|Over a week ago|
Northrop Grumman appoints Tom Wilson corporate VP, and president, Space Systems » 08:3611/1811/18/21
Northrop Grumman announces that its board of directors has elected Tom Wilson corporate vice president, VP, and president, Space Systems, effective January 1, 2022. Wilson will succeed Blake Larson, who has announced his intent to retire on February 4, 2022. Larson will continue as corporate vice president, reporting to Warden to support this transition until his retirement. Wilson is currently sector vice president and general manager of Northrop Grumman's Strategic Space Systems division in the Space Systems sector, which has delivered strong growth and operating results.
BAE Systems, Boeing and others awarded on $2.4B Air Force modification » 17:2211/1711/17/21
BAESY, BA, BAH, LMT, NOC, RTX, LHX
BAE Systems (BAESY);…
BAE Systems (BAESY); Boeing (BA); Booz Allen Hamilton (BAH); Cubic Defense (CUB); L3 Technologies (LHX); Lockheed Martin (LMT); Northrup Grumman (NOC); Raytheon (RTX) were awarded a combined $2.4B modification to the existing multiple award, indefinite-delivery/indefinite-quantity contracts listed above, comprised of firm-fixed-price, fixed-price-incentive-firm, cost-plus-fixed-fee, cost-plus-incentive-firm, and cost reimbursable contract line items. The modification provides for the establishment of production and sustainment contract line items to allow the Department of the Air Force to streamline prototype development, production and sustainment into a single effort to be competed under fair opportunity procedures. Work is expected to be completed by January 9, 2028. All funding will be made available at the delivery order level as contracting actions occur. The Quick Reaction Branch is the contracting activity.
|Over a month ago|
Northrop Grumman announces new $500M accelerated share repurchase program » 07:4411/0211/02/21
Northrop Grumman (NOC)…
Northrop Grumman (NOC) announced that it has entered into an accelerated share repurchase agreement with Goldman Sachs & Co. (GS) to repurchase $500M of Northrop Grumman's common stock. The ASR is in addition to previously planned repurchases, including open market share repurchases, and, as a result, the company is now targeting greater than $3.5B of repurchases in 2021. Under the ASR agreement, Northrop Grumman expects to receive initial deliveries of approximately 1.2M shares on Nov. 3, representing approximately 85% of the expected share repurchases under the ASR agreement, based on the company's closing price of $354.85 on Nov. 1, 2021. The final number of shares to be repurchased through the ASR will be based on Northrop Grumman's volume-weighted average price during the term of the transaction, less a discount, and is expected to be completed in the first quarter of 2022. The ASR will be completed under the company's current share repurchase authorization, which currently has $3B in authorization remaining.
Northrop Grumman awarded $108.84M Air Force contract modification » 17:1410/2910/29/21
Northrop Grumman has been…
Northrop Grumman has been awarded a not-to-exceed $108.84M bilateral modification to a previously awarded undefinitized contract action for RQ-4 Global Hawk aircraft sustainment. The modification provides for a second year of contractor logistics support services. Work will be performed in the Republic of Korea, and Sierra Vista, Arizona, and is expected to be completed by February 29, 2024. Foreign military sale funds in the amount of $22.89M are being obligated at the time of award, and the total cumulative face value of the contract is $267.23M. Air Force Life Cycle Management Center is the contracting activity.
Northrop Grumman downgraded to Hold from Buy at Vertical Research » 06:2710/2910/29/21
Vertical Research downgraded Northrop Grumman to Hold from Buy.
Northrop Grumman awarded $298.19M Air Force contract » 17:1410/2810/28/21
Northrop Grumman has been…
Northrop Grumman has been awarded a $298.19M cost-plus-fixed-fee and cost-reimbursable no-fee, indefinite-delivery requirements contract modification to a previously awarded contract for the RQ-4B Global Hawk. The contract provides for repair services for "common items" for both the RQ-4B and MQ-4C Triton. It will support reparable National Stock Numbers which encompass the Air Vehicle, multiple sensor packages, Mission Control Element, and Launch and Recovery Element. In addition, this effort includes support engineering services covered under the engineering delegation authority for NSNs transferred to and under the management of the 407 Supply Chain Management Squadron. Work is expected to be completed by December 31, 2027. This award is the result of a sole-source acquisition. Air Force Sustainment Center is the contracting activity.
Northrop Grumman says strong backlog, pipeline » 09:5810/2810/28/21
Expects FY22 CapEx…
Expects FY22 CapEx approximately flat vs. FY21. Says has experienced "fairly minimal" supply chain impacts to date. Feels "really good" about current portfolio and ability to generate growth. Says returning cash to shareholders remains a "priority."
Northrop Grumman sees Q4 revenue $8.9B-$9B, consensus $8.98B » 09:2210/2810/28/21
Guidance indicates continued underlying sales growth in Q4.
Northrop Grumman says adjusted free cash flow generation continues to be strong » 09:1810/2810/28/21
Says seeing impact on…
Says seeing impact on sales from Covid-19. Comments taken from Q3 earnings conference call.
Northrop Grumman sees continued organic sales growth in FY22 » 09:0210/2810/28/21
Sees: Continued organic…
Sees: Continued organic sales growth in 2022. Space remains fastest growing segment; MS, DS also grow. AS expected to decline at rate similar to 2021. Continued strong operating margin rate with performance partially offsetting lower year over year pension related overhead benefit. Lower CAS pension recoveries of ~$350M impacts earnings. Stable operating cash flow before effect of lower CAS pension recoveries and higher cash taxes. Continue to return the majority of adjusted free cash flow to shareholders through dividends and share repurchases. Comments taken from investor presentation slides for Q3 earnings conference call.