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Northrop Grumman Corporation

6/18/2013, 2:01 AM ET

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Wednesday, June 5, 11:35 AM As it seeks to defend its Euro Hawk drones against allegations of runaway costs in Germany, Northrop Grumman (NOC -0.5%) is fighting in the U.S. to keep 18 Global Hawk unmanned aircraft in service amid pressure from the Defense Department to ground the fleet and recognize cost savings of $2.5B over four years. NOC's unlikely ally: California Democrat John Garamendi, whose congressional district is home to the drones' pilots. 1 Comment
Wednesday, June 5, 9:43 AM Northrop Grumman (NOC -0.5%) wins a four-year $318M IT deal with the Defense Intelligence Agency, with the order including software development, integration, testing, deployment and support. (PR) Comment!
Monday, June 3, 10:55 AM Northrop Grumman (NOC -0.3%) says it plans to submit a bid for the U.S. Navy's Consolidated Afloat Network and Enterprise Services full deployment contract. NOC says the contract offers considerable cost and performance improvements over existing shipboard networks including a modernized C4I architecture with increased security and reduced development, deployment and life cycle costs. Comment!
Thursday, May 30, 7:53 AM Goldman is out with upgrades for the defense contractors: Northrop Grumman (NOC) is taken to Buy from Neutral (PT, $95) as it transitions to "a consistent performer with above average margins" and is now "arguably the most shareholder-friendly defense prime" (I, II); Lockheed Martin (LMT) is "in the sweet spot of Pentagon priorities" and lands on the coveted Conviction Buy list with a PT of $127; Raytheon (RTN) gets a Neutral from Sell bump (PT, $70) as Goldman "underestimated the multiple the market would pay for cash generation and dividend yield." LMT +2% premarket, NOC +1.34% premarket. 3 Comments [On the Move]
Wednesday, May 29, 10:54 AM Northrop Grumman (NOC -0.6%) prices its $2.85B public offering of senior unsecured notes: $850M of 1.75% senior notes due June 1, 2018, $1,05M of 3.25% senior notes due August 1, 2023 and $950M of 4.75% senior notes due June 1, 2043. The company expects to use the proceeds to fund the redemption of its $350M outstanding in 3.7% senior notes due 2014 and $500M in 1.85% senior notes due 2015, and the remainder for general corporate purposes. Comment! [Consumer]
Tuesday, May 28, 10:25 AM Investors like Northrop Grumman's (NOC +1.3%) move to replace existing 2014 3.7% and 2015 1.85% paper with newly issued senior unsecured notes. NOC will redeem the 2014/2015 notes on June 27 and take a one-time $30M redemption premium charge in Q2. (PR) Comment!
Monday, May 27, 3:57 PM EADS (EADSF.PK) and Northrop Grumman (NOC) say reports of soaring costs associated with airworthiness certificates for German Euro Hawk reconnaissance drones are "inaccurate." Amid order cancellations and bad press related to the supposed "squandering" of taxpayer dollars, EADS and NOC say they "will provide an affordable and achievable plan" for Germany so that it may complete testing of its existing Euro Hawk and follow through with a plan to purchase four additional drones. Comment!
Friday, May 24, 3:14 PM Northrop Grumman (NOC +1%) expands its investment in Australia, saying it's awarded contracts to 3 new global supply chain partner companies who will provide products and services for a variety of missions and capabilities. The Australian companies forming part of its expanded global supply chain, are; Electro Optic Systems, CEA Technologies, and Insitec. Comment! [Global & FX]
Thursday, May 23, 3:11 PM Chatter says trading desks are busy with corporate buyback activity today as CFOs take advantage of a little selling to put repurchase plans into action. AAPL is the gorilla, having bumped its authorization to $60B from $10B. Others of note include: LyondellBasel (LYB), Merck (MRK) - which just entered an accelerated repurchase program, NetApp (NTAP), Northrop Grumman (NOC), Macy's (M), and Delta (DAL). There's also IBM - long with a reputation for issuing debt at lows in yield. Is their equity timing as good? 6 Comments
Monday, May 20, 10:22 AM Northrop Grumman (NOC -0.3%) gets upgrades from Drexel Hamilton (Buy from Hold) and CRT Capital (Fairly Valued from Sell) to go with Friday's modest price target hike from JPMorgan. The company said last week it plans to reduce the number of outstanding shares by 25% by 2015. Price targets: Drexel, $90 from $70; CRT, $52 target removed; JPMorgan (last week), $70 from $68. Comment!
Friday, May 17, 12:43 PM JPMorgan lifts its price target ($70 from $68) on Northrop Grumman (NOC +3.6%) to reflect Thursday's announcement that the company plans to reduce the number of outstanding shares by 25% by 2015. More interesting is the color in the note regarding NOC's position relative to peers: the company "intends to return essentially all cash to shareholders. Besides LMT's nearly 50% payout ratio (which we believe is likely to rise still higher in September), this is the clearest multi-year strategic statement we have seen among large defense companies, and we think the market will reward this," notes analyst Joseph Nadol III. 1 Comment [On the Move]
Thursday, May 16, 7:48 PM Northrop Grumman (NOC) says its board has approved an additional $4B for share buybacks bringing the total outstanding authorization to $5B. Ultimately, the company wants to retire 25% of its outstanding shares (so, some 58.75M) over the next ~30 months. Shares get a modest +0.61% bump AH on the news. (PR) Comment!
Wednesday, May 15, 1:02 PM Northrop Grumman Corporation. (NOC) declares $0.61/share quarterly dividend, 11% increase from prior dividend of $0.55. Forward yield 3.09%. For shareholders of record May 28. Payable June 12. Ex-div date May 24. (PR) Comment! [Dividends]
Friday, April 26, 4:42 PM Defense companies post strong gains on the week after reports from Raytheon (earnings), Lockheed Martin (earnings), Boeing (earnings), General Dynamics (earnings), and Northrop Grumman (earnings). In a note raising his price target on RTN ($63), Credit Suisse analyst Robert Spinarn summarizes the sector's strong quarterly results: "RTN's Q1 mirrored that of its peers, with a strong EPS beat against consensus, driven by sales and margins [and] in keeping with what we've seen at GD, LMT, and NOC, RTN's FY guidance now incorporates its assessment of the Sequester." On the week: LMT +2.49% , RTN +5% , NOC +4.4% , BA +5.2% , GD +8.89%. Comment!
Wednesday, April 24, 7:07 AM Northrop Grumman (NOC): Q1 EPS of $2.03 beats by $0.32. Revenue of $6.10B beats by $0.14B. (PR) Comment! [Earnings, Breaking News]
Wednesday, April 24, 12:05 AM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]

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