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 April 24, 2015

News: More than $1 billion in U.S. emergency reconstruction aid goes missing in Afghanistan - A total of $1.3 billion that the Pentagon shipped to its force commanders in Afghanistan between 2004 and 2014 for the most critical reconstruction projects can’t be accounted for by the Defense Department, 60 percent of all such spending under an...
 
 

News Briefs April 24, 2015

German defense minister: widely used rifle has no future A widely used assault rifle has “no future” with the German military in its current form, Germany’s defense minister said April 22, escalating a dispute over the weapon’s alleged shortcomings. Ursula von der Leyen said last month that a study showed the G36 rifle has a...
 
 
Army photograph

Composites key to tougher, lighter armaments

Army photograph XM-360 test firing at Aberdeen Proving Ground, Md., in 2007, is shown. The Army is on the cusp of revolutionizing materials that go into armament construction, making for stronger, lighter and more durable weapo...
 

 

Northrop Grumman signs long-term agreement with Raytheon

Northrop Grumman has entered a long-term agreement with Raytheon to supply its LN-200 Inertial Measurement Unit for Raytheon optical targeting systems. The long-term agreement with Raytheon’s Space and Airborne Systems business extends through 2018. The LN-200 provides camera stabilization on optical targeting systems that conduct long-range surveillance and target acquisition for various...
 
 

NTTR supports first F-35B integration into USMC’s weapons school exercise

The Nevada Test and Training Range was part of history April 21, when four U.S. Marine Corps-assigned F-35B Lightning IIs participated in its first Marine Corps’ Final Exercise of the Weapons and Tactics Instructor course on the NTTR’s ranges. The Final Exercise, or FINEX, is the capstone event to the U.S. Marine Corps Marine Aviation...
 
 
AAR-Textron

AAR awarded new contract from Bell Helicopter Textron to support T64 engines

AAR announced April 22 that Bell Helicopter Textron Inc. awarded its Defense Systems & Logistics business unit a contract providing warehouse and logistics services in support of upgrading T64 engines for the Bell V-280 Val...
 




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>