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

People & Company News

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Repair 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: 0.1747 sec (6 req/sec)