Archive: Business/Financial

Huntington Ingalls President and CEO Mike Petters. Photo: HII

Huntington Ingalls Doubles Dividend, Stock Repurchase Authority

Confident in its business prospects, Huntington Ingalls Industries [HII] on Thursday said its board of directors has approved a 100 percent increase in the quarterly dividend while also doubling the current stock repurchase program. The new quarterly dividend, which will be payable on Dec. 12, is 40 cents per share while the stock repurchase authority [...]

Lockheed Martin Chairman, President and CEO Marillyn Hewson

Lockheed Martin To Acquire Federal Health IT Company Systems Made Simple

Lockheed Martin [LMT] on Thursday said it has agreed to acquire Systems Made Simple, a provider of health information technology (IT) and analytics solutions to the federal government, boosting its capabilities in the health IT space. Terms of the deal, which is expected to close within 30 days, were not disclosed, although Lockheed Martin said [...]

In July L-3 Chairman, President and CEO Michael Strianese said the company fired four employees related to the withholding of information about accounting issues within the Aerospace segment. Photo: L-3

Earnings, Sales Fall At L-3 In Third Quarter

L-3 Communications [LLL] on Thursday posted a steep drop in earnings due to in part to costs to complete a review of an accounting issue that hurt its bottom line results in the second quarter, as well as unfavorable contract performance adjustments, lower sales, and a shift in mix toward lower margin products. Net income [...]

Long-range hunting rifle scope. Part of ATK's Sporting portfolio through its Bushnell acquisition a year ago that contributed $145 million in sales in the second quarter. Photo: ATK

ATK Posts Higher Income, Sales In Second Quarter

ATK [ATK] on Thursday reported higher net profit and sales in its second quarter driven by an acquisition in the company’s business that provides bullets, guns and related accessories in the sporting market. Net income edged up 2 percent to $95 million, $2.97 earnings per share (EPS), from $93 million ($2.86 EPS) a year ago, [...]

The flight deck of the Gerald R. Ford (CVN-78) is very much a construction site. Photo: Defense Daily

Huntington Ingalls NNS Upping Investment In Workforce

NEWPORT NEWS, Va.–Huntington Ingalls Industries’ [HII] Newport News Shipbuilding unit has been increasing its investment in its workforce as it prepares for the possible departure of its aging, most experienced shipbuilders in the years ahead and as it’s working on the first two of 10 ships in the Navy’s new class of aircraft carriers. Newport [...]

Orbital's Cygnus capsule and Antares rocket Oct. 28 prior to failure at NASA's Wallops Island Flight Facility. Photo: NASA.

No Provision For Launch Failure In Orbital-ATK Merger Agreement, Orbital CEO Says

Orbital Sciences [ORB] CEO David Thompson said Wednesday there is no specific provision in the agreement for company’s proposed $5 billion merger with ATK [ATK] covering launch failure and that he expected the merger to continue. Orbital suffered a catastrophic launch failure Tuesday 15 seconds after liftoff at NASA’s Wallops Island Flight Facility on the [...]

Modular general-purpose tent provided by Outdoor Venture Corporation. Photo: Outdoor Venture

Sotera Sheds Non-Core Division

Sotera Defense Solutions on Wednesday said it has sold a small business division that makes field kitchens and sanitary equipment for the U.S. military to Outdoor Venture Corp., allowing it to focus on providing technology solutions to its national security customers. Terms of the deal were not disclosed. Sotera said its Maryland-based Engineered Solutions division [...]

Photo: New York Stock Exchange.

Engility Holdings To Acquire TASC

Engility Holdings [EGL], a government services contractor, is planning to acquire TASC, a similar firm, in a $1.1 billion all-stock transaction that is expected to close in the first quarter of next year, the companies announced Tuesday. They said the merger will create a combined projected revenue of $2.5 billion based on 2014 numbers. Tony [...]

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Global Aerospace And Defense M&A Activity Off In Third Quarter, PwC Says

Mergers and acquisitions (M&A) activity across the global aerospace and defense (A&D) industry slowed in the third quarter, although the pace for 2014 is still head of that in 2013, PricewaterhouseCoopers (PwC) said in its quarterly report on M&A activity in the industry. In the third quarter only six deals valued at at more than [...]

BAE Systems Chief Executive Ian King. Photo: BAE Systems

BAE To Acquire Commercial Cloud Security Provider SilverSky

Britain’s BAE Systems this week said it has agreed to acquire commercial cyber security service provider SilverSky for $232.5 million to grow its commercial cyber business. New York-based SilverSky provides cloud-managed security and application services as well as cloud-based email security and threat protection software. The company, which expects to have $75 million in sales [...]