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Tariff Wars Seen as Drag on Future Foreign Earnings for US Majors By Julian Nettlefold, Editor, BATTLESPACE
31 Jan 19. The US Majors reported Fourth Quarter earnings this week in line with expectations, with Boeing commercial business oaring to new heights. The expectations of the huge rise in spending promised by Donald Trump will come through this year which will boost domestic earnings at a time when the current trade spats over tariffs and technology theft with China threatens world trade volumes. Reuters reported that U.S. weapons makers are expected to gain from higher defense spending and demand for fighter jets, tanks and other systems, as President Trump's administration seeks to make the country an even bigger arms merchant to the world. In December, Trump backed plans to request $750bn from Congress for defense spending in 2019, signaling a rise in Pentagon spending at a time of potential belt-tightening elsewhere in the government.
The FT reported on January 31st that Northrop Grumman, Raytheon latest defence groups with cautious 2019 views.
Northrop Grumman and Raytheon joined their peers in offering cautious 2019 profit forecasts on Thursday, despite robust weapons demand. Defense suppliers are poised to benefit from a proposal backed by President Donald Trump to boost the US defence budget to $750bn, from its current $716bn, though the funding needs congressional approval. In the meantime, industrial giants are facing headwinds from rising raw material costs and global trade tensions.
Northrop Grumman chief executive Kathy Warden also warned that a defence spending cap could return in fiscal years 2020 and 2021 if Mr Trump and lawmakers can't agree on a budget deal, she said during a conference call with analysts. Ms Warden added that Northrop Grumman has not seen a significant financial impact from the partial government shutdown that ended on Friday. Weaker than expected guidance from the pair of Pentagon contractors followed similar views from Lockheed Martin and General Dynamics, who each issued earnings guidance that fell short of Wall Street's expectations this week. Falls Church, Virginia-based Northrop Grumman, known for the B-2 stealth bomber and Global Hawk surveillance drones, expects to book sales of $34bn for the full year. While that implies 13 per cent growth year-over-year, the forecast missed Wall Street's estimate of $34.2bn. The company also said it foresees earnings rising to between $18.50 and $19 per share, less than the $19.49 analysts estimated and also below adjusted earnings of $21.33 a share it achieved in 2018.
Raytheon's forecast calls for 2019 earnings of $11.40 to $11.60 a share, missing the average estimate of $11.78. The maker of Tomahawk and Patriot missiles said sales are on track to hit $28.6bn to $29.1bn. Analysts had estimated $29bn. Tax reform helped Raytheon more than double its fourth-quarter net income to $832m, or $2.93 a share. Sales grew 8.5 per cent to $7.36bn on strength in missiles and integrated defence systems.
Northrop Grumman earned quarterly net income of $356m, or $2.06 a share, down from $672m, or $3.83 a share, in the year-ago period. Earnings were $4.93 a share on an adjusted basis. Revenue surged about 25 per cent to $8.16bn, partly due to growth in the company's aerospace business that builds the centre fuselage for the F-35 fighter jet. Shares in Northrop Grumman shed earlier losses to trade 0.1 per cent higher on Thursday afternoon. Raytheon was down 2.9 per cent.
Textron Inc.
30 Jan 19. Boeing revenue soars on strong plane demand. Boeing reported record revenues of more than $100bn for the full year on strong demand as the blue-chip plane maker's quarterly results easily beat Wall Street expectations. The Chicago-based group, which last year delivered 806 jets, reported revenues of $101.1bn for the year to the end of December 2018, with core earnings per share of $16.01. Record commercial deliveries and higher defence volumes helped drive performance. Revenues for the fourth quarter were $28.3bn with operating profits of $4.2bn. Core earnings per share for the quarter also hit a record of $5.48. Analysts had expected adjusted fourth-quarter earnings per share of $4.57 on revenues of $26.87bn, according to Refinitiv data. Boeing gave an upbeat outlook for the year ahead and said it expected operating cash flow to increase to between $17bn and $17.5bn in 2019. Shares flew higher by more than 6 per cent in pre-market action in New York. They had risen just under 1 per cent to $365.89 ahead of the group's fourth-quarter earnings on Wednesday.
The company in October raised its full-year profits guidance after reporting better than expected third-quarter results. At the time, it boosted the outlook for full-year core earnings per share to between $14.90 and $15.10. That was up from its previous guidance of $14.30 to $14.50, with the upward revision driven by a lower than expected tax rate and strong performance in its commercial aeroplanes division. It also increased its full-year revenue guidance by $1bn to between $98bn and $100bn. Boeing delivered a record 806 aircraft in 2018 despite issues with suppliers, in particular engine makers, and retained the title of the world's largest plane maker for the seventh straight year. Rival Airbus delivered 800 aircraft during the year. The US group also beat its European rival on orders, notching up a total of 893 orders in 2018, compared with a tally of 747 orders by Airbus. (Source: FT.com)
Boeing Reports Record 2018 Results and Provides 2019 Guidance
Fourth Quarter 2018
* Record revenue of $28.3bn and record operating profit of $4.2bn driven by higher volume
* Record GAAP EPS of $5.93 and record core EPS (non-GAAP)* of $5.48 on strong performance
Full-Year 2018
* Record revenue of $101.1bn reflecting strong growth across the portfolio
* Record GAAP EPS of $17.85 and record core EPS (non-GAAP)* of $16.01 driven by solid execution
* Record operating cash flow of $15.3 bn; repurchased 26.1m shares for $9.0 bn
* Total backlog remains robust at $490 bn, including nearly 5,900 commercial airplanes
* Cash and marketable securities of $8.6 bn provide strong liquidity
Outlook for 2019
* Revenue guidance of between $109.5 and $111.5bn reflects higher volume across all businesses
* GAAP EPS of between $21.90 and $22.10; core EPS (non-GAAP)* of between $19.90 and $20.10
* Operating cash flow expected to increase to between $17.0 and $17.5bn
The Boeing Company [NYSE: BA] reported fourth-quarter revenue of $28.3bn, GAAP earnings per share of $5.93 and core earnings per share (non-GAAP)* of $5.48, all company records. These results reflect record commercial deliveries, higher defense and services volume and strong performance which outweighed favorable tax impacts recorded in the fourth quarter of 2017. Boeing generated operating cash flow of $2.9 bn, repurchased 1.6 m shares for $0.6 bn, paid $1.0bn of dividends and completed the acquisition of KLX.
