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

Finance

Seadrill Bondholders: Majority Accept Conversion Offer

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding

General Dynamics Reports 2Q 2014 Earnings

General Dynamics today reported 2014 second-quarter earnings from continuing operations of $646 million, or $1.88 per share on a diluted basis, compared to second-quarter

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair 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: 0.1317 sec (8 req/sec)