Oct. 28, 2015, 9:12 AM
Oct. 28, 2015, 8:15 AM
- Net income of $516M, or $2.75 per diluted share vs. $473M, or $2.26 per diluted share in the third quarter of 2014.
- The results come just hours after Northrop (NYSE:NOC) won a massive Long Range Strike Bomber contract from the Pentagon.
- During the quarter, the company repurchased 5.6M shares of its common stock for $944M.
- Total backlog as of Sept. 30 was $35.9B compared with $38.2B a year ago.
- The company raised its full-year earnings outlook to a range of $9.70-$9.80 per share from prior guidance of $9.55-$9.70 per share, and narrowed its revenue guidance to $23.6B-$23.8B.
- Q3 results
Oct. 28, 2015, 6:38 AM
- Northrop Grumman (NYSE:NOC): Q3 EPS of $2.75 beats by $0.56.
- Revenue of $5.98B (flat Y/Y) beats by $120M.
Oct. 27, 2015, 5:30 PM
- ACCO, ADP, AGCO, AIT, AN, ANTM, APO, ARW, BAH, BDC, BGCP, BOKF, BSX, CARB, CFR, CG, CHMT, CMC, COT, DHX, DORM, DX, EVER, EVR, FCAU, FDML, FLIR, GD, GHM, GNRC, GRMN, HES, HLT, HOT, HSY, HTA, ICE, IDXX, IP, JLL, LFUS, LVLT, MDLZ, NEE, NMR, NOC, NOV, NSC, OXY, PCG, Q, RDWR, RES, ROL, SAH, SAIA, SLAB, SNCR, SO, SONS, SSE, STRA, TECH, TEL, TGI, TKR, UMC, VLO, VLY, VNTV, WBA, WEX, WOOF, XRAY
Oct. 27, 2015, 5:21 PM
- Northrop Grumman (NYSE:NOC) is up 5.8% after hours as it's emerged the winner of the giant contract for the Pentagon's Long Range Strike Bomber program, Air Force Secretary Deborah Lee James confirmed.
- The $55B program will build 100 planes to enter service in the 2020s and succeed an aging bomber fleet.
- Northrop beat a team of Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT) to the huge award. The company -- builder of the veteran B-2 bomber -- was so eager that it ran a Super Bowl ad in some markets talking about its legacy.
- Live stream
Oct. 26, 2015, 6:05 PM
- A U.S. appeals court denies a lawsuit by Raytheon (NYSE:RTN) that sought to halt the U.S. Air Force's re-evaluation of bids submitted for a new $1B long-range radar by RTN, Northrop Grumman (NYSE:NOC) and Lockheed Martin (NYSE:LMT), Reuters reports.
- RTN first won the contract in October a year ago, but the decision was protested by both losing bidders, prompting the Air Force to take a fresh look at the bids.
- The judge ruled that the Air Force's decision to reopen the competition was justified since the agency had violated rules on equal communications with bidders about whether they could recover internal R&D spending linked to the bid.
Oct. 23, 2015, 5:49 PM
- With plans to retire Northrop Grumman's (NOC +0.2%) A-10 aircraft for close-air-support missions stirring up debate, the Air Force is designing tests to pit it against Lockheed Martin's (LMT +1.3%) F-35.
- The tests were detailed at a House committee hearing this week, at which Rep. Martha McSally -- a former A-10 pilot herself -- raised concerns about F-35 attributes.
- Previously, the Air Force's Chief of Staff Gen. Mark Welsh said such tests would be a "silly exercise."
- The F-35 hasn't done well in other tests; the new tests will look at range, time to arrive on target and loiter time, among other factors.
Oct. 21, 2015, 7:03 PM
- Lockheed Martin (NYSE:LMT) has won a $784M deal for new long-range radar for the U.S. Missile Defense Agency, beating out Raytheon (NYSE:RTN) and Northrop Grumman (NYSE:NOC).
- The LRDR -- Long Range Discrimination Radar -- expands the system's ability to discern potential enemy launches.
- The pact runs through January 2024.
Oct. 14, 2015, 5:28 PM
- Northrop Grumman (NOC -1.8%) is reorganizing its structure and leadership in a major move to realign business and streamline operations.
- The company's going from four business sectors to three, and has named Gloria Flach its chief operating officer. Parts of the company's Electronic Systems, Information Systems, and Technical Services sectors will be rearranged and made into two new sectors.
- One new sector -- Mission Systems -- will be made from the existing Electronic Systems sector and the parts of Information Systems focused on new capabilities. The other new sector -- Technology Services -- will absorb the services part of Information Systems, along with Technical Services.
- New COO Flach has been president of Electronic Systems. Kathy Warden, chief of Information Systems, will elad the new Mission Systems sector, and Chris Jones, chief of Technical Services, will lead Technology Services.
- Tom Vice will continue to lead the remaining sector, Aerospace Systems. In addition, a California-based military and civil space hardware business will move from Electronic Systems to Aerospace Systems, which will send its electronic attack business to Mission Systems.
- The moves aren't expected to be material to 2015 results.