Revenue was a record $101.1 bn for the full year reflecting higher commercial deliveries and increased volume across the company. Records for GAAP earnings per share of $17.85 and core earnings per share (non-GAAP)* of $16.01 were driven by higher volume, improved mix and solid execution.
"Across the enterprise our team delivered strong core operating performance and customer focus, driving record revenues, earnings and cash flow and further extending our global aerospace industry leadership in 2018," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "Our financial performance provided a firm platform to further invest in new growth businesses, innovation and future franchise programs, as well as in our people and enabling technologies. In the last 5 years, we have invested nearly $35bn in key strategic areas of our business, all while increasing cash returns to shareholders."
"Our One Boeing focus, clear strategies for growth, and leading positions in large and growing markets, give us confidence for continued strong performance, revenue expansion and solid execution across all three businesses, which is reflected in our 2019 guidance. We remain focused on executing on our production and development programs as well as our growth strategy while driving further productivity, quality and safety improvements, investing in our team and creating more value and opportunity for our customers, shareholders and employees."
Operating cash flow was $2.9bn in the quarter and $15.3bn for the full year, reflecting planned higher commercial airplane production rates and strong operating performance as well as timing of receipts and expenditures. During the quarter, the company repurchased 1.6m shares for $0.6bn, paid $1.0bn in dividends, and completed the acquisition of KLX. For the full year, the company repurchased 26.1m shares for $9.0bn and paid $3.9bn in dividends. Based on strong cash generation and confidence in the company's outlook, the board of directors in December increased the quarterly dividend per share by 20 percent and replaced the existing share repurchase program with a new $20bn authorization.
Cash and investments in marketable securities totaled $8.6bn, compared to $10.0bn at the beginning of the quarter. Debt was $13.8bn, up from $11.9bn at the beginning of the quarter primarily due to the issuance of new debt following the KLX acquisition. Total company backlog at quarter-end was relatively unchanged at $490bn and included net orders for the quarter of $27bn.
Segment Results
Commercial Airplanes
Commercial Airplanes fourth-quarter revenue increased to $17.3bn reflecting higher deliveries and favorable mix. Fourth-quarter operating margin increased to 15.6 percent, driven by higher 737 volume and strong operating performance on production programs, including higher 787 margins. During the quarter, Commercial Airplanes delivered 238 airplanes, including the delivery of the 787th 787 Dreamliner and the first 737 MAX Boeing Business Jet. The 737 program delivered 111 MAX airplanes in the fourth quarter, including the first MAX delivery from the China Completion Center, and delivered 256 MAX airplanes in 2018. The first 777X flight test airplane completed final body join and power-on, and the program remains on track for flight testing this year and first delivery in 2020. Commercial Airplanes booked 262 net orders during the quarter, valued at $16bn. Backlog remains robust with nearly 5,900 airplanes valued at $412bn.
Defense, Space & Security
Defense, Space & Security fourth-quarter revenue increased to $6.1bn driven by increased volume across F/A-18, satellites, and weapons. Fourth-quarter operating margin increased to 10.9 percent, primarily reflecting favorable mix. During the quarter, Defense, Space & Security was awarded contracts for the second KC-46 Tanker to Japan, a joint ground system to provide tactical satellite communications for the U.S. Air Force and to modernize 17 Chinooks for Spain. Defense, Space & Security also completed a successful test for the U.S. Air Force's Minuteman III and unveiled the SB>1 DEFIANT helicopter for the U.S. Army. In January, the first two KC-46 Tankers were delivered to the U.S. Air Force. Backlog at Defense, Space & Security was $57bn, of which 30 percent represents orders from customers outside the U.S.
Global Services fourth-quarter revenue increased to $4.9bn, primarily driven by higher parts volume including the acquisition of KLX. Fourth-quarter operating margin increased to 15.0 percent reflecting improved performance, partially offset by higher period costs. During the quarter, Global Services was awarded Performance Based Logistics contracts for C-17 and F-22 for the U.S. Air Force and F-15 for Qatar as well as contracts for F/A-18 services for the U.S Navy. Global Services was also selected by Shenzhen Airlines to provide crew management solutions, making them the first airline in China to utilize Boeing AnalytX-powered services. Significant milestones during the quarter included the first KC-46 training flight with the U.S. Air Force. In addition, Global Services successfully began integrating KLX and began operations of the Auxiliary Power Unit joint venture with Safran.
Additional Financial Information
At quarter-end, Boeing Capital's net portfolio balance was $2.8bn. Revenue in other unallocated items and eliminations decreased primarily due to the timing of eliminations for intercompany aircraft deliveries and the 2017 sale of aircraft previously leased to customers. The change in earnings from other unallocated items and eliminations is primarily due to timing of expense allocations. The effective tax rate for the fourth quarter increased from the same period in the prior year primarily due to the favorable impacts from the enactment of the Tax Cuts and Jobs Act recorded in the fourth quarter of 2017.
Effective in the first quarter of 2019, the Company is making a change to the accounting for military derivative aircraft. Revenues and costs associated with military derivative aircraft were previously reported in the Commercial Airplanes and Defense, Space & Security segments. Beginning in 2019, all revenues and costs associated with military derivative aircraft will be reported in the Defense, Space & Security segment. An additional exhibit is included on page 15 with restated 2018 results adjusted for the change in accounting for military derivative aircraft as well as the realignment of certain programs between Global Services and Defense, Space & Security.
