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Fri, Feb. 5, 11:25 PM
- The U.S. Defense Department plans to buy 404 Lockheed Martin (NYSE:LMT) F-35 fighter jets over the next five years, part of revised procurement figures to be released Tuesday when the Pentagon issues its fiscal 2017 budget and the new five-year plan, Reuters reports.
- The orders will amount to ~$40B in new revenue for LMT, the DoD's top supplier, and engine maker Pratt & Whitney (NYSE:UTX), according to the report.
- The new plan calls for the Air Force to buy 243 F-35 jets through fiscal 2021, 45 fewer than planned, as the service juggles funds to pay for a new long-range bomber to be built by Northrop Grumman (NYSE:NOC) and KC-46A refueling planes to be built by Boeing (NYSE:BA).
Mon, Feb. 1, 8:52 AM
- BofA/Merrill Lynch upgrades Northrop Grumman (NYSE:NOC) to Buy from Neutral, with a $210 price target.
- The market is discounting the company's long range strike bomber, analysts said.
Thu, Jan. 28, 8:31 AM
- Adjusted operating income of $602M, or $2.18 per diluted share vs. $693M, or $2.26 per diluted share in the fourth quarter of 2014.
- Sales by segment: Aerospace -4%; Electronic -7%; Information -13%; Technical -4%.
- During the quarter, the company repurchased 1.6M shares of its common stock for $283M.
- Total backlog as of Dec. 31 was $35.9B compared with $38.1B a year ago.
- Outlook for 2016: Diluted EPS of $9.90-$10.20, on sales of $23.5B-$24B.
- Q4 results
Thu, Jan. 28, 6:42 AM
Wed, Jan. 27, 5:30 PM
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Fri, Jan. 22, 8:07 AM
- China could "leapfrog" the U.S. in certain technological capabilities in coming years, thanks to its burgeoning investment in research and development, the head of Northrop Grumman (NYSE:NOC) warned at an aviation organization in New York.
- "Although the United States is still the leader overall in research and development spending, that is changing quickly," CEO Wes Bush declared.
- Measured in purchasing power parity, China is expected to surpass the United States in R&D spending by around 2022, he said, adding that "the quality of R&D is China is impressive."
Fri, Jan. 15, 5:57 PM
- Defense stocks such as Raytheon (NYSE:RTN), General Dynamics (NYSE:GD) and L-3 Communications (NYSE:LLL) could outperform in a risk-off market, Credit Suisse analysts assert.
- The firm says it favors defense names in a risk-off market, despite their higher relative valuations, as the companies lack significant global economic or currency exposure, and so performance should be more predictable and the resulting cash returns more reliable; also, with the DoD budget inflecting, most companies in the group should begin to deliver organic growth for the first time in several years.
- Credit Suisse retains Outperform ratings for RTN, GD and LLL, and upgrades Huntington Ingalls (NYSE:HII) to Neutral from Underperform, while Neutral-rated Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC) should be solid performers in a risk-off environment.
Dec. 25, 2015, 4:02 AM
- Northrop Grumman (NYSE:NOC) has won a contract worth $93M to build a full-scale demonstrator of a new unmanned spy plane that would operate on destroyers and frigates.
- Navy officials would like UAVs to carry out intelligence and surveillance measures from smaller warships, but current drones are unable to take off and land from confined spaces at sea and then stay airborne for long periods.
- Aerovironment (NASDAQ:AVAV), the only other competitor for the contract, did not submit a bid.
Dec. 16, 2015, 1:11 PM
- Northrop Grumman (NOC +0.2%) is upgraded to Overweight from Neutral with a $212 price target at J.P. Morgan, which says NOC best exemplifies the "safety and steadiness" that have led investors to defense stocks in turbulent markets.
- While NOC has easily outperformed the market YTD, the firm says NOC is no more expensive than other pure play defense names Lockheed Martin and Raytheon (RTN +0.3%); JPM also anticipates a slightly better EPS growth profile the next three years.
