Sep. 22, 2015, 11:51 AM
- Northrop Grumman (NOC -2%) has signed a long-term deal with Norway's Kitron to source subassembly electronic modules for the F-35 Lightning II aircraft, extending its supply chain for the fighter in Europe.
- The deal goes through June 2036 with rights for extensions. The first F-35A Lightning II for Norway is set for a Sept. 22 delivery.
- Norway is one of eight partner nations to the U.S. that invested in development of the F-35.
Sep. 16, 2015, 6:27 PM
- Northrop Grumman (NYSE:NOC) is up 0.8% after hours, after announcing a new repurchase authorization of up to $4B in shares.
- The company may buy back shares in the open market or private transactions from time to time. With a $32B market cap, the company could buy back some 12% of its shares under the new program.
- Previously, the company had said it was on schedule to finish its existing buyback program, for 60M shares, by the end of 2015.
Sep. 15, 2015, 7:15 PM
- Northrop Grumman (NOC +1.5%) said early today that its Sperry Marine unit was selected to supply Integrated Bridge Systems to future frigates serving in the Royal Thai Navy.
- Meanwhile, the company's also gotten a revised B-2 maintenance contract from the Air Force that will help the service save $900M in costs over the fleet's life and make another jet available for combat at any time. It also cuts average maintenance time to 364 days from 400 days.
- And upgrades to Northrop's unmanned Global Hawk surveillance aircraft might cost only half the previous estimate of $4B, an Air Force official says -- a key issue as the Air Force can't budget for two different spyplane platforms.
- Upgrades to the Global Hawk of a new electro-optical sensor and a camera with wider field of view are necessary before the Air Force retires an aging fleet of U-2 spy planes made by Lockheed Martin (NYSE:LMT) -- which itself would like to upgrade the U-2 to keep it operating.
- Northrop shares are up 15.6% YTD.
Sep. 2, 2015, 10:31 AM
- Northrop Grumman (NOC +1.5%) has been selected by the New Zealand Ministry of Defense to provide navigation suite upgrades to the Navy's ANZAC Class Frigates.
- The navigation suites will replace existing MK49 inertial navigation units with fourth-generation MK39s and feature an embedded data distribution system.
Aug. 20, 2015, 5:39 AM
- Northrop Grumman (NYSE:NOC) declares $0.80/share quarterly dividend, in line with previous.
- Forward yield 1.82%
- Payable Sept. 16; for shareholders of record Aug. 31; ex-div Aug. 27.
Aug. 13, 2015, 8:48 AM
- According to Goldman Sachs, Northrop Grumman (NYSE:NOC) is the favorite in line to win a $55B Defense Department contract to build 80-100 long-range bombers.
- The firm thinks Northrop has the edge over competing bids because it builds the current B-2 bomber, and could send the stock soaring.
- A decision for the award is expected by September.
Jul. 29, 2015, 8:49 AM
- Northrop Grumman (NYSE:NOC) raises its earnings guidance for FY 2015 as it reports higher than expected Q2 earnings despite flat or lower revenues in each of its four business sectors.
- NOC now sees FY 2015 EPS of $9.55-$9.70 from its prior outlook for $9.40-$9.70, in line with $9.62 analyst consensus estimate, while reaffirming full-year revenues of $23.4B-$23.8B vs. $23.76B consensus.
- In Q2, sales in the aerospace systems segment - NOC's largest, accounting for more than 40% of total revenue - edged up slightly to $2.51B driven by higher volume for unmanned programs.
- Q2 sales in NOC's electronic systems business, which sells space sensors and marine systems, fell 3.5% to $1.68B, while revenue from information systems slipped 4.9% to $1.49B due mostly to declines in command-and-control programs and the impact of in-theater force reductions; sales in the technical services business fell 1.6%.
Jul. 29, 2015, 7:02 AM
- Northrop Grumman (NYSE:NOC): Q2 EPS of $2.47 beats by $0.11.
- Revenue of $5.89B (-2.5% Y/Y) misses by $40M.
Jul. 28, 2015, 5:30 PM
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Jul. 14, 2015, 7:40 PM
- The commercial aerospace segment still provides opportunities for double-digit gains over the next 18 months, as the "aero cycle has legs," J.P. Morgan analyst Seth Seifman says, initiating coverage of Boeing (NYSE:BA) and several peers with Overweight ratings.
- Boeing’s cash flow outlook has been controversial, but Seifman views 787 unit cost reduction as a powerful driver that can push free cash flow to $9.1B in 2017, 44% above 2015 estimates with potential for growth beyond; Seifman sees the precedent Boeing set by returning $8B of cash last year as a signal of confidence in future cash flow.
- General Dynamics' (NYSE:GD) balance sheet might drive upside, while Lockheed Martin (NYSE:LMT) could use its financial strength to create value, but Northrop Grumman (NYSE:NOC) is started at Underweight, as the analyst sees "fewer arrows left in the quiver" and expectations may be too high following recent outperformance in its shares.
- Initiated at Overweight along with Boeing: GD, LMT, SPR, TDG.
- Started at Neutral: BEAV, COL, PCP, TGI, TXT, HRS, LLL
- Earlier: JPMorgan initiates coverage on several aerospace plays
Jul. 14, 2015, 8:06 AM
Jun. 23, 2015, 10:20 AM
- Northrop Grumman (NOC -0.4%) has announced the launch of a new dual-use tactical grade inertial measurement unit - specially designed for the commercial market.
- The LN-200C is a six-degrees-of-freedom IMU that can be used for a variety of applications, including instrument stabilization, motion compensation and navigation.
Jun. 22, 2015, 10:25 AM
- Northrop Grumman (NOC +0.2%) has been awarded a delivery order from the Defense Microelectronics Activity to deliver an advanced anti-missile system to the Air National Guard and Air Force Reserve Command.
- Under the terms of the $31.7M contract, Northrop will deliver three modernized third-generation pods - based on the company's Guardian system.
Jun. 16, 2015, 3:21 PM
- Lockheed Martin (NYSE:LMT) says it will team up with Raytheon (NYSE:RTN) and Bombardier (OTCPK:BDRAF, OTCQX:BDRBF) to develop a new surveillance and command and control aircraft for a future U.S. Air Force competition and a share of a contract valued at ~$4.3B.
- Jets from General Dynamics' (NYSE:GD) Gulfstream Aerospace unit also are being considered to replace the aging fleet of larger Boeing (NYSE:BA) 707 planes that are becoming too costly to fly in their role of monitoring forces on the ground.
- Northrop (NYSE:NOC) and Boeing also have said they plan to compete for the contract when the Air Force awards a deal, likely in 2016.
Jun. 2, 2015, 8:08 AM
- The U.S. State Department has approved the possible sale to Japan of four E-2D Advanced Hawkeye Airborne Early Warning and Control aircraft built by Northrop Grumman (NYSE:NOC), a deal valued at around $1.7B.
- Congress now has 15 days to block the sale, but such action is rare since sales are carefully assessed with lawmakers before they are formally notified.
Jun. 1, 2015, 9:45 AM
- Northrop Grumman (NOC -0.3%) has received a $111M modification to a former firm-fixed-price contract from the U.S. Air Force to deliver hardware and support for the Large Aircraft Infrared Countermeasure (LAIRCM) system.
- The system detects missile launches and tracks them to determine threat status.
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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