29 Jan 19. General Dynamics beats profit estimates on strong IT demand. U.S. aerospace and defense company General Dynamics Corp beat analysts' estimates for quarterly profit on Wednesday, boosted by strong demand for the IT services it provides to the U.S. Department of Defense.
Shares of the Falls Church, Virginia-based company rose 3.2 percent to $181.60 before the bell.
Revenue at the company's IT unit jumped 93.3 percent to $2.38 bn in the fourth-quarter ended Dec. 31. General Dynamics bought IT services-heavy CSRA Inc for $9.7bn last year.
Total new Gulfstream jet deliveries, another important metric for the company, rose to 42 units from 30 in the same quarter a year ago. Net earnings for the company, which makes a wide range of weapons and communications systems for the U.S. military, rose to $909 m, or $3.07 per share, from $636 m, or $2.10 per share, a year earlier. Analysts' on average expected a profit of $2.99 per share, according to Refinitiv data. Total revenue rose 25.4 percent to $10.38 bn, beating estimates of $10.36bn. (Source: Defense News Early Bird/Reuters)
General Dynamics Reports Fourth-Quarter, Full-Year 2018 Results
* Fourth-quarter earnings from continuing operations up 42.9% to $909 m
* Full-year earnings from continuing operations up 15.3% to $3.4 bn
* Fourth-quarter diluted EPS from continuing operations up 46.2% to $3.07
* Full-year diluted EPS from continuing operations up 17.4% to $11.22
* Company-wide revenue increased 16.9% year-over-year
* Full-year revenue growth in all five segments
30 Jan 19. General Dynamics (NYSE: GD) today reported full-year earnings from continuing operations of $3.4bn on revenue of $36.2bn, and quarterly earnings from continuing operations of $909m on $10.4bn in revenue.
Year-over-year revenue grew in all five segments.
Fourth-quarter 2018 earnings from continuing operations, which grew 42.9 percent over fourth-quarter 2017, would have grown 20.4 percent absent a one-time, non-cash decrement to earnings in 2017 from the 2017 Tax Cuts and Jobs Act. On a per share basis, diluted earnings per share (EPS) from continuing operations was $3.07, a 46.2 percent increase over the year-ago quarter. For the year, diluted EPS from continuing operations was $11.22, a 17.4 percent increase from 2017.
"General Dynamics delivered solid performance in 2018," said Phebe N. Novakovic, chairman and chief executive officer. "Our Aerospace segment successfully managed through a new model transition while achieving good order intake. Our defense businesses had strong operating performance and continued to book significant new business."
Segment Highlights
Aerospace's 2018 full-year revenue was $8.5 bn, with operating earnings of $1.5bn and an operating margin of 17.6 percent, even with its ongoing transition to new aircraft models. Book-to-bill was 0.8-to-1.0 for the quarter and 0.9-to-1.0 for the year. Gulfstream delivered the first all-new G500 in the third quarter and continued G500 deliveries in the fourth quarter.
Combat Systems
Combat Systems reported 2018 full-year revenue of $6.2bn, up 4.9 percent over 2017. Operating earnings were $962m and operating margin was 15.4 percent. The group achieved a book-to-bill of 1.3-to-1.0 for the fourth quarter, building on significant awards earlier in the year including M1A2 Abrams tank upgrades and additional Stryker double-V-hull vehicles. The group was also selected to deliver prototype vehicles for the U.S. Army's Mobile Protected Firepower (MPF) program.
Information Technology had 2018 full-year revenue of $8.3bn, up 87.5 percent over 2017 and up 4.3 percent excluding the acquisition of CSRA. Operating earnings for the year were $608m, up 63 percent over 2017. The combination of General Dynamics Information Technology and CSRA in the second quarter created a premier service provider to customers across defense, intelligence and federal civilian markets. The group achieved a book-to-bill of 1.0-to-1.0 for the year, with $8bn in backlog and $25 bn in total estimated contract value.
Mission Systems' 2018 full-year revenue was $4.7bn, up 5.5 percent over 2017. Operating earnings were $659 m, up 3.3 percent over 2017. Operating margin for the year was 13.9 percent. The group had a book-to-bill of 1.0-to-1.0 for the year, with many significant orders including a $3.9 bn maximum potential indefinite delivery, indefinite quantity (IDIQ) contract for the U.S. Army's Common Hardware Systems-5 (CHS-5) program.
Marine Systems reported 2018 full-year revenue of $8.5 bn, up 6.2 percent over 2017. Operating earnings grew by 11.1 percent to $761m, and operating margin for the year expanded 40 basis points to 9 percent. In 2018, the segment won several key contracts as well as $607 m in contract modifications on its $6.1bn potential value contract to perform design and development work for the Columbia ballistic missile submarine. Book-to-bill grew year-over-year from 1.2-to-1.0 to 1.3-to-1.0.
Net cash provided by operating activities for the year totaled $3.1bn. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $2.5bn in 2018, after a $255m discretionary pension plan contribution.
Capital Deployment
The company repurchased 7.6m of its outstanding shares in the fourth quarter of 2018, and 10.1m of its outstanding shares for $1.8bn for the year. The company paid out $1.1 bn in dividends in 2018.
Total backlog at the end of 2018 was $67.9bn, up 7.4 percent from 2017. The estimated potential contract value, representing management's estimate of value in unfunded IDIQ contracts and unexercised options, was $35.5bn, up 43.2 percent from 2017. Total estimated contract value, the sum of all backlog components, was $103.4bn, up 17.5 percent from 2017. Orders remained strong across the company with a consolidated book-to-bill of 1.0-to-1.0 for the year.
