TRW HIKES NORTHROP EARNINGS.Byline: Gregory J. Wilcox Staff Writer Giant defense contractor Noun 1. defense contractor - a contractor concerned with the development and manufacture of systems of defense armed forces, armed services, military, military machine, war machine - the military forces of a nation; "their military is the largest in the region"; Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corp. reported an 11 percent jump in its second-quarter net earnings Monday, reflecting increased revenues from its acquisition last year of rival TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc Inc. and trumping trump 1 n. 1. Games a. A suit in card games that outranks all other suits for the duration of a hand. Often used in the plural. b. A card of such a suit. c. A trump card. 2. Wall Street's estimate by a wide margin. The weapons, ship-building and information-technology conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. earned $205 million, or $1.08 per share, for the quarter ended June 30, up from $182 million, or $1.53 per share, in the like period a year ago. On a continuing-operations basis, which excludes pension income and other charges, the company reported net income of $207, equal to $1.09 a share versus earnings of $181 million, or $1.52 on a per-share basis, in the year-ago period. Current per-share results were smaller than a year ago because Northrop Grumman's outstanding shares increased to 184.4 million, from 114.8 million due to the TRW purchase. ``We are very pleased with the excellent operating results of all our defense and government businesses, reflecting the strength and depth of the new Northrop Grumman,'' said Ronald D. Sugar, the company's chief executive officer and president. A consensus of analysts polled by Thomson Financial/First Call pegged peg n. 1. a. A small cylindrical or tapered pin, as of wood, used to fasten things or plug a hole. b. A similar pin forming a projection that may be used as a support or boundary marker. 2. per-share earnings for the quarter at 86 cents, 23 cents under Northrop's results. Sales increased to $6.6 billion from $4.2 billion in the second quarter of 2002. This strong performance prompted the company to boost its outlook for the entire year. Now Century City-based Northrop expects sales in the range of $25 billion to $26 billion and earnings per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the to range between $4 and $4.25 per share. Earlier, the company said it expected per-share earnings of between $3.80 and $4.20. Analysts pitching questions to company executives during a conference call concurred that it was an excellent quarter and wondered why the full- year outlook wasn't even more robust now. ``It blew everybody away. It was just across the board. Every segment had higher revenues and, of course, that means higher profits,'' said Paul Nesbitt, an analyst with JSA JSA - Japanese Standards Association. Research Inc. in Newport, R.I. Executives held steady with the latest forecast, though, saying the second quarter was stronger that expected because some contracts were awarded earlier than expected. Companywide, contract acquisitions increased 36 percent, to $5.2 billion, in the 2003 second quarter, up from $3.8 billion a year ago. The increase was primarily due to contributions from the Mission Systems and Redondo Beach-based Space Technology segments, TRW assets. Northrop Grumman's business backlog increased 19 percent to $25.9 billion at the end of June, up from $21.7 billion reported a year earlier. ``The company is getting stronger. We can feel this. We can compete with anybody from under the sea to cyberspace Coined by William Gibson in his 1984 novel "Neuromancer," it is a futuristic computer network that people use by plugging their minds into it! The term now refers to the Internet or to the online or digital world in general. See Internet and virtual reality. Contrast with meatspace. ,'' Sugar said. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
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