'SOLID' FIRST QUARTER FOR NORTHROP GRUMMAN
Aerospace systems operating profit was up 15% to $296 million on sales up 10% to nearly $2.7 billion in what Northrop Grumman chief executive Wes Bush called a "solid" first quarter.
CONSUMABLES EAT UP B/E PROFITS
Commercial aircraft sales were up but first quarter profits at interiors maker B/E Aerospace fell 11% to $72 million on sales down 11.5% to $463.5 million. Business jet profits plunged 70% to just $1.4 million and in consumables management both revenue and profit fell more than 22% to $186.1 million and $36.8 million.
F-35 BOOST FOR ATK
Alliant Techsystems (ATK) has boosted its Lockheed Martin F-35 workload with contracts worth $240 million to supply the airframer with composite skins for wing boxes and nacelles. Separately, ATK won a $10 million F-35 low-rate initial production phase contract from Northrop Grumman for composite inlet ducts.
SHARP RISE IN PROFITS FOR KUWAITI LESSOR
Net profit was up 57% to 5 million dinars ($17.36 million) at Kuwaiti lessor Aviation Lease and Finance in its first half to 31 March. During the period the company raised $310 million for new aircraft purchases from local and international banks, which it describes as "a reflection" of financiers' confidence in the company.
BELL RINGS TRUE AS CESSNA DIVES
Textron's Bell Helicopter business posted a 7% rise in first quarter profit to $74 million despite a 17% decline in revenue to $618 million. However, sister operation Cessna plunged to a $24 million loss for the period, compared with a $90 million profit last time, as revenue dipped 44% to $433 million. Cessna delivered just 31 Citation jets in the quarter, compared with 69 a year ago.
COLLINS FIRM ON GOVERNMENT SIDE
In Rockwell Collins's first half to 31 March, government systems sales rose 10.2% to $1.31 billion and profits held nearly steady at $284 million, but on the commercial side sales were down 15% at $860 million and profits slumped more than a third to $137 million. Overall, sales were up 1.3% to $2.17 billion but pre-tax profits dropped 18.4% to $377 million.
BUSINESS JETS, AFTERMARKET HIT HONEYWELL
First quarter aerospace segment sales at Honeywell fell 9% to $2.5 billion, largely due to lower original equipment sales to regional and business aviation customers, and lower airline aftermarket sales. Segment profit was down 15% to $413 million.
NACELLES A DRAG AT GOODRICH
First quarter operating segment profit at Goodrich was down 11% year-on-year to $259 million as sales stayed flat at $613 million. Sales and profit growth in electronics was offset by declines in other segments.
SIGNS GOOD AT ZODIAC
Aircraft systems and interiors maker Zodiac Aerospace saw first half revenue fall by 13% to €965.8 million ($1.28 billion), and net profit dip 29% to €44.2 million. Original equipment sales to the business jet market were down but seem to have bottomed out, says Zodiac, while after-sales business is beginning to recover.
Source: Flight International