Lockheed Martin Reports Fourth Quarter and Full Year 2018 Results
– Net sales of $14.4bn in the fourth quarter and $53.8bn in 2018
– Net earnings of $1.3bn, or $4.39 per share, in the fourth quarter and $5.0bn, or $17.59 per share in 2018
– Cash from operations of $2.2 bn in the fourth quarter and $3.1bn in 2018, after annual pension contributions of $5.0bn
– Achieved record backlog of $130.5 bn at the end of 2018
– 2019 financial outlook provided
29 Jan 19. Lockheed Martin Corporation (NYSE: LMT) today reported fourth quarter 2018 net sales of $14.4bn, compared to $13.8bn in the fourth quarter of 2017. Net earnings from continuing operations in the fourth quarter of 2018 was $1.3bn, or $4.39 per share, compared to a net loss from continuing operations of $817m, or $2.85 per share, in the fourth quarter of 2017. The net loss from continuing operations in the fourth quarter of 2017 included a net one-time charge of $2.0bn ($6.88 per share), substantially all of which was non-cash, primarily related to the estimated impacts of the Tax Cuts and Jobs Act (the "Tax Act"). Excluding the estimated impacts of the Tax Act, adjusted earnings from continuing operations were $1.2bn, or $4.03 per share, in the fourth quarter of 2017. Cash from operations in the fourth quarter of 2018 was $2.2bn, compared to $1.5 bn in the fourth quarter of 2017.
Net sales in 2018 was $53.8bn, compared to $50.0bn in 2017. Net earnings from continuing operations in 2018 was $5.0bn, or $17.59 per share, compared to $1.9bn, or $6.50 per share, in 2017. Earnings from continuing operations in 2017 included a net one-time charge of $2.0bn ($6.77 per share), substantially all of which was non-cash, primarily related to the estimated impacts of the Tax Act. Excluding the estimated impacts of the Tax Act, adjusted earnings from continuing operations was $3.9 bn, or $13.27 per share, in 2017. Cash from operations in 2018 was $3.1 bn, after annual pension contributions of $5.0bn, compared to cash from operations of $6.5bn in 2017, with no pension contributions.
"The corporation completed another year of outstanding operational accomplishments and strong financial performance," said Lockheed Martin Chairman, President and CEO Marillyn Hewson. "As we look ahead to 2019, we remain focused on performing with excellence for customers, and our record backlog and differentiating portfolio have us well-positioned for continued growth and long-term value creation for shareholders."
Adoption of New Accounting Standards
As previously reported, effective Jan. 1, 2018, the corporation adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, as amended (commonly referred to as ASC 606), which changed the way the corporation recognizes revenue for certain contracts. In addition, effective Jan. 1, 2018, the corporation adopted ASU 2017-07, Compensation-Retirement Benefits, which changed the income statement presentation of certain components of pension and other postretirement benefit plan expense. The financial results for all periods presented in this news release have been adjusted to reflect the new methods of accounting.
2019 Financial Outlook
The corporation expects the 2019 net FAS/CAS pension benefit to be approximately $1.5bn based on a 4.25 percent discount rate (a 62.5 basis point increase from the end of 2017), a negative 5.0 percent return on plan assets in 2018, a 7.0 percent expected long-term rate of return on plan assets in future years (a 50 basis point decrease from the end of 2017), and the revised longevity assumptions released during the fourth quarter of 2018 by the Society of Actuaries. As a result of the $5.0bn in contributions to its qualified defined benefit pension plans in 2018, the corporation does not expect to make contributions to its qualified defined benefit pension plans in 2019.
Cash Activities
The corporation's cash activities in the quarter and year ended Dec. 31, 2018 consisted of the following:
* repurchasing 2.2 m shares for $666m and 4.7m shares for $1.5bn during the quarter and year ended Dec. 31, 2018, compared to 1.6m shares for $501m and 7.1m shares for $2.0bn during the quarter and year ended Dec. 31, 2017;
* paying cash dividends of $622m and $2.3bn during the quarter and year ended Dec. 31, 2018, compared to $572 m and $2.2 bn during the quarter and year ended Dec. 31, 2017;
* repayments of $750m of long-term debt upon scheduled maturity during the quarter and year ended Dec. 31, 2018, compared to no repayments of long-term debt during the quarter and year ended Dec. 31, 2017;
* making capital expenditures of $459 m and $1.3 bn during the quarter and year ended Dec. 31, 2018, compared to $507m and $1.2bn during the quarter and year ended Dec. 31, 2017;
* receiving net proceeds of $110m and $600 m from the issuance of commercial paper during the quarter and year ended Dec. 31, 2018, compared to no net proceeds during the quarter and year ended Dec. 31, 2017.
The corporation operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the corporation's business segments and reconciles these amounts to the corporation's consolidated financial results.
Net sales and operating profit of the corporation's business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation. Operating profit of the corporation's business segments includes our share of earnings or losses from equity method investees as the operating activities of the investees are closely aligned with the operations of its business segments.
Operating profit of the corporation's business segments also excludes the FAS/CAS operating adjustment described below, a portion of corporate costs not considered allowable or allocable to contracts with its largest customer, the U.S. Government, under the applicable U.S. government cost accounting standards (CAS) or federal acquisition regulations (FAR), and other items not considered part of management's evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, environmental costs, compensation expense, retiree benefits, significant severance actions, significant asset impairments, gains or losses from significant divestitures, and other miscellaneous corporate activities.
The corporation recovers CAS pension cost through the pricing of its products and services on U.S. Government contracts and, therefore, recognizes CAS pension cost in each of its business segment's net sales and cost of sales. The corporation's consolidated financial statements must present FAS pension and other postretirement benefit plan expense calculated in accordance with U.S. generally accepted accounting principles (FAS) requirements under U.S. GAAP. The operating portion of the net FAS/CAS pension adjustment represents the difference between the service cost component of FAS pension expense and CAS pension cost. The non-service FAS pension cost component is included in other non-operating expense, net on the corporation's consolidated statements of earnings. The net FAS/CAS pension adjustment increases or decreases CAS pension cost to equal total FAS pension expense (both service and non-service).
