Newport News Announces Good 2Q Results

Tuesday, July 17, 2001
Newport News Shipbuilding Inc. reported a 16 percent increase in second-quarter operating profits on strength in its construction segment. The company, which is at the center of an ongoing hostile takeover battle between rivals General Dynamics Corp. and Northrop Grumman Corp. posted net earnings of $21 million, or 69 cents per share, for the quarter, including merger-related charges of about $0.17 per share. Adjusted for nonrecurring items, Newport News reported earnings of 86 cents per share compared with 74 cents per share a year ago. Revenues totaled $576 million versus $532 million in the second quarter of 2000 on strong gains in its construction segment due to the ramp up in activity on the Virginia-class submarine program and build-up on the new CVN77 carrier construction project. The Newport News, Virginia-based defense contractor said nothing about its merger prospects. "While managing our strategic initiatives we maintained our operating focus and achieved another outstanding quarter," said William Fricks, chairman and CEO. "We reported solid growth in revenues, EPS, and cash flow," he said. "In addition, we redelivered Nimitz after a successful refueling and negotiated a $1.5 billion contract for the Eisenhower refueling and overhaul, increasing our backlog to $8.3 billion at the end of the second quarter." Construction revenues rose 20 percent compared with the second quarter of 2000. Engineering revenues rose nine percent, the company said. - (Reuters)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Danish Bunker Trader Joins GAC in London

GAC Bunker Fuels says it has appointed former GAC Denmark Shipping Assistant Ida Ryberg as a Bunker Trader with its UK team. Ryberg joins Andy Boichat and Resham

Costa Tow Update: Climate Onboard 'Calm'

According to the latest update, after approximately 30 hours of navigation, the Concordia has travelled 63 nautical miles at an average speed of 2 knots, informs

Finance

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1701 sec (6 req/sec)