- RTN remains JPM's other Overweight-rated defense prime, as it offers visibility and cash return, and is a play on increasing international demand, especially from the Middle East.
Dec. 15, 2015, 9:27 AM
- With two design teams working on the new aircraft, Northrop Grumman (NYSE:NOC) has unveiled its vision of a so-called sixth-generation fighter, a laser-firing warplane that looks like a cross between the B-2 bomber and the X-47B drone.
- One of the keys to the new weapon, which is in the earliest stages of planning, will be heat management.
- As Northrop president for aerospace Tom Vice notes - lasers operate at 33% efficiency when all goes well. Add in all the aircraft's power and thrust systems - that's a lot of heat to dissipate.
Dec. 15, 2015, 9:12 AM
- The U.S. Navy has awarded Northrop Grumman (NYSE:NOC) a base year contract valued at $19.8M, with a total potential value of $47.8M over five years, to develop the replacement inertial navigation system deployed on most Navy combat and support ships.
- INS-R supports the new Assured Positioning Navigation and Timing architecture, which provides increased navigation accuracy in challenging maritime combat environments.
Nov. 26, 2015, 5:03 AM
- President Obama has signed a sweeping defense policy bill into law despite provisions that make it harder to close the Guantanamo Bay military prison.
- The legislation authorizes $607B in annual defense spending and "includes vital benefits for military personnel, facilitates ongoing operations around the globe, and important reforms to the military retirement system."
- Related tickers: GD, BA, NOC, LMT, RTN, OA, HII, HON, UTX, ITT, TXT, LLL, COL
Nov. 20, 2015, 7:58 AM
- With the ink barely dry on Northrop Grumman's (NYSE:NOC) contract to build a new fleet of long-range bombers for the U.S. Air Force, a group of lawmakers and defense strategists are already calling for the Pentagon to double its order, Forbes reports.
- "A modernized and capable Air Force bomber force of 150 to 200 aircraft is required to maintain America’s asymmetric advantage in long-range precision strike over any potential future adversary," states a study published by the Mitchell Institute for Aerospace Studies.
- Last month the Pentagon awarded Northrop the first portion of a planned $100B contract to develop and build 80-100 new stealth bombers.
- NOC +0.7% premarket
Nov. 19, 2015, 3:09 PM
- The NATO treaty calls for its 28 signatories to have a common goal of defense spending equal to 2% of GDP, says David Rosenberg. Not all do, with France (at 1.8%), Germany (1.2%), Italy (1%), and Canada (1%) notably falling short.
- Following the terrorist attacks, it's no surprise there will likely be renewed commitments to hitting that target. What would it mean in terms of dollars? More than $100B in renewed defense spending from the NATO countries alone, says Rosenberg.
- For the week, Northrop Grumman (NYSE:NOC) is up 5.1%, Raytheon (NYSE:RTN) 7.4%, Lockheed Martin (NYSE:LMT) 5.1%, General Dynamics (NYSE:GD) 3.4%.
Nov. 19, 2015, 5:57 AM
- Northrop Grumman (NYSE:NOC) declares $0.80/share quarterly dividend, in line with previous.
- Forward yield 1.7%
- Payable Dec. 16; for shareholders of record Nov. 30; ex-div Nov. 25.
Nov. 17, 2015, 12:57 PM
- Rising interest rates have historically been good news for Boeing (BA +1.1%) and other aerospace and defense companies, Canaccord analysts say, as strengthening commercial orders correspond with outperformance by both Boeing stock and the broader sector.
- Commercial transport orders over the past three significant tightening cycles rose by an average of 7% and 140% in the 12- and 24-month time periods after rates started to increase, and total commercial backlog increased over the same periods by an average of 3% and 43%, the firm says.
- BA stock has outperformed the broader market over the past two tightening cycles by an average of 19%-20% annually while rates are rising, Canaccord adds.
- Also today: LMT +1.8%, RTN +1.6%, COL +1.3%, NOC -0.3%.
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