Changes in net sales and operating profit generally are expressed in terms of volume. Changes in volume refer to increases or decreases in sales or operating profit resulting from varying production activity or service levels on individual contracts. Volume changes in segment operating profit are typically based on the current profit booking rate for a particular contract. In addition, comparability of the corporation's segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on the corporation's contracts for which it recognizes revenue over time using the percentage-of-completion cost-to-cost method to measure progress towards completion. Increases in the profit booking rates, typically referred to as risk retirements, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate. Increases or decreases in profit booking rates are recognized in the current period and reflect the inception-to-date effect of such changes.
Segment operating profit and margin may also be impacted favorably or unfavorably by other items, which may or may not impact sales. Favorable items may include the positive resolution of contractual matters, cost recoveries on severance and restructuring charges, insurance recoveries and gains on sales of assets. Unfavorable items may include the adverse resolution of contractual matters; restructuring charges, except for significant severance actions which are excluded from segment operating results; reserves for disputes; certain asset impairments; and losses on sales of certain assets.
The corporation's consolidated net profit adjustments not related to volume, including net profit booking rate adjustments and other items, represented approximately 29 percent and 32 percent of total segment operating profit for the quarter and year ended Dec. 31, 2018, compared to approximately 33 percent and 32 percent for the quarter and year ended Dec. 31, 2017.
Aeronautics' net sales in the fourth quarter of 2018 increased $229m, or 4 percent, compared to the same period in 2017. The increase was primarily attributable to higher net sales of approximately $240m for the F-35 program due to increased volume on production and sustainment, partially offset by lower volume on development activities; and about $100m for the F-16 program due to increased volume on modernization contracts. These increases were partially offset by a decrease of approximately $135m for the C-130 program primarily due to lower volume on sustainment activities.
Aeronautics' operating profit in the fourth quarter of 2018 decreased $31m, or 5 percent, compared to the same period in 2017. Operating profit decreased approximately $35m for the C-130 program due to lower risk retirements and lower sustainment volume, which was partially offset by an increase of about $20m for the F-16 program due to increased volume on modernization contracts and higher risk retirements. Operating profit was comparable for the F-35 program with increased volume on higher margin production contracts and new development activities, offset by lower risk retirements. Adjustments not related to volume, primarily net profit booking rate adjustments, were about $115m lower in the fourth quarter of 2018 compared to the same period in 2017.
Aeronautics' net sales in 2018 increased $1.8bn, or 9 percent, compared to 2017. The increase was primarily attributable to higher net sales of approximately $1.5bn for the F-35 program due to increased volume on production and sustainment, partially offset by lower volume on development activities; about $300m for other programs due to higher volume (primarily ADP); about $210m for the F-16 program due to increased volume on modernization contracts; and about $110m for the F-22 program due to increased sustainment volume. These increases were partially offset by a decrease of approximately $130m for the C-130 program primarily due to lower volume on sustainment activities and about $130 m for the C-5 program due to lower volume as deliveries under the current production modernization program were completed in the third quarter of 2018.
Aeronautics' operating profit in 2018 increased $96m, or 4 percent, compared to 2017. Operating profit increased approximately $250m for the F-35 program due to increased volume on higher margin production contracts and new development activities and better performance on sustainment. This increase was partially offset by a decrease of about $65m for the C-130 program due to lower risk retirements and lower sustainment volume; about $60m for the F-16 program due to lower risk retirements; and about $35m for the C-5 program due to lower risk retirements and lower production volume. Adjustments not related to volume, primarily net profit booking rate adjustments, were about $175m lower in 2018 compared to 2017.
Missiles and Fire Control
MFC's net sales in the fourth quarter of 2018 increased $435m, or 22 percent, compared to the same period in 2017. The increase was primarily attributable to higher net sales of approximately $310m for tactical and strike missile programs due to increased volume (primarily classified programs and precision fires); and about $80m for integrated air and missile defense programs due to increased volume (primarily Terminal High Altitude Area Defense (THAAD) and Patriot Advanced Capability-3 (PAC-3)).
MFC's operating profit in the fourth quarter of 2018 increased $127m, or 51 percent, compared to the same period in 2017. Operating profit increased approximately $60m for tactical and strike missile programs due to increased risk retirements and increased volume (primarily precision fires); about $30m for sensors and global sustainment programs due to higher risk retirements (primarily LANTIRN®, SNIPER®, and Apache); and about $20 m for integrated air and missile defense programs due to higher risk retirements and higher volume (primarily PAC-3 and THAAD). Adjustments not related to volume, primarily net profit booking rate adjustments, were about $60m higher in the fourth quarter of 2018 compared to the same period in 2017.
MFC's net sales in 2018 increased $1.2bn, or 16 percent, compared to 2017. The increase was primarily attributable to higher net sales of approximately $925m for tactical and strike missile programs due to increased volume (primarily classified programs and precision fires); and about $185m for sensors and global sustainment programs due to increased volume (primarily LANTIRN, SNIPER, and Apache).
MFC's operating profit in 2018 increased $214m, or 21 percent, compared to 2017. Operating profit increased approximately $140 m for tactical and strike missile programs due to reserves which were recorded in 2017 but did not recur in 2018 (primarily JAGM), higher risk retirements (primarily precision fires and Hellfire) and higher volume (primarily precision fires); and about $50 m for sensors and global sustainment programs due to higher risk retirements and higher volume (primarily LANTIRN, SNIPER, and Apache), after charges of approximately $85m previously recorded in 2018 for performance matters on the Warrior Capability Sustainment Program. Adjustments not related to volume, including net profit booking rate adjustments and other items, were about $200m higher in 2018 compared to 2017.
