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By BLOOMBERG NEWS | February 4, 1999
LOS ANGELES -- Northrop Grumman Corp., the sixth-largest U.S. aerospace and defense company, said yesterday that its profit tumbled 85 percent in the fourth quarter as it took charges to account for expected cuts in production rates.Net income fell to $17 million, or 24 cents a share, from $117 million, or $1.71, in the fourth quarter of 1997. The results included charges of $1.18 cents per share, disclosed last month, mostly covering cuts in Boeing Co.'s jetliner output. Northrop supplies parts to almost every Boeing jet.Sales were unchanged at $2.5 billion.
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BUSINESS
By BLOOMBERG NEWS | February 4, 1999
LOS ANGELES -- Northrop Grumman Corp., the sixth-largest U.S. aerospace and defense company, said yesterday that its profit tumbled 85 percent in the fourth quarter as it took charges to account for expected cuts in production rates.Net income fell to $17 million, or 24 cents a share, from $117 million, or $1.71, in the fourth quarter of 1997. The results included charges of $1.18 cents per share, disclosed last month, mostly covering cuts in Boeing Co.'s jetliner output. Northrop supplies parts to almost every Boeing jet.Sales were unchanged at $2.5 billion.
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BUSINESS
By BLOOMBERG BUSINESS NEWS | February 8, 1996
LOS ANGELES -- Northrop Grumman Corp. yesterday posted lower-than-expected profit for the fourth quarter, hurt by fewer deliveries of the military contractor's B-2 stealth bomber.Net income was $58 million, or $1.17 a share.In 1994's final quarter, the company had a loss of $121 million, or $2.45, after taking $324 million of pretax charges for an accounting change and asset sales.Per-share results fell short of the average forecast of $1.30 from nine analysts surveyed by Zacks Investment Research.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 18, 1998
Northrop Grumman Corp. stock plunged yesterday as investors worried about the company's fate now that Lockheed Martin Corp. has abandoned its $11 billion merger attempt.During a telephone conference, analysts hammered Northrop Grumman Chairman Kent Kresa with questions about whether he would break up the company to revive the 40 percent premium investors had expected if the merger had taken place.Northrop Grumman shares fell $6.75 yesterday to $90.625, a day after dropping $5.1875 on word that talks aimed at settling the government's antitrust suit against the merger had collapsed.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 18, 1998
Northrop Grumman Corp. stock plunged yesterday as investors worried about the company's fate now that Lockheed Martin Corp. has abandoned its $11 billion merger attempt.During a telephone conference, analysts hammered Northrop Grumman Chairman Kent Kresa with questions about whether he would break up the company to revive the 40 percent premium investors had expected if the merger had taken place.Northrop Grumman shares fell $6.75 yesterday to $90.625, a day after dropping $5.1875 on word that talks aimed at settling the government's antitrust suit against the merger had collapsed.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | March 2, 1996
Northrop Grumman Corp. said yesterday that it completed its $3.6 billion deal to buy Westinghouse Electric Corp.'s Linthicum-based defense and electronics systems business.The deal was announced Jan. 3, and marks each company's different approach to coping with the defense cuts that have followed the end of the Cold War.Northrop Grumman is moving to diversify within the defense business, betting that it can improve its position by getting into -- areas less vulnerable to specific cuts, while Westinghouse is concentrating on its more profitable broadcasting businesses.
NEWS
By LOS ANGELES TIMES | March 4, 2002
Northrop Grumman Corp. said yesterday it is launching a hostile bid to acquire TRW Inc. for $5.9 billion, after TRW's board rejected earlier in the day an unsolicited offer made 10 days ago. Northrop said it will take its bid directly to the shareholders by filing a tender offer for TRW with the Securities and Exchange Commission today. Northrop has been preparing for such a hostile bid, anticipating a rejection by Cleveland-based TRW. Northrop, a Los Angeles-based defense contractor that has grown to become an industry powerhouse, proposed a deal with TRW directors Feb. 21, just three days after TRW's chief executive abruptly resigned to take a top post at another aerospace company.
BUSINESS
By Robert Little and Robert Little,SUN STAFF | October 19, 2000
Sales growth at the Baltimore-area division of Northrop Grum- man Corp. helped propel the company to a 29 percent increase in third-quarter profit, officials announced yesterday, shoring up its position among the nation's top-performing major defense contractors. Northrop Grumman reported net income from continuing operations of $150 million for the third quarter, or $2.11 per share. That compares with $116 million, or $1.66 a share, in the third quarter last year. The Los Angeles company's quarterly sales dropped from $1.8 billion to $1.7 billion, due largely to reduced revenue from its B-2 stealth bomber, which is nearing the end of its contract life.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | April 6, 2002
Northrop Grumman Corp. and Raytheon Co. said yesterday that they will team up to bid on a multibillion-dollar contract to install baggage screening devices in all of the nation's airports by the end of the year - and that might mean more work for Northrop's Linthicum-based Electronics Systems sector. The contract is potentially worth $3 billion to $4 billion during the next five years, the companies said. They will submit a proposal by Tuesday, and they expect a decision by the end of the month.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | February 7, 1997
Northrop Grumman Corp. reported a 71 percent drop in earnings in the fourth quarter of 1996 after taking a $90 million charge from closing several plants.The California-based company logged net income of $17 million, or 30 cents a share, for the quarter. That's down from net income of $58 million, or $1.17 a share, in the same period in 1995.Without one-time adjustments, Northrop Grumman reported that operating profit for the quarter increased 31 percent to $213 million, from $162 million for that period the year before.
BUSINESS
By BLOOMBERG BUSINESS NEWS | February 8, 1996
LOS ANGELES -- Northrop Grumman Corp. yesterday posted lower-than-expected profit for the fourth quarter, hurt by fewer deliveries of the military contractor's B-2 stealth bomber.Net income was $58 million, or $1.17 a share.In 1994's final quarter, the company had a loss of $121 million, or $2.45, after taking $324 million of pretax charges for an accounting change and asset sales.Per-share results fell short of the average forecast of $1.30 from nine analysts surveyed by Zacks Investment Research.
BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF | March 1, 1996
Northrop Grumman Corp. yesterday named James G. Roche to head the Linthicum-based defense operations of Westinghouse Electric Corp., which it is in the process of acquiring.Mr. Roche, 56, succeeds Francis J. Harvey, who will stay with Westinghouse and become one of the top officers at its headquarters in Pittsburgh.Northrop Grumman announced in January that it has signed an agreement to acquire Westinghouse's defense operations, a big portion of them in Maryland, for $3.6 billion. A closing on the sale is expected within the next several days, said Kevin K. Ramundo, a Westinghouse spokesman.
BUSINESS
May 19, 1994
Drivers set to strike DMTAbout 70 Teamsters drivers for DMT Trucking Inc. were set to strike the Baltimore-based automobile hauler at midnight last night, union and company officials confirmed last night.John Clemens, president of Teamsters Local 557, said the drivers would put up a picket line outside the company's Chesapeake Avenue terminal because, he charged, the company owes the union about $90,000 in pension contributions.But Edward Gutman, attorney for the company, said DMT doesn't owe the money and will seek a restraining order against the union in federal court this morning.
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