A Note From Our President & Founder Jim Garrettson
The worldâs 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 companyâs 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.
âIt 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.â
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 bomberâs 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.
âI 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.â
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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.
Palo Alto Networks has received authority-to-operate designation from Federal Risk and Authorization Management Program for a cloud-based offering designed to protect government systems from malicious software. U.S. Naval War College granted the ATO status to the company's Wildfire malicious prevention service, Palo Alto Networks said Wednesday.
Nick Urick, formerly vice president of federal sales at FireEye (Nasdaq: FEYE), has been appointed to the same position at Santa Clara, Calif.-based firewall provider Palo Alto Networks (NYSE: PANW). Palo Alto Networks said Thursday that Urick will oversee the security company’s going to market strategy in the federal civilian, intelligence sectors. “He has a wealth of experience selling
TYSONS CORNER, VA April 9, 2015 â Executive Mosaic â Nick Urick, vice president of FireEyeâs (Nasdaq: FEYE) federal division, said organizations can try to look at cybersecurity from a different perspective using an âadaptive defenseâ strategy that could shorten the time to detect and mitigate an attack. Such an approach would include strengthening threat intelligence