Rotary and Mission Systems
RMS' net sales in the fourth quarter of 2018 decreased $146m, or 4 percent, compared to the same period in 2017. The decrease was primarily attributable to lower net sales of approximately $75m for Sikorsky helicopter programs, which reflect lower volume for Black Hawk production, partially offset by higher volume for mission systems programs; and about $60 m for C6ISR (command, control, communications, computers, cyber, combat systems, intelligence, surveillance, and reconnaissance) programs due to lower volume on multiple programs.
RMS' operating profit in the fourth quarter of 2018 increased $43m, or 17 percent, compared to the same period in 2017. Operating profit increased approximately $70m for Sikorsky helicopter programs due to higher risk retirements, better cost performance across the Sikorsky portfolio and better cost performance on the Multi-Year IX contract. This increase was partially offset by a decrease of $20m for integrated warfare systems and sensors (IWSS) programs primarily due to reserves recorded for performance matters on two programs. Adjustments not related to volume, including net profit booking rate adjustments and other items, were about $45m higher in the fourth quarter of 2018 compared to the same period in 2017.
RMS' net sales in 2018 increased $587m, or 4 percent, compared to 2017. The increase was primarily attributable to higher net sales of approximately $525 m for IWSS programs due to higher volume (primarily radar surveillance systems programs and Multi Mission Surface Combatant); and about $250m for C6ISR programs due to higher volume on multiple programs. These increases were partially offset by a decrease of approximately $270m for Sikorsky helicopter programs, which reflect lower volume for Black Hawk production, partially offset by higher volume for CH-53K King Stallion development and for mission systems programs.
RMS' operating profit in 2018 increased $400m, or 44 percent, compared to 2017. Operating profit increased approximately $185 m for C6ISR programs due to charges of $120m for performance matters on the EADGE-T contract, recorded in 2017 but which did not recur in 2018, and due to higher risk retirements (primarily undersea systems programs); about $155 m for Sikorsky helicopter programs due to better cost performance across the Sikorsky portfolio and better cost performance on the Multi-Year IX contract; and about $105m for IWSS programs due to higher risk retirements and higher volume (primarily Aegis). Adjustments not related to volume, including net profit booking rate adjustments and other items, were about $185m higher in 2018 compared to 2017.
Space's net sales in the fourth quarter of 2018 increased $49m, or 2 percent, compared to the same period in 2017. The increase was primarily attributable to higher net sales of approximately $25m for the Orion program due to higher volume; about $15m for strategic and missile defense programs due to higher volume (primarily Fleet Ballistic Missiles); and about $15m for government satellite programs due to higher volume (primarily government satellite services).
Space's operating profit in the fourth quarter of 2018 increased $9m, or 4 percent, compared to the same period in 2017. Operating profit increased approximately $30m for commercial satellite programs, which reflect charges for performance matters in the fourth quarter of 2017 which did not recur in 2018. This increase was partially offset by a decrease of about $15m for government satellite programs primarily due to lower risk retirements on multiple programs. Adjustments not related to volume, including net profit booking rate adjustments and other items, were comparable in the fourth quarter of 2018 and the fourth quarter of 2017.
Space's net sales in 2018 increased $203m, or 2 percent, compared to 2017. The increase was primarily attributable to higher net sales of approximately $225m for strategic and missile defense programs due to higher volume (primarily AWE Management Limited (AWE) and Fleet Ballistic Missiles) and about $65m for the Orion program due to higher volume. These increases were partially offset by a decrease of approximately $70m for commercial satellite programs due to lower volume and about $25m for government satellite programs due to lower volume.
Space's operating profit in 2018 increased $75m, or 8 percent, compared to 2017. Operating profit increased approximately $40m for commercial satellite programs, which reflect a lower amount of charges recorded for performance matters on certain programs; and about $30m for government satellite programs primarily due to higher volume and higher risk retirements for government satellite services. Adjustments not related to volume, including net profit booking rate adjustments and other items, were about $30m higher in 2018 compared to 2017.
Total equity earnings recognized by Space (primarily ULA) represented approximately $30m, or 13 percent and approximately $210m, or 20 percent, of this business segment's operating profit during the quarter and the year ended Dec. 31, 2018, compared to approximately $35m, or 16 percent and approximately $205m, or 21 percent, during the quarter and the year ended Dec. 31, 2017.
The corporation's effective income tax rate from continuing operations was 15.5 percent and 13.6 percent in the quarter and year ended Dec. 31, 2018, compared to 152.0 percent and 64.0 percent in the quarter and year ended Dec. 31, 2017. The lower rate for the fourth quarter and year ended Dec. 31, 2018 was primarily due to the reduction of the federal statutory rate from 35 percent to 21 percent and the deduction for foreign derived intangible income, both as a result of the Tax Act enacted in Dec. 2017. In Dec. 2017 as a result of the Tax Act, we wrote down our net deferred tax assets and recorded a net one-time charge of $2.0bn ($6.88 per share in the quarter and $6.77 per share in the year ended 2017), substantially all of which was non-cash. The write-down was primarily related to re-measurement of certain net deferred tax assets using the lower U.S. corporate income tax rate (approximately $1.9bn), a deemed repatriation tax (approximately $43m), and a reduction in the U.S. manufacturing benefit (approximately $81m) as a result of corporation's decision to accelerate contributions to its pension fund in 2018. Excluding the net one-time charge, the corporation's effective income tax rate from continuing operations was 26.9 percent and 26.5 percent in the quarter and year ended Dec. 31, 2017.
The rate for the year ended Dec. 31, 2018 also benefited from the corporation's change in a tax accounting method, recorded discretely in the third quarter, reflecting a 2012 Court of Federal Claims decision, which held that the tax basis in certain assets should be increased and realized upon the assets' disposition. The rates for both periods benefited from tax deductions for dividends paid to the corporation's defined contribution plans with an employee stock ownership plan feature, tax deductions for employee equity awards, and the research and development tax credit.
