In the news...

July 24, 2013

News Briefs July 24, 2013

Northrop Grumman second quarter net income rises two percent

Defense contractor Northrop Grumman said July 24 that second-quarter net income rose 2 percent, easily beating Wall Street expectations, and the company boosted its outlook for the full year.

Northrop Grumman, based in Falls Church, Va., earned $488 million, or $2.05 per share, up from $480 million, or $1.88 per share, in the year-ago period. Excluding 8 cents per share in debt-related charges, the company posted an adjusted profit, excluding one-time items, of $2.13 per share for the second quarter.

The recent quarter’s results are based on 237.5 million outstanding shares, while those of the year ago are based on 254.7 million.

Revenue was essentially flat at $6.29 billion compared with $6.27 billion a year ago, as higher aerospace sales offset declines at its information and technical systems businesses.

Analysts, on average, expected $1.71 per share on $5.98 billion in revenue, according to FactSet.

Defense contractors have taken a hit this year from federal budget cuts that have significantly reduced defense spending.

As of June 30 Northrop Grumman’s backlog totaled $37.7 billion, down from $40.8 billion as of Dec. 31. The company attributed the drop to the federal budget cuts.

Northrop Grumman boosted its full-year profit and sales outlook. It now expects a 2013 profit of $7.60 to $7.80 per share, up from its previous prediction of $6.85 to $7.15 per share. Sales are now projected at about $24.3 billion, up from $24 billion.

Analysts expect a profit of $7.19 per share on $24 billion in revenue. AP

Navy kickbacks defendant may take back guilty plea

PROVIDENCE, R.I. – A leader of a multi-million dollar scheme that cost the U.S. Navy $18 million has indicated he is exploring the possibility of trying to withdraw his guilty plea.

In a court filing last week, former civilian Navy employee Ralph M. Mariano’s lawyer told a federal judge he believes there may be grounds to ask to vacate Mariano’s guilty plea.

Mariano pleaded guilty in May to conspiracy, theft of government property and tax evasion. He is one of six people to plead guilty in the case, including his father and his girlfriend, Mary O’Rourke.

O’Rourke and Mariano agreed to plea deals that are contingent on each other pleading guilty.

Mariano has since fired his lawyer.

His new lawyer was given until Aug. 23 to file papers to withdraw the plea. AP

Ohio has DODs most powerful computer

The U.S. Air Force says a supercomputer up and running at an Ohio base is the most powerful in the entire Department of Defense.

Officials at Wright-Patterson Air Force Base introduced the computer July 22 inside a new complex. It has the capacity to calculate 1,500 trillion calculations every second, making it the seventh most powerful computer in the U.S. and 14th in the world.

The Dayton Daily News reports that the computer will simulate experiments or research too costly or too environmentally dangerous to replicate in the real world. Some 2,000 Department of Defense users across the world will have access to the U.S.-made computer.

Researchers from every branch of the military and other federal agencies will also use it. AP




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


 
 

 

Headlines August 31, 2015

News: Pilot killed in crash was helping wounded veterans – A pilot who died in a small plane crash in the desert northeast of Los Angeles was giving free glider rides to wounded military veterans. Turkey carries out first air strikes as part of anti-Isis U.S. coalition – Turkish fighter jets have carried out their first air...
 
 

News Briefs August 31, 2015

Pakistan officials: U.S. envoy discusses Afghan peace efforts Pakistani officials say visiting U.S. National Security Adviser Susan Rice has discussed efforts to revive Afghan peace talks. Rice met with Prime Minister Nawaz Sharif and army chief Gen. Raheel Sharif Aug. 30. Two Pakistani officials say they discussed efforts to revive talks between the Afghan government...
 
 
Courtesy photograph

F-22 inaugural deployment to Europe

Courtesy photograph A pair of F-22 Raptors fly near the coastline of Panama City Beach, Fla. Four F-22 Raptors, one C-17 Globemaster III, and approximately 60 airmen arrived at Spangdahlem Air Base, Germany, to train with allie...
 

 
ILS photograph

Boeing-built satellite will create first global high-speed broadband network

ILS photograph The Inmarsat-5 F3 satellite launched Aug. 28 aboard a International Launch Services Proton Breeze M rocket from Baikonur, Kazakhstan. EL SEGUNDO, Calif.–When the third Boeing-built [NYSE: BA] Inmarsat-5 sat...
 
 

Civil Air Patrol joins total force ‘Airmen’

When conducting missions for the Air Force as the official Air Force auxiliary, the Civil Air Patrol is now included in the Air Force’s definition of the total force. CAP has provided 74 years of support to emergency services, aerospace education and cadet programs. In August 2015, the Air Force updated Doctrine Volume 2, “Leadership,”...
 
 
DOD photograph by Air Force MSgt. Adrian Cadiz

Carter announces manufacturing initiative to aid war fighters

DOD photograph by Air Force MSgt. Adrian Cadiz Defense Secretary Ash Carter announces the creation of a National Manufacturing Innovation Institute to produce hybrid electronics during a speech at the National Full Scale Aerody...
 




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=""> <s> <strike> <strong>