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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




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