Pension Transactions
In December 2018, certain of the corporation's pension plans used pension trust assets to purchase group annuity contracts from insurance companies for $2.6bn. One such contract transferred $1.8bn of our outstanding defined benefit pension obligations related to approximately 32,000 U.S. retirees and beneficiaries to an insurance company. As a result of this transaction, the insurance company is now required to pay and administer the retirement benefits owed to these retirees and beneficiaries. The second transaction requires another insurance company to reimburse our pension trust fund for all future benefit payments made to approximately 9,000 U.S. retirees and beneficiaries under a group annuity contract purchased for $0.8 bn. Under the terms of this transaction, the plan will continue to pay and administer the retirement benefits to these retirees and beneficiaries but will be reimbursed for all future benefit payments covered by the contract with no net ongoing cash funding obligation to the plan for the covered participants as the cost of providing benefits is funded by the contract. These transactions have no impact on the amount, timing, or form of the monthly retirement benefit payments to the covered retirees and beneficiaries. Additionally, these transactions did not impact the corporation's earnings or cash flows in 2018.
Northrop Grumman Reports Fourth Quarter and Full-Year 2018 Financial Results
Q4 Sales Increase 24 Percent to $8.2bn; 2018 Sales Increase 16 Percent to $30.1bn
Q4 EPS of $2.06; 2018 EPS of $18.49
Q4 and 2018 Net Earnings Reduced by $495m After-tax Mark-to-Market Pension and Other Postretirement Benefit (MTM) Expense
Q4 MTM-adjusted EPS1 of $4.93; 2018 MTM-adjusted EPS1 of $21.33
2018 Cash from Operations of $3.8bn; 2018 Free Cash Flow1 of $2.6bn
$2.1bn Distributed to Shareholders through Share Repurchases and Dividends
Expects 2019 Sales of Approximately $34bn, MTM-adjusted EPS of $18.50 to $19.00 and Free Cash Flow1 of $2.6 to $3.0bn
31 Jan 19. Northrop Grumman Corporation (NYSE: NOC) reported fourth quarter 2018 sales increased 24 percent to $8.2bn. For 2018, sales increased 16 percent to $30.1bn. Fourth quarter operating income increased 40 percent to $943m and 2018 operating income increased 17 percent to $3.8 bn. Fourth quarter and full year 2018 operating results reflect the addition of Innovation Systems in June 2018. As previously announced, the company retrospectively adopted the mark-to-market method of accounting for pension and other postretirement benefits (MTM) as of Dec. 31, 2018 and revised prior period results to reflect that change.
This change resulted in an after-tax MTM expense of $495m in 2018 and an after-tax MTM benefit of $404m in 2017. As a result, fourth quarter 2018 net earnings decreased 47 percent to $356m, or $2.06 per diluted share. 2018 net earnings increased 13 percent to $3.2bn, or $18.49 per diluted share, also reflecting the MTM expense. MTM-adjusted earnings1 and MTM-adjusted diluted earnings per share1 are the measures the company will use to describe its comparative performance to prior periods and guide for diluted earnings per share. MTM-adjusted fourth quarter and 2018 net earnings increased 220 percent and 51 percent, respectively, and for the same periods, MTM-adjusted diluted earnings per share1 increased 224 percent to $4.93 and 52 percent to $21.33, respectively. The two main drivers were the addition of Innovation Systems in 2018 and the impacts related to the Tax Cuts and Jobs Act (the "2017 Tax Act") in 2017.
Fourth quarter and full year 2017 MTM-adjusted net earnings1 were reduced by higher tax expense resulting from the enactment of the 2017 Tax Act and a discretionary pre-tax pension contribution, which together reduced MTM-adjusted net earnings1 by $302m, or $1.72 per share, in both periods, primarily related to the write-down of deferred tax assets. On Jan. 4, 2019, the company completed its previously announced $1bn accelerated share repurchase (ASR), which retired 3.84m shares at an average price of approximately $260 per share. The remaining share repurchase authorization after completion of the ASR is approximately $4.1bn.
"Our fourth quarter and full year financial results, along with our 2019 outlook, demonstrate that we are on a solid growth trajectory. I'm confident we are well positioned to deliver innovative and affordable solutions, with an enhanced degree of agility to create value for our customers and shareholders," said Kathy Warden, chief executive officer and president.
For 2018, sales increased 16 percent and reflect the same trends as described for the fourth quarter. Fourth quarter segment operating income increased 43 percent to $927m, and segment operating margin rate increased to 11.4 percent. The segment operating income increase reflects the acquisition of Innovation Systems and higher sales at Aerospace Systems and Mission Systems. The improvement in segment operating margin rate is due to improved performance at all three legacy Northrop Grumman sectors. For 2018, segment operating income increased 19 percent to $3.4bn, and segment operating margin rate increased to 11.5 percent, and reflect the same trends as described for the fourth quarter. Fourth quarter 2018 operating income and margin rate increased to $943m and 11.6 percent, respectively, due to the 43 percent increase in segment operating income, partially offset by a $23m increase in unallocated corporate expense.
For 2018, operating income increased $562m, or 17 percent, primarily due to the increase in segment operating income and a $42m decrease in unallocated corporate expense, partially offset by a $25m decrease in our net FAS (service)/CAS pension adjustment. The 2018 operating margin rate increased to 12.6 percent due to a higher segment operating margin rate, lower unallocated corporate expense, partially offset by a decrease in net FAS (service)/CAS pension adjustment. Fourth quarter and 2018 results also reflect the company's adoption of the MTM method of accounting for its pension and other postretirement benefit (OPB) plans as of Dec. 31, 2018. Under MTM accounting, the company recognized a $655m non-cash, pre-tax pension and OPB actuarial loss principally resulting from the difference between expected and actual plan asset returns in 2018 and the change in the company's actuarial discount rate.
