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Northrop Grumman Corporation (NOC)

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  • Wed, Feb. 18, 8:58 AM
    • As a step toward providing allied nations with weapons, the U.S. government has established a policy that will permit the widespread export of armed drones for the first time.
    • Under the new rules, foreign governments' requests for drones will be examined on a case-by-case basis, while recipient nations must agree to certain "end-use assurances."
    • To date, the U.S. has sold its armed drones only to Britain. Unarmed military drones, used primarily for intelligence, have been sold to several countries, including France and Italy.
    • The shift in policy comes just days after the FAA proposed rules that would lift some restrictions on drones for commercial use.
    • Related stocks: AVAV, NOC, TXT, LMT, LLL, RTN, BA, SAIC, GD, OA, COL, UTX
    | 6 Comments
  • Wed, Feb. 18, 4:38 AM
    • Northrop Grumman (NYSE:NOC) declares $0.70/share quarterly dividend, in line with previous.
    • Forward yield 1.67%
    • Payable March 18; for shareholders of record March 2; ex-div Feb. 26.
    | Comment!
  • Fri, Feb. 13, 11:31 AM
    • Dennis Ruhl of the JPMorgan Intrepid Value fund sees some potential bargains hatching in the slumping energy sector, and he particularly favors ConocoPhillips (NYSE:COP).
    • Ruhl says COP looks better than its energy peers from a momentum standpoint, and likes that the company was one of the first to cut capex in response to the collapse in energy prices and has done so aggressively.
    • COP trades at just 1.5x book value vs. the energy sector average of 1.8x and the S&P 500's 2.8x; the stock boasts a 4.3% dividend yield, which Ruhl believes is safe.
    • The fund manager's other four favorite value picks are ANTM, NOC, HPQ and KR.
    | 15 Comments
  • Fri, Feb. 13, 8:04 AM
    • The U.S. Navy has awarded Northrop Grumman (NYSE:NOC) a contract valued at up to $267M to design an updated electronic warfare package for surface warships.
    • The program will give the ships enhanced capabilities for early detection, analysis, threat warning and protection from anti-ship missiles.
    | Comment!
  • Mon, Feb. 2, 1:35 PM
    • Northrop Grumman (NOC -0.4%) has received a $21.6M contract from the U.S. Navy for two additional Littoral Combat Ship mission packages (one for surface warfare and the other for mine countermeasures).
    • The second contract is for the continued production of the AN/AES-1Airborne Laser Mine Detection System, which is mounted on an MH-60S helicopter and can geolocate mine-like objects in the near-surface of the ocean.
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  • Thu, Jan. 29, 7:44 AM
    • Net income of $506M vs. $478M in the fourth quarter of 2013. Pension-adjusted diluted EPS of $2.26 vs. $2.00, a year ago.
    • The company repurchased 4.5M shares of its common stock for $599M during the quarter. As of Dec. 31, 2014, the company had repurchased 42.2M shares toward its previously announced goal of retiring 60M shares of its common stock by the end of 2015.
    • Total backlog as of Dec. 31 was $38.2B compared with $37B a year ago.
    • The company expects full-year 2015 earnings of $9.20-$9.50 per share on revenues of $23.4B-$23.8B.
    • Q4 results
    | 1 Comment
  • Thu, Jan. 29, 7:01 AM
    • Northrop Grumman (NYSE:NOC): Q4 EPS of $2.26 beats by $0.01.
    • Revenue of $6.1B (-1.0% Y/Y) beats by $110M.
    • Press Release
    | Comment!
  • Wed, Jan. 28, 5:30 PM
  • Thu, Jan. 22, 7:38 AM
    • Northrop Grumman (NYSE:NOC) Chief Executive Wes Bush praised the U.S. government yesterday for approving exports of more drones, but warned that additional work was needed to to address the U.S. industry's losing market share due to bans on larger drone exports.
    • The U.S. has been reluctant to tinker with the export controls for fear it may allow sensitive technology to fall into hostile hands, but officials say a revamped policy on exports may be released soon.
