Business

October 24, 2012

Northrop Grumman third quarter net income falls 12 percent

Defense contractor Northrop Grumman said Oct. 24 its third-quarter net income fell 12 percent, pulled down by a $66 million drop in net pension income, along with lower revenue.

But the company’s profit beat Wall Street predictions and it boosted its full-year profit outlook.

The Falls Church, Va.,-based company earned $459 million, or $1.82 per share in the three months ended Sept. 30. That was down from $520 million, or $1.86 per share, in the same quarter last year.

The per-share results got a significant boost – about 18 cents – from a nearly 10 percent drop in the number of outstanding shares.

Revenue fell 5 percent to $6.27 billion, from $6.61 billion last year.

Analysts, on average, expected a profit of $1.69 per share on $6.33 billion in revenue, according to FactSet.

Revenue at the company’s aerospace business rose 5 percent to $2.59 billion, as demand for its drone aircraft systems increased. But electronic systems revenue fell 10 percent to $1.71 billion and information systems revenue decreased 9 percent to $1.78 billion, both as a result of lower demand for defense-related products, which the company said reflects force reductions overseas.

Northrop Grumman boosted its full-year profit outlook, and now expects earnings to come in between $7.35 and $7.40 per share. That’s up from its previous range of $7.05 to $7.25 per share. Analysts, on average, expect $7.25 per share, with estimates ranging from $7.13 to $7.55.

The company also said it now expects its sales for the year to total about $25 billion. It previously predicted a range of $24.7 billion to $25.4 billion. Analysts expect $25.19 billion, on average, with estimates from $24.97 billion to $25.59 billion. AP

 




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


 
 

 
boeing-avianco

Boeing, Avianca celebrate delivery of airline’s first 787 Dreamliner

Boeing and Avianca have celebrated the delivery of the first 787 Dreamliner for the Latin American carrier, helping the airline stay at the forefront of technology in the region. “The addition of the first Boeing 787-8 to...
 
 
boeing-boc-737

Boeing, BOC Aviation finalize order for two additional 737-800s

Boeing and BOC Aviation have finalized an order for two additional 737-800s, valued at $186 million at current list prices. The order is a part of the Singapore-based leasing company’s effort to grow its portfolio of fuel...
 
 

Northrop Grumman names chief compliance officer

Northrop Grumman has named Carl Hahn vice president, chief compliance officer, effective Jan. 15, 2015. Hahn is succeeding Judy Perry Martinez, who will be retiring, and will report to Sheila C. Cheston, corporate vice president and general counsel. “Carl brings to his role at Northrop Grumman a tremendous breadth of experience in global compliance, investigations...
 

 

GPS modernization advances as eighth Boeing GPS IIF becomes sctive

EL SEGUNDO, Calif. ñ The eighth Boeing Global Positioning System IIF satellite has completed on-orbit checkout and joined the active 31-satellite constellation, helping the U.S. Air Force continue modernizing the network that millions of people worldwide use. The Air Force and Boeing have now put four GPS-IIF satellites into service this year, adding to the...
 
 
GPS-OCX

GPS III, OCX successfully demonstrate key satellite command, control capabilities

Lockheed Martin and Raytheon successfully completed the fourth of five planned launch and early orbit exercises to demonstrate new automation capabilities, information assurance and launch readiness of the worldís most powerfu...
 
 

Aerojet Rocketdyne successfully demonstrates 3D printed rocket propulsion system for satellites

Aerojet Rocketdyne has successfully completed a hot-fire test of its MPS-120 CubeSat High-Impulse Adaptable Modular Propulsion System. The MPS-120 is the first 3D-printed hydrazine integrated propulsion system and is designed to provide propulsion for CubeSats, enabling missions not previously available to these tiny satellites. The project was funded out of the NASA Office of Chief...
 




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>