Wed, Jan. 28, 5:30 PM
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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."
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.
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.
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
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.
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.
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.
Nov. 20, 2014, 8:39 AM| Nov. 20, 2014, 8:39 AM | Comment!
Nov. 19, 2014, 11:20 PM
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.
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.
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
Oct. 22, 2014, 7:04 AM
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