Business

April 25, 2012

Northrop Grumman first quarter profit falls 4.5 percent

Northrop Grumman said April 25 its first-quarter profit fell 4.5 percent, as drops in U.S. defense spending reduced sales at its major businesses.

The Falls Church, Va.,-based defense contractor earned $506 million, or $1.96 per share, down from $530 million, or $1.79 per share, in the same quarter last year.

The year-ago period was boosted by $34 million in earnings from discontinued operations mainly related to the March spinoff of Huntington Ingalls Industries Inc.

Excluding pension-related items, the company said it posted an adjusted profit from continuing operations of $1.88 per share.

The profit beat Wall Street predictions. Analysts, on average, expected a profit of $1.59 per share, according to a FactSet poll.

Sales fell 8 percent to $6.2 billion from $6.73 billion, while analysts expected $6.26 billion in revenue.

Aerospace sales fell 8.1 percent to $2.38 billion on lower demand from military aircraft and space programs, while sales of information systems dropped 8.9 percent to $1.84 billion, as the U.S. military reduced its troop presence overseas.

The company repurchased 4.4 million shares during the quarter and said $1.4 billion remains on its current share buyback authorization.

Northrop Grumman said it now expects to post a full-year profit of between $6.70 and $6.95 per share, up from its previous prediction of $6.40 to $6.70 per share. The company also said it still expects to post sales of between $24.7 billion and $25.4 billion for the year.

Analysts polled by FactSet expect a 2012 profit of $6.57 per share on $25.08 billion in sales. AP

 




All of this week's top headlines to your email every Friday.


 
 

 

Headlines March 2, 2015

News: Israel lobbies for more missile defense funds than Obama sought - For the second consecutive year, Israeli officials have asked the U.S. Congress to add more than $300 million to President Barack Obama’s budget request for their nation’s missile-defense programs.   Business: Inside one of the most intense, and unusual, Pentagon contracting wars - The much-anticipated...
 
 

News Briefs March 2, 2015

Italy resumes Navy exercise amid new tensions over Libya The Italian Navy is resuming exercises in the Mediterranean Sea, including near the coast of Libya, amid concerns about rapidly deteriorating security in the North African nation. The exercise began March 2 and includes anti-submarine, anti-aircraft and anti-ship training operations. The exercise was suspended for a...
 
 
LM-AEHF

Ingenuity drives Lockheed’s AEHF program to production milestone early

Lockheed Martin has successfully integrated the propulsion core and payload module for the fourth Advanced Extremely High Frequency (AEHF) satellite nearly five months ahead of schedule. Reaching this critical milestone early a...
 

 

First all-electric propulsion satellites send first on-orbit signals

Two Boeing 702SP (small platform) satellites, the first all-electric propulsion satellites to launch, have sent initial signals from space, marking the first step toward ABS, based in Bermuda, and Eutelsat, based in Paris, being able to provide enhanced communication services to their customers. Whatís more, the satellites were launched as a conjoined stack on a...
 
 

GA-ASI, Sener team to offer Predator B to Spain

General Atomics Aeronautical Systems, Inc. and SENER, a leading Spanish engineering company, announced March 2 that they have signed a teaming agreement that promotes the use of the multi-mission Predator B® RPA to support Spain’s airborne surveillance and reconnaissance requirements.  GAASI is a leading manufacturer of Remotely Piloted Aircraft systems, radars, and electro-optic and relate...
 
 
raytheon-satellite

Raytheon’s ‘Blue Marble’ imaging sensor delivered on schedule

Raytheon has delivered a second Visible Infrared Imaging Radiometer Suite instrument to support the National Oceanic and Atmospheric Administration’s Joint Polar Satellite System mission. The second VIIRS unit will fly ab...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>