BAE Systems Plc’s first-half earnings rose 6.1 percent as its main customers expanded military budgets and the manufacturer delivered more training combat jets and cyber security systems.
Underlying earnings before interest, taxes and amortization increased to 849 million pounds ($1.12 billion), or 17.4 pence a share, from 800 million pounds, or 17.1 pence, a year earlier, London-based BAE said Thursday in a statement. That compares with the 851.5 million-pound average of four analyst estimates compiled by Bloomberg. The company reiterated a forecast that full-year underlying earnings per share, which exclude some one-time items and financial costs, will rise 5 percent to 10 percent.
The maker of Astute submarines and Eurofighter warplanes is gaining new orders as mounting tensions between its main government clients in NATO and China and Russia prompt a reversal of military-budget cuts that followed the 2008 global recession. BAE is also boosting existing export programs, including to India, Turkey and Persian Gulf states, and building up revenue from outside the defense area through acquisitions in recent years to bolster its cyber-security business. For the full article click here
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