Northrop Grumman Corp.
) won a contract from the Department of Defense (DoD) for the
modernization of the Global Hawk unmanned aircraft system. This
contract has a total value of up to $555.6 million.
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Considered as one of the largest unmanned aerial vehicles (UAVs)
in service of the U.S. Air Force and Navy, the Global Hawk has
the capability to fly for over 32 hours at an altitude of more
than 60,000 feet and boasts of near-real-time intelligence
surveillance and reconnaissance/ISR and efficient communications
relay competencies. In fiscal 2012, Global Hawk operated at a
mission-capable rate of nearly 78% that surpassed the U.S. Air
Force's prerequisite for 19 successive months.
Per the latest contract − that runs through May 14, 2015 −
Northrop is in charge of a wide range of operations. These
include program management, engineering job, data management and
streamlining of the manufacturing supply chain. The company's
work also involves designing, testing, evaluation, and retrofits
on Global Hawks.
Northrop Grumman is the fourth largest U.S. defense contractor
The Boeing Company
Lockheed Martin Corporation
) in terms of full year 2012 revenue.
The company has a strong presence in Space & Cyber Security
programs. Northrop's product line is well positioned in high
priority categories, such as defense electronics, unmanned
aircraft and missile defense.
The company's backlog, which stood at approximately $39.4 billion
at the end of the first quarter of 2013, is expected to see
further upside in the near future through UAV platforms,
including Broad Area Maritime Surveillance, Fire Scout and Navy
Unmanned Combat Air System.
Recently, the company delivered strong first quarter 2013
results. The company's top and bottom line surpassed the
corresponding Zacks Consensus Estimate primarily due to robust
operating performance as well as a lower share count.
Northrop Grumman currently has a Zacks Rank #2 (Buy).