A Note From Our President & Founder Jim Garrettson
The world’s fifth-largest defense contractor received a double-billing of good news this week via third quarter financial results that beat The Street and a landmark contract win to set its course for decades.
On Wednesday, Northrop Grumman reported third quarter earnings and sales figures that exceeded Wall Street analyst expectations and said year-over-year revenue numbers grew in three of its four business segments.
Chairman and CEO Wes Bush subsequently updated investors on the company’s plan to consolidate from four segments to three on Jan. 1 and sought to halt speculation the company could spin off or sell the future technology services sector.
“It is not… over the years, we have deemphasized commodity-based services and focused our TS sector on lifecycle support and modernization of systems and platforms as well as advanced training.”
Northrop will take in up to $21.4 billion during the engineering phase and could receive up to $80 billion over decades if the Air Force purchases the maximum 100 bombers.
Bush did not have much to tell investors on the bomber’s specifics but offered this perspective on its implications for the defense industrial base in light of sector consolidation in the 1990s and again in the present time.
“I do not believe that we are in a situation that perhaps we were in in the 1990s where single program decisions can cause precipitous actions by any of the players in the industrial base. We are today in a very different configuration because of the consolidation that occurred through the 1990s and the early part of the last decade.”
Please bookmark and visit GovCon Wire for the latest financial figures from contractors, as well as the GovCon Index to follow their stock market performance.
Continue reading below for some of the other major GovCon developments from the week.
Chris Kubasik Joins L-3 as President, COO
Kubasik previously led professional services firm Seabury Advisory Group as president and CEO and is also a former Lockheed Martin president and COO.
Booz Allen Hamilton has received pushback from the U.S. Department of Justice on its March agreement to purchase data science, intelligence and cybersecurity contracting company EverWatch Corp. In the form of a civil antitrust lawsuit made public on Wednesday, the DOJ is asserting that the acquisition violates Section 1 of the Sherman Act and Section
Steve Escaravage, an executive vice president with Booz Allen Hamilton, was presented his 2022 Wash100 Award, during a recent visit to the company’s office by Executive Mosaic CEO Jim Garrettson. Executive Mosaic recognizes Steve Escaravage as a first-time recipient of the most prestigious and coveted awkward in all of government contracting (GovCon), for leading the development of artificial intelligence technology and
Booz Allen Hamilton (NYSE: BAH) saw its full fiscal year 2022 revenue rise 6.4 percent to $8.36 billion and ended the year with a total backlog of $29.2 billion, of which $3.7 billion was funded. The McLean, Virginia-based management and information technology consulting firm said Friday its total backlog increased by 21.7 percent from the
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The world’s fifth-largest defense contractor received a double-billing of good news this week via third quarter financial results that beat The Street and a landmark contract win to set its course for decades.
technology services sector.
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