Northrop Grumman Reports 1Q Results

Tuesday, April 25, 2006
Northrop Grumman Corporation reported first quarter 2006 income from continuing operations of $357 million, or $1.02 per diluted share, compared with $398 million, or $1.08 per diluted share, for the same period of 2005.

First quarter 2005 income from continuing operations included an after-tax gain of $45 million, or $0.12 per diluted share, from the sale of TRW Automotive common stock. First quarter 2006 sales decreased to $7.2 billion from $7.5 billion in the first quarter of 2005, due to lower sales in the company's Ships business.

“As expected, our first quarter includes strong operating performances from Information & Services, Aerospace and Electronics. At Ships, we continue to progress toward pre-Katrina production levels," said Ronald D. Sugar, Northrop Grumman chairman, chief executive officer and president.

The company's first quarter 2006 segment operating margin increased to $644 million from $638 million in first quarter of 2005. First quarter 2006 segment operating margin reflects higher operating margin in Information & Services, Electronics and Aerospace, partially offset by lower operating margin in Ships.

Ships

Ships first quarter 2006 sales decreased 25 percent from the first quarter of 2005 due to lower volume on the DD(X) program, as well as lower volume due to hurricane-related work delays on the LPD, LHD, DDG, and Coast Guard Deepwater programs. Results for Aircraft Carrier and Submarine programs were comparable to prior year results. Ships operating margin decreased 36 percent from the first quarter of 2005, and reflects lower DD(X) volume and lower volume and reduced margin rates for the LPD, LHD, DDG, and Coast Guard Deepwater programs as a result of hurricane-related cost growth and work delays.

1Q Highlights

* The U.S. Navy awarded Northrop Grumman a contract for work to support the Los Angeles, Ohio, Seawolf and Virginia-class submarines. The total estimated value of the contract is approximately $248 million through 2008.

* The U.S. Navy exercised a $93.8 million contract modification option to Northrop Grumman for detail design and the procurement of long-lead- time material on the LHA 6 amphibious assault ship program. This is the first option exercised on the initial contract, awarded in July 2005. With this option, the total contract value has increased to $203.7 million.

* The Aegis guided missile destroyer USS Forrest Sherman (DDG 98) was commissioned at Naval Air Station Pensacola, Fla.

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

Finance

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

Maritime Security

US Navy Christens Future USS Detroit

The U.S. Navy christened the future USS Detroit (LCS 7), the fourth Littoral Combat Ship of the Freedom variant, in a ceremony at Marinette Marine Shipyard in Marinette, Wisconsin, Oct.

AMSA Rescues 2 East of Darwin After Boat Sinks

The Australian Maritime Safety Authority (AMSA) coordinated the rescue of two men early this morning East of Darwin. About 4.30am AEDT this morning, AMSA detected

GOST Security System thwarts Break-in

GOST (Global Ocean Security Technologies), announced that its GOST Insight HD GPS Security System was instrumental in foiling the theft of electronics onboard a powerboat in Aventura, Florida.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics 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: 0.1695 sec (6 req/sec)