closed Tuesday at $79.53 and recently traded at $78.90 in premarket activity. The company's funded backlog at the end of the quarter was $7.48b, compared with $6.18b a year ago. Sales at Northrop's information and services business rose 8.7% to $3.14b. Aerospace revenue slipped 0.5% to $2b due to lower volume in Integrated Systems, partly offset by higher volume in Space Technology. Ships revenue rose 19% to $1.47b, helped by the gain from the AMSEC reorganization. Electronics sales edged up 0.5% to $1.67b. The company said it expects 2007 earnings from continuing operations of $5.10 a share, up from a previous estimate of $4.90 to $5.05 a share. Wall Street analysts were expecting 2007 earnings, excluding items, of $5.05 a share. [Source: Dow Jones]
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Confidence Hits 2.5 Year Low

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1325 sec (8 req/sec)