29 Oct 03. Boeing Co.’s third-quarter earnings sank 31 percent on the heavy costs of shutting down production of the 757 jet, but solid results from its growing defense business helped it beat Wall Street’s expectations. Profits from the company’s defense operations, which include the manufacture of military aircraft, weapons and launch systems, jumped 38 percent. But the shrinking commercial airplanes unit saw earnings fall 90 percent because of pension contributions and a $184 million pretax charge to scrap the 757.Net earnings for the July-through-September period were $256m, or 32 cents per share, down from $372m, or 46 cents per share, a year earlier. Revenues dropped 4 percent to $12.24bn from $12.69bn — the bulk of it came from the defense and space unit, where revenue rose 12 percent to $7.3bn. For the first nine months of the year, the company had a net loss of $414m, or 52 cents a share, compared with a loss of $98m, or 12 cents a share, over the same period of 2002. Revenues were $37.29bn, down 8 percent from $40.37bn.
28 Oct 03. Lockheed Martin Corporation (NYSE: LMT – News) today reported third quarter 2003 net sales of $8.1bn, a 23% increase over third quarter 2002 sales of $6.5bn. Net earnings for the third quarter of 2003 were $217m ($0.48 per diluted share) compared to $290m ($0.64 per diluted share) in the third quarter of 2002. Third quarter 2003 results included an after-tax charge of $83m ($0.18 per share) associated with the early retirement of approximately $970m of long-term debt. The third quarter 2002 results included a loss from discontinued operations of $10m ($0.02 per share).
Northrop Grumman Corp
29 Oct 03. Northrop Grumman Corp. (NYSE:NOC – News) swung to a third-quarter profit, thanks to an increase in defense spending and the addition of several operations from its acquisition of TRW Inc. The defense contractor Wednesday reported net income of $184m, or $1 a share, compared with a net loss of $59m, or 56 cents a share, in the year-earlier period. The most recent quarter included a loss of $46m from discontinued operations and a gain of $6m on the disposal of those operations. Last year’s results included losses that totaled $200m, mainly for discontinued operations. Excluding those items, the company said earnings from continuing operations came to $224m, or $1.21 a share, compared with $141m, or $1.17 a share, a year earlier. Sales soared 57% to $6.62bn from $4.21bn a year earlier, buoyed by about $1.76bn from its mission systems and space technology businesses. Northrop acquired those units in the TRW purchase, which was completed in December 2002.
23 Oct 03. Goodrich Corp. (NYSE:GR – News) posted lower quarterly earnings, citing the sluggish commercial aerospace market, but its stock rose as the results beat expectations and the company raised its forecast. Goodrich said profit fell 26 percent to $34m, or 29 cents a share, from $46m, or 45 cents per share, in the year-ago quarter. Sales climbed to $1.06bn from $856.2 million, reflecting strength in the space and defense units. Analysts had forecast sales of $1.07bn. Goodrich said it raised its full-year earnings forecast to a range of 85 cents to 95 cents per share, from a prior range of 80 cents to 95 cents. It cited a shift of some expenses for facility closure and work force cuts.
30 Oct 03. Alliant Techsystems Inc. (NYSE:ATK – News) fiscal second- quarter’s earnings rose 28%, as sales climbed on higher volumes and new revenue from acquired businesses. Alliant earned $36.6m, or 93 cents a share, in fiscal 2004’s second quarter, compared with $28.5m, or 73 cents a share, the year before. This year’s earnings include a benefit of 7 cents a share from a lower tax rate which resulted from the resolution of a tax matter during the quarter, Alliant said. Excluding that benefit, Alliant earned 86 cents a share. Sales increased 10% to $567m, from $513m