Archive: Business/Financial

Northrop Grumman Chairman, President and CEO Wes Bush. Photo: Northrop Grumman

Northrop Grumman Posts Higher Earnings On Pension Adjustment As Sales Fall

Northrop Grumman [NOC] on Wednesday said its net income rose in the second quarter on pension adjustment as sales fell but the company’s overall performance was better than expected and it raised earnings expectations for the year. Net income increased 5 percent to $511 million, $2.37 earnings per share (EPS), from $488 million ($2.05 EPS) [...]

Boeing Chairman and CEO Jim McNerney. Photo: Boeing

Boeing Takes Hefty Charge On KC-46 Tanker But Net Income Soars With Tax Items

Boeing [BA] on Wednesday said that its net income in the second quarter climbed more than 50 percent with the help of some favorable tax resolutions, although the company disclosed a steep charge related to engineering issues with the development of a new aerial refueling tanker for the Air Force. Jim McNerney, Boeing’s chairman and [...]

GD Chairman and CEO Phebe Novakovic. Photo: GD

GD’s Net Income Tumbles On Charge Related To Planned Sale Of Axle Business

General Dynamics [GD] on Wednesday posted lower net income in the second quarter due to a charge related to the planned sale of an axle business it acquired in 2009. Excluding the charge related to AxleTech, GD’s earnings from continuing operations were up nearly a percent to $646 million, $1.88 earnings per share (EPS), beating [...]

The Marine Corps' short takeoff and vertical landing (STOVL) F-35B performs a vertical landing. Photo: Lockheed Martin.

Pension Income Drive Earnings Rise At Lockheed Martin In Second Quarter

Lockheed Martin [LMT] on Tuesday reported higher earnings in the second quarter due to a swing to pension income and the company increased its profit guidance for the year as a result of stronger than expected operating performance in the first half of 2014 and because of better than expected pension income in the second [...]

Orbital Sciences' Antares rocket launches July 13 for the company's Orb-2 Cargo Resupply Services (CRS) mission for NASA. Photo: Orbital.

Earnings Up, Sales Down At Orbital In Second Quarter

Orbital Sciences [ORB] on Thursday posted a slight rise in net income in the second quarter despite a modest decline in sales as an insurance recovery related to a an anomaly with one of its communications satellites that was launched in March helped boost results. Net income was up a percent to $16.5 million, 27 [...]

Textron and AirLand Enterprises debuted their Scorpion ISR/Strike aircraft at RIAT and Farnborough this month. Photo: Textron

Textron Reports Higher Profits, Sales On Acquisition, Improved Performance

Textron [TXT] on Wednesday posted strong increases in sales and income in the second quarter driven by the company’s acquisition of Beechcraft this year, a favorable settlement with the Defense Department and solid performance. Net income climbed 27 percent to $144 million, 51 cents earnings per share (EPS), from $113 million (40 cents EPS) a [...]

Airbus Group Sells Majority Share In Test & Services Business

France’s Airbus Group on Thursday said it has sold a nearly 67 percent stake in its Test & Services business to a group of private equity investors in Europe, part of the aerospace and defense giant’s  portfolio reshaping to focus on its core aeronautics business. Terms of the sale were not disclosed. The France-based business [...]

Frank Kendall, Undersecretary of Defense for Acquisition, Technology and Logistics. Photo: DoD.

Kendall: Bell Helicopter Overcharging DLA for Spares Appears to be Fraud

The Defense Department Office of Inspector General found that the Defense Logistics Agency has been paying Textron’s [TXT] Bell Helicopter millions of dollars more than it ought to in a sole-source contract for spare parts and could continue doing so on future orders over the next year. According to a summary of the report, the [...]

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Jacobs Engineering Acquires Verizon’s Federal Network Systems Business

Jacobs Engineering Group [JEC] on Tuesday said it has completed its acquisition of Verizon’s [VZ] Federal Network Systems (FNS) business, expanding its capabilities in the intelligence community. Terms of the deal, which was first announced in April, were not disclosed. FNS’ capabilities include information technology and data security solutions, systems integration and communication with a [...]

Lockheed Martin Chairman, President and CEO Marillyn Hewson

Lockheed Martin Freezing Defined Benefit Pension Plan For Its U.S. Salaried Employees

Lockheed Martin [LMT] on Tuesday said it will freeze the defined benefit pension plans of its United States-based salaried employees and transition them to a defined contribution retirement plan, a trend among more employers seeking more control over their long-term expense obligations. The company said the change to its retirement plans won’t impact financial results [...]