- Previously: Bloomberg: Lockheed can expect contest for GPS satellites (Oct. 14 2015)
Oct. 14, 2015, 12:22 PM
- Lockheed Martin (NYSE:LMT) likely will face competition from the likes of Boeing (NYSE:BA) and Northrop Grumman (NYSE:NOC) for billions of dollars in contracts to build as many as 22 improved GPS satellites, Bloomberg reports, quoting a top U.S. Air Force procurement official.
- The Pentagon approved an Air Force proposal for competition in part because LMT fell behind in completing the first of as many as eight of the GPS III satellites under a contract it won in 2008.
- LMT is 28 months late in delivering the first satellite because of flaws in the satellite’s navigation payload system, produced by a subcontractor, that the company and the military say are now corrected.
Oct. 12, 2015, 10:23 AM
- Northrop Grumman (NOC +0.2%) has been awarded a $58.7M contract from the Marine Corps to develop the Ground Weapon Locating Radar mode for the AN/TPS-80 Ground/Air Task-Oriented Radar.
- The mode is a software update that brings additional mission capability to the DoD's ground-based multi-mission Active Electronically Scanned Array.
Oct. 6, 2015, 11:45 AM
- The top weapons buyer for the U.S. Department of Defense says he probably will soon give the Air Force permission to award the contract for the next U.S. long-range bomber because extensive preparations have indicated "we have viable bids."
- The Air Force can proceed only after Frank Kendall, undersecretary for acquisition, technology and logistics, convenes a Defense Acquisition Board review to assess the readiness to award a contract in the competition that pits Northrop Grumman (NYSE:NOC) against a team of Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT).
- The Long-Range Strike Bomber may cost more $800M a piece in today’s dollars when development costs are included, and a fleet of 100 is planned; the bomber, scheduled for first deployment in the mid-2020s, will be one of the Pentagon’s biggest weapons systems over the next decade.
Sep. 30, 2015, 7:12 PM
- Northrop Grumann (NYSE:NOC) wins a contract worth up to $3.2B for continued development, modernization and maintenance of all U.S. Air Force variants of the Global Hawk unmanned surveillance plane, the Defense Department says.
- The Air Force hopes to carry out upgrades to the Global Hawk before it retires its aging fleet of manned U-2 spy planes.
- It is not yet clear if the contract includes upgrades such as a new electro-optical sensor that a senior U.S. Air Force official had said could cost as little as half the previous estimate of $4B.
Sep. 30, 2015, 6:10 PM
- The U.S. Defense Department does not support large-scale acquisitions that could winnow its prime contractors following Lockheed Martin’s (NYSE:LMT) $9B purchase of Sikorsky (NYSE:UTX), according to comments from DoD Sec. Carter and undersecretary for acquisition, technology and logistics Frank Kendall.
- Warning that with “size comes power,” Kendall says the Pentagon will work with the Justice Department and Congress to preserve a diverse industrial base.
- The statements come ahead of the contract award for a new long-range bomber, which some analysts say could prompt a tie-up of Boeing (NYSE:BA) and Northrop Grumman (NYSE:NOC).
- U.S. defense stocks extended gains after the remarks, led by a 2.4% rally for Raytheon (NYSE:RTN).
- LMT says it disagrees with the comments, saying there is no evidence to support the view that larger defense companies reduce competition or inhibit innovation.
Sep. 29, 2015, 12:45 PM
- Some of the biggest U.S. weapons programs could be disrupted by a stopgap budget measure that caps federal funding at prior-year levels and prevents the launch of new programs and multiyear deals, as time is running out for lawmakers to reach an agreement on next year’s spending before the current federal budget expires on Sept. 30.
- The U.S. Air Force estimates it stands to lose $13B in additional funding from such a stopgap, affecting ~60 programs including the award of a bomber deal for which a team of Boeing (BA +0.1%) and Lockheed Martin (LMT +0.3%) is vying with Northrop Grumman (NOC +0.1%).
- The Air Force wants to protect the Boeing deal, which leaves the company responsible for any costs exceeding $4.9B; Boeing has taken $1.3B in charges because of problems with the KC-46A refueling tanker, which flew for the first time on Sept. 25, and the Air Force wants to avoid a new deal that could expose it to paying for any further glitches.
- A stopgap also could cap next year’s spending on LMT's F-35, the Pentagon’s largest program, at $8.6B vs. the requested $11B, which would cut 19 jets from next year’s planned order and disrupt efforts to cut the jet’s cost by raising annual production to 120 planes over the next three years; the F-35’s suppliers include United Technologies (UTX +0.7%) Pratt & Whitney unit, which makes the engine.
Sep. 24, 2015, 10:23 AM
- Northrop Grumman (NOC -1.8%) has been selected by the U.S. Army to develop Airborne Reconnaissance Low-Enhanced Long-Range Radar.
- The solution will enhance the Army's C4ISR capabilities by combining Gen 2 Vehicle and Dismount and Exploitation Radar back-end electronics and software with Active Electronically Scanned Array technology.
Northrop Grumman Corp. is a global security company which provides innovative systems, products and solutions in unmanned systems, cyber, command, control, communications and computers intelligence, surveillance, reconnaissance and logistics and modernization to government and commercial... More
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