EADS Has Good Quarter
Filed under: EADS, Earnings, France, Germany, Military Aviation, Restructuring, commercial aviation, logistics, production program
EADS announced that in the third quarter it was able to make a profit compared to the large losses last year. The Wall Street Journal has the story. Despite ongoing issues with two of its key programs - the A400 military transport and the A380 airliner - the company made about $800 M. The company found that its restructuring cost less then expected and cost reductions in the construction of its commercial aircraft also helped. Read more
Solid quarter for Orbital
Filed under: Earnings, Orbital Systems, S&T, Satellites, development program, space
Orbital reported their third quarter results today. Revenues were up slightly while earnings were down. The company did report strong bookings and their back log is significant at over $2 B. The company saw increased activity in the launch vehicle and advanced space programs. There was a decline in satellites and space services. Orbital provides a variety of space related services to US DoD, Department of Energy and NASA.
See the full press release at MarketWatch.com.
CACI reports
Filed under: CACI, Department of Defense, Earnings, IT, S&T, SETA, logistics
In the continuing trend of large defense contractors resulting improved results, CACI had a 13% growth in earnings compared to the equivalent quarter a year ago. Forbes.com reports. CACI is a leading provider of services to the US intelligence community, especially the Defense side. They also provide other services to the US government such as IT and logistics management. Revenue growth was even more impressive, surging over 20% on large intelligence contracts.
For more see the story at Forbes.com.
ADG has a good quarter
Filed under: Allied Defense Group, Earnings, logistics, production program
Allied Defense Group announced their quarterly results. See a press release here. The company had a good second quarter with revenue and EPS up significantly. This was primarily driven by sales of ammunition and the contract to build a plant in Jordan.
ManTech reports well
ManTech is a second tier defense contractor that provides services and support to the US military. For the quarter ending in June ManTech reported income of $21.9 M. See a press release here. This was a substantial improvement over the same quarter in 2007. Much of the increase came from large IT support contracts for various services. There was also substantial business with classified contracts. Many of the defense contractors that have reported to date have done well over the last quarter.
Northrop Grumman continues strong performance of defense sector
Northrop Grumman continued the trend of the defense sector by reporting strong earnings and profits. See an article here. There had been some trepidation due to the taking back of the KC-45 contract. The company is able to still win this in December, and if it does it will contribute to further strong earnings and profits.
Raytheon reports
Raytheon had higher income this quarter compared, but had a decline in net. See a story release here. Raytheon continues the trend of defense contractors reporting increases in sales and income but not necessarily profits. Raytheon did predict that 2008 will be a good year for the company with a 15% increase in revenue.
LMT reports earnings
Lockheed Martin continued the string of defense contractors reporting good earnings as the rest of the economy struggles. See a press release here. Lockheed had a 13% increase in profit over the last year with a solid increase in earnings. The company also is starting to sound cautious about the expected downturn if the Democrats win the White House in November. Even if the defense budget is cut dramatically it will take a few years for the effects to be felt within the suppliers.
Continued conflict good for US defense contractors
Filed under: Congress, Earnings, Federal Budget Process, IT, Military Aviation, Satellites, development program, logistics, missile defense, production program
CNNMoney has a preview of the upcoming earnings report for a variety of US defense contractors. See this for more. Not surprisingly the outlook is good. The US defense budget remains large and will probably not see any downturn until 2010 at the earliest depending on the US election. Rockwell Collins reported yesterday and they came in with 24% improvement over last quarter. See the press release here.
SAIC does well on Iraq and Afghanistan
SAIC reported that their first quarter profits were up 25% over last year. See a story here. The company chose to highlight there contracts providing support to the various MRAPs deployed to Afghanistan and Iraq as part of the reason results were so good. Of interest is that the CEO, Mr. Dahlberg, complained of the fact that they cannot generate commercial growth to their satisfaction. This is often true of various large defense contractors. If there are significant decreases in the US defense budget in the future these companies may find it hard to sustain growth and profitability.
Raytheon gains on missiles
Raytheon posted a solid quarter with profits rising 15%. See the press release here. Much of this was due to the work on PATRIOT and other missile systems, including significant foreign orders. This means that the first two large defense contractors to report, Boeing and Raytheon, have done very well recently. This should continue as long as the defense budgets remain large which can be expected for at least the next two years.
Earnings and projections remain good for Boeing
Despite losing the KC-45 contract, and as we previously discussed here, Boeing announced solid earnings and projections this week. See the story here. Of course the key to all of this is the 787 Dreamliner. This civil aircraft once it begins deliveries will be the key to Boeing’s performance over the next several years.
Force Protection sued by share holders
Filed under: Earnings, Force Protection, Press Releases, crime, production program
In an action related to previous posts, here and here, it seems that some of the Force Protection shareholders are suing the company and management. The press release is here. Congress has recently made it harder to win these kind of lawsuits as it was felt they had been abused in the past. The crux of the matter is that executives were misleading about the company’s future, and points to DoD reports that contracts to Force Protection had not been awarded properly. This will take some time to work out in the courts. Force Protection has recently struggled to win contracts.
National Presto Industries profit surges
Filed under: Earnings, National Presto Industries, U.S. Army, logistics
National Presto Services profits increased 38% last year. See an article here. This diversified company that makes diapers, small appliances, and most key, ammunition; received a large contract from the US Army. Most likely this is for ammunition.
Raytheon’s numbers come in very good
Raytheon reported increased sales for 2007 with a solid fourth quarter. Sales were $6 B for the year. Profit in the fourth quarter surged 84% to almost $1.50 a share. See Bloomberg.com for more information. The company also raised its 2008 forecasts by a minimum of $300 M.
Raytheon to report earnings 31st of January
Filed under: Earnings, Raytheon, missile defense, production program
CNNMoney.com has a preview of Raytheon’s earnings report planned for Thursday. Wall Street is expecting a good 2007, and most likely a better 2008. Raytheon continues to gain work from the US military through their established programs, like PATRIOT, and also through some newer ones. If Raytheon does disappoint expect much of the recent gains in the stock to be lost.
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