northrop grumman corp (NOC) Key Developments
Northrop Grumman Opens Innovation Lab to Drive Creativity
Oct 24 14
Ask Northrop Grumman Corporation where employees will come up with ideas for some of the nation's most critical aerospace technologies, and the answer you'll likely get is "FabLab," shorthand for the Fabrication Laboratory, which opened this month at the company's Space Park facility. Company officials, civic leaders and hundreds of employees were on hand for the grand opening of the 5,500-square-foot laboratory that was inspired and developed by the employees themselves. It promises to give both engineers and non-engineers a space to share concepts, innovate and hatch the next big idea.
Northrop Grumman Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revised Earnings Guidance for the Full Year of 2014
Oct 22 14
Northrop Grumman Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total sales of $5,984 million against $6,106 million a year ago. Operating income was $769 million against $790 million a year ago. Earnings before income taxes $694 million against $720 million a year ago. Net earnings were $473 million or $2.26 per diluted share against $497 million or $2.14 per diluted share a year ago. Third quarter 2014 net earnings were reduced to reflect passage during the third quarter of the Highway and Transportation Funding Act of 2014 (HATFA). The reduction in net earnings related to the HATFA legislation was partially offset by settlements of certain legal claims, which increased net earnings by $49 million, or $0.23 per share. Net cash provided by operating activities was $933 million against $905 million a year ago. Capital expenditures were $109 million against $90 million a year ago. Free cash flow was $824 million against $860 million a year ago.
For the nine months, the company reported total sales of $17,871 million against $18,504 million a year ago. Operating income was $2,434 million against $2,355 million a year ago. Earnings before income taxes $2,236 million against $2,156 million a year ago. Net earnings were $1,563 million or $7.28 per diluted share against $1,474 million or $6.22 per diluted share a year ago. Net cash provided by operating activities was $1,103 million against $1,279 million a year ago. Capital expenditures were $285 million against $178 million a year ago. Free cash flow was $818 million against $1,101 million a year ago.
For the full year of 2014, the company expects sales of $23,800 million against the range of $23,500 million to $23,800 million as previously expected. Diluted EPS is expected to be in the range of $9.40 to $9.50 against $9.15 to $9.35 as previously expected. Cash provided by operations is expected to be in the range of $2,300 million to $2,600 million against $2,300 million to $2,600 million as previously expected. Free cash flow is expected to be in the range of $1,700 million to $2,000 million against $1,700 million to $2,000 million as previously expected. The company continues to expect capital spending of approximately $600 million.
Northrop Grumman Corporation to Supply New Attitude and Heading Reference System for Airbus Helicopters
Oct 21 14
Northrop Grumman Corporation has been selected by Airbus Helicopters to certify and deliver its new LCR-350 Attitude and Heading Reference System (AHRS) for several helicopter platforms. Developed by Northrop Grumman's subsidiary in Germany, Northrop Grumman LITEF, the LCR-350 AHRS can be used in civil and military applications on rotary- and fixed-wing platforms, providing critical flight control data regarding an aircraft's heading and attitude. The LCR-350 will be certified for various Airbus Helicopters platforms. Production of the LCR-350 is expected to begin in 2016. The LCR-350 AHRS features a high-performance, micro-electro-mechanical system inertial measurement unit and is based on the standard LCR-300 AHRS. Additionally, the system enables directional gyro mode operation, which minimizes magnetic compass errors.
Northrop Grumman Corporation Secures Contract for SBIRS GEO-5 and GEO-6 Satellite Payloads
Oct 15 14
Northrop Grumman Corporation has been awarded a $422 million contract from Lockheed Martin to produce sensor payloads on the fifth and sixth Space Based Infrared System (SBIRS) Geosynchronous Earth Orbit (GEO) satellites, known as GEO-5 and GEO-6. The U.S. Air Force's SBIRS provides the nation with continuous early warning of ballistic missile launches and other tactical intelligence. The SBIRS program delivers timely, reliable and accurate missile warning and infrared surveillance information to the President of the United States, the Secretary of Defense, combatant commanders, the intelligence community and other key decision makers. The system enhances global missile launch detection capability, supports the nation's ballistic missile defense system, expands the country's technical intelligence gathering capacity and bolsters situational awareness for warfighters on the battlefield. The SBIRS team is led by the Remote Systems Directorate at the U.S. Air Force Space and Missile Systems Center. Lockheed Martin is the SBIRS prime contractor, Northrop Grumman is the payload provider and the Air Force Space Command operates the SBIRS system.
Northrop Grumman Corporation Unveils High Mobility Multipurpose Wheeled Vehicle Modernization Solution
Oct 14 14
Northrop Grumman Corporation has unveiled its High Mobility Multipurpose Wheeled Vehicle (HMMWV) modernization solution at the Association of the United States Army conference in Washington, D.C. The company partnered with Meritor Defense and Pratt & Miller Engineering on the solution, which extends the life of the HMMWV while significantly lowering sustainment costs and increasing fuel efficiency.