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.
May 20, 2015, 7:40 AM
- Northrop Grumman (NYSE:NOC) declares $0.80/share quarterly dividend, 14.3% increase from prior dividend of $0.70.
- Forward yield 2.01%
- Payable June 17; for shareholders of record June 1; ex-div May 28.
May 12, 2015, 3:55 PM
- A federal judge reportedly has dismissed a lawsuit filed by Raytheon (NYSE:RTN) to block the U.S. Air Force from revisiting a contract for a long-range radar that was won by RTN and was challenged by rivals Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC).
- RTN is said to have 60 days to appeal the decision by a judge with the U.S. Court of Federal Claims.
- The court's move will allow the Air Force to proceed with a re-evaluation of proposals submitted by all three bidders and potentially reopen the competition.
May 12, 2015, 3:26 PM
- Boeing (BA -0.1%) is not planning big changes in its defense and space business or a major deal if it fails to win a share of upcoming Pentagon weapons contracts potentially worth more than $100B, CEO Jim McNerney tells investors.
- The competition to win deals to build new long-range bombers and jet trainers for the U.S. Air Force, as well as large drones for the Navy, to replace declining sales of fighter jets is viewed by analysts as a must-win for Boeing and its partners in the contest, Lockheed Martin (NYSE:LMT) and Saab (OTC:SAABF); a contract award is expected this summer.
- Wes Bush, McNerney's counterpart at Northrop (NYSE:NOC), also has rejected suggestions that the bomber contest could prompt another round of industry consolidation.
- PDF: Investor presentation
- Earlier: Highlights from Boeing's annual investor conference
May 12, 2015, 9:55 AM
- Northrop Grumman (NOC -0.5%) has been awarded a £28.8M contract by the U.K. Home Office to provide service to the Forensic and Biometric Interim Capability (FABrIC).
- Under the two-year FABrIC contract, a recompete of IDENT1, Northrop will maintain and enhance IDENT1 core software, which provides identity management and crime scene forensic systems.
Apr. 29, 2015, 8:06 AM
- Net income of $484M, or $2.41 per diluted share vs. $579M, or $2.63 per diluted share in the first quarter of 2014.
- The company repurchased 5.3M shares of its common stock for $859M during the quarter. As of March 31, 2015, the company had repurchased 47.5M shares toward its previously announced goal of retiring 60M shares by the end of 2015.
- Total backlog as of March 31 was $38.4B compared with $38.2B a year ago.
- The company also raised its earnings forecast for the full year to a range of $9.40-$9.60 from an earlier range of $9.20-$9.50.
- NOC +2.1% premarket
- Q1 results
Apr. 29, 2015, 7:09 AM
- Northrop Grumman (NYSE:NOC): Q1 EPS of $2.41 beats by $0.14.
- Revenue of $5.96B (+1.9% Y/Y) beats by $200M.
Apr. 28, 2015, 5:30 PM
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Apr. 27, 2015, 7:09 AM
- Northrop Grumman (NYSE:NOC) announces a new contract to provide gyrocompass navigation systems for 12 Kingston Class coastal defense vessels of the Royal Canadian Navy.
- Northrop's Sperry Marine business unit has also been selected by Maersk (OTCPK:AMKBY) to upgrade radar and ECDIS systems on more than 80 vessels.
Mar. 25, 2015, 8:27 AM
- Northrop Grumman (NYSE:NOC) has been selected by the Royal Canadian Air Force to provide infrared missile protection on its fleet of CH-147F Chinooks.
- The defense company's various infrared countermeasure systems are now installed or scheduled for installation on more than 1,000 military aircraft around the world.
Mar. 24, 2015, 9:26 AM
Mar. 19, 2015, 4:33 PM
- Northrop Grumman (NOC -0.2%) has been awarded a task order by the Defense Information Systems Agency to continue its lead role on the Acropolis and Sensor Operations program - a capability that protects DISA-managed networks from cyber-attacks.
- The award is worth up to $73.6M over four years.
Mar. 12, 2015, 11:33 AM
- Sikorsky Aircraft would be a sought-after property if United Technologies (UTX +2%) follows through with a sale, probably as a tax-free spinoff that could be valued on a stand-alone basis of $7B-$8.5B, or $8-$10/share, Sterne Agee's Peter Arment calculates.
- Citi's Jason Gursky says a deal should be met favorably, Sikorsky is not well aligned with UTX’s vision of being exposed to end markets that will likely benefit from the world’s growing middle class.
- Gursky is looking to Northrop Grumman's (NYSE:NOC) 2011 spinoff of Huntington Ingalls as an example, which led to the levering up of the spinco and the repurchase of the parent company stock.
- Management has put no timeline on the potential alternative outcomes, but Arment expects a conclusion by mid-summer 2015.
Mar. 4, 2015, 9:21 AM
- The U.S. Air Force's RQ-4 Global Hawk program saw a significant decrease in cost per flight hour, bringing down the system's cost to the point of being half of a manned alternative.
- Northrop Grumman's (NYSE:NOC) aircraft also saw close to a 40% increase in flight hours from 2013 to 2014 and maintained a perfect safety record during the year following its designation as the safest platform in the Air Force's active inventory in 2013.
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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