$NOC (Northrop Grumman Corporation)

$NOC {{ '2016-07-27T11:18:46+0000' | timeago}} • Announcement

In 2Q16, $NOC's Aerospace Systems segment sales grew 4% due to higher volume for Manned Aircraft & Autonomous Systems programs. Mission Systems sales rose 2% due to higher volume for Advanced Capabilities programs and Sensors & Processing programs. Technology Services sales fell 2% mainly due to lower volume for Advanced Defense Services programs.

$NOC {{ '2017-10-11T12:24:30+0000' | timeago}} • Announcement

$NOC has priced a $8.25Bil underwritten public offering of senior unsecured notes. The company intends to use the net proceeds of the offering, together with cash on hand, to finance its previously announced acquisition of $OA. The offering is expected to close on Oct. 13, 2017

$NOC {{ '2017-09-26T22:40:30+0000' | timeago}} • Announcement

$NOC's BoD has named Mark A. Caylor as Corporate VP & President, Mission Systems. Shawn N. Purvis has been named Corporate VP & President, Enterprise Services and Lesley A. Kalan has been named Corporate VP, Government Relations. Caylor, Purvis and Kalan will assume their new roles on Jan. 1, 2018.

$NOC {{ '2017-09-26T22:40:11+0000' | timeago}} • Announcement

$NOC said Gloria A. Flach, COO, and Sid Ashworth, Corporate VP, Government Relations will retire, effective Dec. 31, 2017. The BoD has elected Kathy J. Warden President & COO, effective Jan. 1, 2018.

$NOC {{ '2017-09-18T11:47:52+0000' | timeago}} • Announcement

$NOC has signed an agreement to buy aerospace company $OA for $7.8Bil in cash, plus the assumption of $1.4Bil in debt. Orbital shareholders will get all-cash consideration of $134.50 per share. The transaction, which is expected to close in 1Q18, will be accretive to earnings in first full year, and generate annual cost savings of $150MM by 2020.

$BA {{ '2017-08-22T14:27:56+0000' | timeago}} • Announcement

The US Air Force has awarded $BA to work on the preliminary design for replacing the Minuteman III intercontinental ballistic missile (ICBM). This is a 3-year contract worth $349MM. $NOC also got a separate contract worth $328MM. Development contract will be awarded to one company in 2020. US Air Force has estimated the total cost to be $62Bil.

$NOC {{ '2017-08-17T13:05:17+0000' | timeago}} • Announcement

$NOC's BoD declared a quarterly dividend of $1.00 per share on its common stock. The dividend is payable on Sept. 13, 2017, to shareholders of record as of the close of business Aug. 28, 2017.

$OA {{ '2017-05-30T12:48:24+0000' | timeago}} • Announcement

$OA has received an initial $90MM contract from $NOC to produce composite components for the B-2 Spirit stealth bomber with an option for follow-on orders. The contract is valid for five years.

$NOC {{ '2017-05-17T11:35:06+0000' | timeago}} • Announcement

The BoD of $NOC declared a quarterly dividend of $1 per share on Northrop Grumman common stock, a 11% increase from the prior quarterly dividend of $0.90 per share. The dividend is payable June 21, 2017, to shareholders as of June 5, 2017.

$EMR {{ '2017-05-02T21:24:19+0000' | timeago}} • Webcast

$EMR elected Gloria Flach, corporate VO and COO of $NOC, to its BoD. Flach will serve on the board's compensation committee and finance committee.

$NOC {{ '2017-04-26T16:55:39+0000' | timeago}} • Webcast

$NOC stated that Aerospace Systems is a long-cycle business  and the mix it saw in 1Q17 for Aerospace Systems is likely to be relatively consistent across 2017. The long-term business at Aerospace has a growing complement of development and production work and the mix will be driven by the rate of progress on these programs.

$NOC {{ '2017-04-26T16:43:32+0000' | timeago}} • Webcast

$NOC has a couple of export opportunities across the international marketplace. The company is seeing growth in the high altitude long endurance opportunity space for Aerospace Systems and is continuing to grow the capabilities of this platform. $NOC is also addressing the fighter aircraft opportunity space through partnerships with $LMT and $BA.

$NOC {{ '2017-04-26T15:27:19+0000' | timeago}} • Announcement

In 1Q17, sales in $NOC's Aerospace Systems grew 13% to $2.89Bil, while that in Mission Systems increased 2% to $2.7Bil. Meanwhile, sales in Technology services slipped 2% to $1.19Bil.

$NOC {{ '2017-04-26T15:21:04+0000' | timeago}} • Announcement

$NOC raised its EPS guidance for FY17 to the range of $11.80-12.10 from the earlier announced range of $11.30-11.60. It also reaffirmed its sales guidance of $25Bil.

$NOC {{ '2017-04-26T15:12:49+0000' | timeago}} • Announcement

Defense contractor $NOC's 1Q17 revenue rose 5% to $6.3Bil, helped by double-digit growth in product sales. Net earnings were $640MM, or $3.63 per share, compared to $556MM, or $3.03 per share in the prior-year period.

$NOC {{ '2017-02-17T13:52:26+0000' | timeago}} • Announcement

$NOC BoD declared a regular quarterly dividend of $0.90 per share payable on March 22, 2017, to shareholders of record on March 6, 2017.

$NOC {{ '2017-01-26T18:39:09+0000' | timeago}} • Webcast

$NOC stated that 2017 margin rate for Aerospace Systems unit is largely impacted by the mix, which is more heavily weighted to development. $NOC believes that some of that development work will transit into production and start to generate additional margins and operating income. $NOC added that it cannot comment any specific number beyond 2017.

$NOC {{ '2017-01-26T17:57:01+0000' | timeago}} • Webcast

For 2017, $NOC expects Aerospace Systems segment revenue in a low-to-mid $11Bil range. The company expects F-35 aircraft volume will be comparable to 2016. In Missile Systems segment, $NOC expects  technology services sales to be in the mid $4Bil range.

$NOC {{ '2017-01-26T17:27:35+0000' | timeago}} • Webcast

In 4Q16, $NOC took advantage of favorable interest rates and issued $750MM of new low cost debt. A portion of this was used to retire high coupon debt. The remaining $550MM reduces interest rate refinancing risk on future maturities. $NOC expects strong operating performance in 2017 as the contract mix continues to shift towards development work.

$NOC {{ '2017-01-26T12:32:55+0000' | timeago}} • Announcement

$NOC expects 2017 sales of about $25Bil, and EPS of $11.30-11.60. The company predicts segment operating margin in mid 11% range, operating margin in mid 12% range and effective tax rate of about 29.5%. $NOC sees capital expenditures of about $900MM and free cash flow of $1.8-2.0Bil for 2017.

$NOC {{ '2017-01-26T12:30:36+0000' | timeago}} • Announcement

$NOC reported a jump in 4Q16 earnings driven by higher sales volume and lower deferred state tax expense. Net income rose to $525MM or $2.96 per share from $459MM or $2.49 per share last year. Sales grew to $6.4Bil from $5.7Bil. Pension-adjusted EPS increased to $2.66 from $2.18.

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