Northrop Grumman: Sales Will Top $18 Billion By 2003

Wednesday, June 20, 2001
U.S. defense contractor Northrop Grumman Corp. on Wednesday said it expected to report sales of $18 billion by 2003, driven by growth in the defense electronics and information systems business. The company also expects "double digit" growth in earnings before pension income, or economic earnings, according to chairman and CEO Kent Kresa.

Northrop, which recently closed its acquisition of shipbuilder Litton Industries, said defense electronics operations would account for 35 percent of sales by 2003. Ship systems operations should account for about 17 percent.

Northrop's revenues were hurt last year by the wind down of the B2 bomber program but Kresa said he thought the operation had stabilized.

Kresa noted that if the company succeeds in its hostile bid to take over Newport News Shipbuilding, the nuclear operations it acquires will be kept separate from Litton's non-nuclear shipbuilding business.

Litton alone is expected to add $1 billion in sales to Northrop's electronic communications business, Kresa said. He added that the integration of Litton is on track, noting that he expects the acquisition to generate $250 million in near-term savings with $100 million in the first year.

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

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Sonar 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: 0.1184 sec (8 req/sec)