    • Northrop, the builder of Global Hawk drones, has urged the government to develop a "firm set of principles against which we can all operate."
    | Comment!
  • Tue, Jan. 20, 4:56 PM
    • The U.S. Air Force will re-evaluate proposals received in a competition for a long-range radar system initially won by Raytheon (NYSE:RTN) after losing bidders Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC) filed protests, Reuters reports.
    • It is unclear how long the re-evaluation of the bids would take, but Reuters says one source indicated it could include a more technical assessment of proposals submitted by the companies.
    • RTN in October beat out LMT and NOC to develop a replacement for the Air Force's current TPS-75 radar, which has been in service since the late 1960s.
    | Comment!
  • Thu, Jan. 15, 7:49 AM
    • Boeing (NYSE:BA) has asked the U.S. Air Force to explain its recent $963.5M ICBM contract awarded to Northrop Grumman (NYSE:NOC).
    • "Boeing is disappointed by the decision...and will determine a path forward following completion of the debrief," said Boeing spokeswoman Queena Jones, when asked if Boeing could file a protest against the contract.
    • Northrop's award runs through 2020 and covers sustainment engineering and program management services for ICBM ground subsystems at a range of U.S. Air Force bases.
    | 2 Comments
  • Thu, Jan. 8, 2:15 PM
    • The Pentagon will request ~$51B in war funding for the next fiscal year starting Oct. 1, 20% less than the $64B Congress approved this year and the lowest since the 2001 terrorist attacks, Bloomberg reports.
    • The Overseas Contingency Operations funding will be sent to Congress in addition to basic defense spending of ~$534B when Pres. Obama offers his proposed FY 2016 federal budget on Feb. 2, according to unnamed government officials and congressional aides.
    • Related stocks: BA, NOC, LLL, LMT, GD, RTN, FLIR, KTOS, COL.
    | 11 Comments
  • Dec. 17, 2014, 7:13 AM
    • Northrop Grumman (NYSE:NOC) wins a $657.4M contract from the U.S. Air Force to provide South Korea with four RQ-4 Global Hawk unmanned surveillance aircraft.
    • The company aims to deliver the first Global Hawk in 2018.
    | Comment!
  • Dec. 9, 2014, 10:44 AM
    • Northrop Grumman (NOC -0.2%) has been selected by Lockheed Martin (LMT -0.6%) to supply its space inertial reference system for the U.S. Air Force Space-Based Infrared System's fifth Geosynchronous Earth Orbit satellite.
    • The SBIRS program delivers early warning of ballistic missile launches, missile defense and technical intelligence.
    | 1 Comment
  • Dec. 8, 2014, 5:57 PM
    • Northrop Grumman (NYSE:NOC) names Ken Bedingfield as its new CFO effective in February, succeeding current CFO James Palmer, who plans to retire in the summer.
    • Bedingfield, who joined NOC in 2011 and is currently a finance executive, has served as finance chief for the company’s aerosystems business and as a controller and chief accounting officer; before joining NOC, he spent 17 years at KPMG, most recently as the national client leader of its U.S. aerospace and defense audit practice.
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  • Dec. 4, 2014, 5:55 PM
    • Northrop Grumman (NYSE:NOC) +1.4% AH on news that its board authorized the repurchase of an additional $3B in stock, as it aims to buy back a quarter of its shares by the end of next year.
    • NOC increased its stock buybacks during Q3 to $753M as it continued with the most aggressive repurchase plan in the defense contracting sector.
    • L-3 Communications (NYSE:LLL) also says its board authorized the repurchase of an additional $1.5B in shares over the next two and a half years.
    • In October, Lockheed Martin (NYSE:LMT) announced a plan to boost stock buybacks.
    | 1 Comment
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Company Description
Northrop Grumman Corporation is a security company providing systems, products and solutions in unmanned systems, cybersecurity; command, control, communications and computers (C4) intelligence, surveillance, and reconnaissance.
Country: United States