Lazard Frères Revises Newport News Estimate

Friday, December 10, 1999
Lazard Frères & Company Co. LLC's Equity Research Department has revised its earnings estimate for Newport News Shipbuilding to $2.55 per share in full-year 2000 from $2.60 per share, but continues its 'buy' rating for the shares. The revision is based on adjustments associated with the company's recognition of revenue from the CVN-77 aircraft-carrier contract. The CVN-77 is the last Nimitz carrier and is in the early stage of planning. Lazard Frères had originally projected Newport to recognize approximately $100 million of revenue in 2000, which represents preliminary planning and design work. Based on guidance from management, recognition of revenue is project to push back further than originally planned, with an approximate reduction of $30-50 million in 2000. While this does not result in a loss of revenue, based on the slower rate of recognition, Lazard Frères has revised its revenue estimate to $1.923 billion from $1.953 billion. Full-scale construction of CVN-77 remains slated to begin in 2001. Based on the steady, programmed nature of Newport's backlog and earnings, Lazard Frères said NNS shares represent an excellent value in the upper $20s. Newport has remained focused on its core business of constructing and servicing the Navy fleet and has steadily repurchased its own shares.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Shipbuilding

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Bestobell Bags HHI's Valve Order

Bestobell Marine, a world leading supplier of cryogenic valves for ships, has won a major new order from Hyundai Heavy Industries (HHI) in South Korea to supply valves for two new vessels.

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1384 sec (7 req/sec)