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Northrop Grumman Corporation (NOC)

  • 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.
  • 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.
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  • 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
  • Nov. 20, 2014, 8:39 AM
    • Northrop Grumman (NYSE:NOC) has appointed Patrick M. Antkowiak as corporate vice president and chief technology officer, effective immediately.
    • Antkowiak last served as vice president and general manager of the Advanced Concepts and Technologies Division in the Electronic Systems sector.
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  • Nov. 19, 2014, 11:20 PM
    • Northrop Grumman (NYSE:NOC) declares $0.70/share quarterly dividend, in line with previous.
    • Forward yield 2.04%
    • Payable Dec. 17; for shareholders of record Dec. 1; ex-div Nov. 26.
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  • Nov. 18, 2014, 10:13 AM
    • Northrop Grumman (NOC +0.6%) has received a $116M contract to provide upgrades and spares to the AN/AAQ-28(NYSE:V) LITENING targeting pods of the Air Force, Air Force Reserve, Air National Guard and Marine Corps.
    • This award will bring all Air Force Block 1 pods to the G4 configuration, completing the service's transition to the latest version of the LITENING system.
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  • Nov. 17, 2014, 8:29 AM
    • Northrop Grumman (NYSE:NOC) has been awarded a contract from Naval Air Systems Command to deliver its next-generation mission computer for the Marine Corps' H-1 helicopter upgrade program.
    • Under the terms of the contract, the company will provide FlightPro Gen III mission computers for the UH-1Y and AH-1Z aircraft.
    • Deliveries will be completed by October 2017.
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  • Oct. 22, 2014, 10:18 AM
    • Northrop Grumman (NOC +1.4%) has filed a formal protest with the U.S. Government Accountability Office against the U.S. Air Force's decision to pick Raytheon (RTN +0.3%) to develop its next-generation, long-range radar system.
    • Raytheon overpowered both Lockheed Martin (LMT +1.5%) and Northrop Grumman to develop a replacement for the Air Force's current TPS-75 radar, which has been in service since the late 1960s.
    • Spokeswoman Patty Welsh from Hanscom Air Force Base in Massachusetts says the Air Force issued a stop-work order for the program after the protest was filed.
    • Lockheed officials say they were still reviewing the briefing they received from the Air Force about the contract award to Raytheon.
  • Oct. 22, 2014, 8:22 AM
    • Net income of $473M, or $2.26 per diluted share vs. $497M, or $2.14 per diluted share, in the third quarter of 2013.
    • The company repurchased 6M shares of its common stock for $753M during the quarter. As of Sept. 30, the company had repurchased 37.7M shares toward its previously announced goal of retiring 60M shares of its common stock by the end of 2015.
    • Total backlog as of Sept. 30 increased 8% Q/Q to $38.5B.
    • The company expects full-year earnings to be between $9.40-$9.50 per share, and revenue of $23.8B.
    • Q3 results
    • NOC +0.7% premarket
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  • Oct. 22, 2014, 7:04 AM
    • Northrop Grumman (NYSE:NOC): Q3 EPS of $2.32 beats by $0.18.
    • Revenue of $6B (-1.8% Y/Y) beats by $110M.
    • Press Release
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  • Oct. 21, 2014, 5:30 PM
  • Oct. 7, 2014, 7:18 AM
    • Raytheon (NYSE:RTN) overpowered both Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC) for a contract to build a next-generation long-range radar system for the U.S. Air Force, replacing current TPS-75 radar, which has been in service since the late 1960s.
    • The deal, valued at around $1B, kicks off the next phase of a program begun in 2009, when the Air Force funded work on full-scale prototypes by all three companies.
    • Raytheon's initial $19.5M deal will cover continued development of the Three-Dimensional Expeditionary Long-Range Radar (3DELRR) program, and construction of three initial systems. The Air Force then plans to buy three more systems for a total of $72M.
    • The value of the contract is likely to increase significantly due to additional orders from the Air Force and foreign military purchases.
  • Sep. 26, 2014, 3:27 PM
    • Northrop Grumman (NOC +2.4%) is upgraded to Buy from Hold with a $145 price target at Deutsche Bank, which sees the down cycle in defense spending fading and the possibility of budget increases into FY 2017.
    • The firm feels defense spending is bottoming as global tensions rise along with a shift in public sentiment on threats and priorities, and a turn in defense spending would benefit NOC more than its peers since 86% of the company's sales are tied to the U.S. government.
    • DB also likes that NOC returns 100% of free cash flow to its shareholders; NOC increased its dividend by 15% in May, has bought back 17M million shares YTD, has retired 30M shares and plans to retire 30M more shares by year-end 2015.
    | 1 Comment
  • Sep. 24, 2014, 7:49 AM
    • U.S. Navy official Captain Jim Hoke says improved reliability may allow the Navy to purchase fewer than the 68 Northrop Grumman (NYSE:NOC) Triton spy drones planned for maritime surveillance, but current estimates still call for the entire order.
    • Hoke says he also has a team of people looking for other ways to reduce the cost of building and operating the unmanned plane. Each aircraft currently costs about $100M.
    • The Navy aims to start using Triton drones by the end of 2017.
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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