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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Shipbuilding

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Sonar
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: 0.1381 sec (7 req/sec)