Jan. 17, 2014, 5:37 PM
Jan. 14, 2014, 2:24 AM
- House and Senate negotiators have agreed on how to allocate $1.01T in funding through Sept. 30 following Congressional approval of the budget guidelines in December.
- The 1,582-page deal eases some automatic spending reductions by providing an additional $45B for military and domestic discretionary programs. Non-war spending will be $520.5B, with the armed force being able to avoid $22B in cuts.
- The conflict in Afghanistan will receive $85.2B.
- However, there's no increase in funding for Obamacare, while $63B in financing for the IMF was again delayed.
- The bill prohibits the Postal Service from eliminating mail delivery on Saturday or shutting rural post offices.
- GOP and Democrat leaders are confident that the bill will pass the House and the Senate.
- Defense tickers: BA, LMT, GD, NOC, HON, BAESY, RTN, COL, HRS
Nov. 21, 2013, 5:47 AM| 1 Comment
Nov. 8, 2013, 9:54 AM
Oct. 23, 2013, 7:34 AM
- Northrop Grumman (NOC) segment revenue fell off in Aerospace, Information Systems, and Technical Services while Electronic Systems poked out a 4% Y/Y gain in Q3.
- Operating income in Aerospace jumped higher due to adjustments tied to the space program and manned military aircraft program.
- Total backlog at the end of the quarter was $37.5B, reflecting some delayed government orders. (PR)
- NOC +0.5% premarket
Oct. 23, 2013, 7:05 AM| 1 Comment
Oct. 23, 2013, 12:05 AM
Oct. 22, 2013, 5:30 PM
Oct. 21, 2013, 3:03 PM
- Defense stocks emerged from last earnings season unscathed, despite worries that sequestration would begin to erode bottom lines. When all was said and done, Boeing (BA -0.8%), Lockheed Martin (LMT -2.6%), General Dynamics (GD -0.5%), Raytheon (RTN -2.5%), and Northrop Grumman (NOC -1.4%) all beat Street expectations for Q2.
- This week, the market will get a fresh look at the sector, as Q3 reports begin to roll in — LMT kicks off the action tomorrow.
- Coming up on Wednesday: Reports from BA, GD, and NOC.
- RTN reports Thursday.
Oct. 11, 2013, 6:56 AM
- Raytheon (RTN) has won a booking from the Navy worth up to $1.6B to design a next-generation air and missile defense radar for Arleigh Burke destroyers starting in 2016.
- Raytheon beat out Lockheed Martin (LMT) and Northrop Grumman (NOC) for the tender.
- The Navy will pay $386M for the initial design contract, after which it could take up options to procure nine radars. (PR)
Oct. 6, 2013, 1:35 AM
- United Technologies (UTX) unit Sikorsky Aircraft has canceled plans to furlough almost 2,000 staff after Defense Secretary Chuck Hagel said that he is ordering most of the Pentagon's 400,000 civilian employees to return to work.
- United Tech had also said it would have to keep staff at its Pratt & Whitney and Aerospace Systems businesses at home if the government shutdown were to drag on this next week.
- Lockheed Martin (LMT), which intends to furlough 3,000 staffers on Monday, hasn't yet decided whether to reduce or drop those plans.
- Other companies affected by the return of Pentagon workers include BA, GD, NOC, AVAV, KTOS, HON, TXT, EADSF.PK and BAESF.PK.
Sep. 18, 2013, 4:56 AM
- Lockheed Martin (LMT), BAE Systems (BAESF.PK), Northrop Grumman (NOC) and engine builder Pratt & Whitney (UTX) have agreed to huge cuts in the average cost of the F35 Joint Strike Fighter jet by 2019.
- The head of the program, Lt. Gen. Chris Bogdan, is confident that despite concerns about the plane's software and defective parts, it is on track to enter service in 2015.
- As expected, Holland said yesterday that it will buy 37 F35s and it provided a small indication that Belgium could evaluate the planes as well.
Sep. 17, 2013, 2:37 PM
- Northrop Grumman (NOC +1%) is doing its best to dispel concerns that the cost of its high-altitude unmanned Global Hawk aircraft will be a hindrance going forward.
- The company is "keeping its 'nose to the grindstone' to drive down the production and operating costs of the aircraft," Reuters quotes NOC's Global Hawk program chief George Guerra as saying.
- Guerra sees a number of applications for the craft, which can fly at 60K feet for 30 hours with a "variety of different sensors," capabilities which differentiate it from unmanned competitor programs.
- Reportedly expressing interest in the aircraft: Japan, Canada, Norway, Australia, and Singapore.
- The Global Hawk and a variant (the Euro Hawk) are facing cost-related pressure from the U.S. government and the German government respectively.
Sep. 9, 2013, 5:53 PM
- Northrop Grumman (NOC) has been awarded a contract for around $219M from the U.S. Air Force for follow-on production of its Joint Threat Emitter.
- The contract provides for JTE first article and production units, and associated drawings, technical orders, retrofit kits, provisioning, and software.
- Work is expected to be completed around March 2016.
Sep. 9, 2013, 3:55 PM
- Northrop Grumman (NOC +0.4%) says it's been retained by the United Kingdom's Defence Science and Technology Laboratory to carry out further development of the N.Guru Cyber Situational Awareness System - a software application for the visualisation of cyber events for decision makers.
- The award will be carried out by NOC in partnership with the Universities of Oxford and South Wales.
- This work is part of the U.K.'s Cyber Research Program as part of its effort to develop concepts, tools and techniques to provide cyber situational awareness for users.
Aug. 29, 2013, 8:25 AM
- Northrop Grumman (NOC) has agreed to acquire Qantas Airways' (QUBSF.PK) defense unit, which provides support for customers such as the Royal Australian air force and services planes that transport government dignitaries.
- The deal is part Northrop's efforts to boost its international business amid defense cuts in the U.S. Financial details weren't disclosed.
- Meanwhile, Northrop yesterday won two orders worth $66M in total, one for the U.S. Navy and the other for the French Air Force.
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