Net plan asset losses in 2018 were 3.5 percent compared with an expected 8.0 percent long-term rate of return, and the company's discount rate increased to 4.31 percent from 3.68 percent. Northrop Grumman has retrospectively applied the MTM method of accounting and revised prior period results. Schedule 6 of this release contains revised financial information for 2016, 2017 and each quarter of 2018. This method of accounting is preferable under U.S. GAAP as it aligns more closely with fair value principles by not delaying the recognition of gains and losses into future periods. The company's fourth quarter federal and foreign income tax expense declined to $47m, reflecting the benefit of the 2017 Tax Act. The company's 2018 federal and foreign income tax expense declined to $513m, principally due to the benefit of the 2017 Tax Act and a $56m increase in research credits.
Aerospace Systems Fourth
Aerospace Systems fourth quarter 2018 sales increased 6 percent, principally due to higher volume for Manned Aircraft and Space programs. Higher volume for Manned Aircraft reflects increases in restricted activities, as well as higher volume for the F-35 program. Higher Space sales reflect increases in restricted activities and ramp-up activities for the new Enhanced Polar System Recapitalization program.
Sales in Autonomous Systems were comparable to the prior year period. For 2018, Aerospace Systems sales rose 8 percent, principally due to higher volume for restricted activities and the F-35 program in Manned Aircraft. The 2018 sales increase also includes higher volume for Autonomous Systems and Space programs. Autonomous Systems sales increase includes higher volume on several programs including Triton, Fire Scout and Firebird programs. Higher Space sales are principally due to volume increases for restricted activities and the Ground Based Strategic Deterrent TMRR program. Aerospace Systems fourth quarter 2018 operating income increased 12 percent, and operating margin rate increased to 10.5 percent.
Higher operating income reflects higher sales, and higher operating margin rate reflects improved performance for Manned Aircraft and Autonomous Systems programs. For 2018, operating income increased 9 percent and operating margin rate increased to 10.8 percent. Higher operating income reflects higher sales, and higher operating margin rate reflects improved performance for Manned Aircraft and Autonomous Systems.
Innovation Systems Fourth Quarter
Innovation Systems fourth quarter 2018 sales increased 7 percent, compared with $1.4bn pro forma sales in the fourth quarter of 2017. The sales increase was due to higher volume for Flight Systems and Defense Systems, partially offset by lower volume for Space Systems. Flight Systems sales reflect higher volume on a number of programs including the Ground-based Midcourse Defense (GMD), F-35 and Trident II programs. Defense Systems sales growth largely reflects higher international sales and higher volume on the Advanced Anti-Radiation Guided Missile (AARGM) program. For 2018, Innovation Systems sales were $5.6bn compared with $4.8bn, each on a pro forma basis. The 17 percent increase reflects higher volume in all three business areas. Defense Systems sales growth largely reflects higher international sales and higher volume on AARGM and small caliber ammunition programs. Flight Systems sales were primarily driven by higher GMD, A350 and F-35 volume. Space Systems sales increased primarily due to higher government satellite volume. Innovation Systems fourth quarter 2018 operating income totaled $143m and operating margin rate was 9.8 percent. For 2018, operating income totaled $343m and operating margin rate was 10.5 percent.
Mission Systems fourth quarter 2018 sales increased 2 percent principally due to higher volume for Sensors and Processing programs. Sales for Advanced Capabilities and Cyber and ISR were comparable to the prior year period. Higher Sensors and Processing sales are primarily due to higher volume on communications, F-35 and restricted programs. For 2018, Mission Systems sales increased 2 percent, principally due to higher volume for Sensors and Processing programs, partially offset by lower volume for Cyber and ISR and Advanced Capabilities programs. Sensors and Processing volume increased principally due to higher volume on restricted, communications, F-35 and electro-optical/infrared self-protection programs. Cyber and ISR sales declined primarily due to ramp-down on a restricted ISR program. Advanced Capabilities sales reflect lower volume on the JRDC program and follow on activity. Mission Systems fourth quarter operating income increased 17 percent, and operating margin rate increased to 13.1 percent. The increase in operating income reflects higher sales volume and the 170 basis point improvement in operating margin rate reflects improved performance across the sector, principally on Cyber and ISR and Advanced Capabilities programs. For 2018, operating income increased 5 percent and operating margin rate increased to 13.0 percent. The increase in operating income reflects higher sales and the increase in operating margin rate is principally due to improved performance on Cyber and ISR and Sensors and Processing programs.
Technology Services fourth quarter 2018 sales decreased 8 percent due to the completion of several programs, including KC-10 and JRDC. These declines were partially offset by higher volume on several other programs, including the Special Electronic Mission Aircraft program. For 2018, Technology Services sales decreased 8 percent due to the same trends described for the fourth quarter. Technology Services fourth quarter 2018 operating income increased 62 percent, and operating margin rate increased to 10.8 percent, principally due to contract close-out impacts of a state IT outsourcing program. For 2018, operating income decreased 1 percent due to lower volume, partially offset by a higher operating margin rate, which increased to 10.3 percent largely as a result of the noted contract close-out impacts.
Raytheon Reports Strong Fourth Quarter and Full-Year 2018 Results
– Strong bookings of $8.4bn in the quarter and $32.2 bn for the year; book-to-bill ratio of 1.15 in the quarter and 1.19 for the year
– Fourth quarter net sales of $7.4bn, up 8.5 percent; full-year net sales of $27.1bn, up 6.7 percent for the year
– Fourth quarter EPS from continuing operations of $2.93, up 117 percent; full-year EPS from continuing operations of $10.15, up 46 percent for the year
– Strong operating cash flow from continuing operations of $2.4 bn in the quarter and a record $3.4 bn for the year
Raytheon Company (NYSE: RTN) today announced net sales for the fourth quarter 2018 of $7.4bn, up 8.5 percent compared to $6.8bn in the fourth quarter 2017. Fourth quarter 2018 EPS from continuing operations was $2.93 compared to $1.35 in the fourth quarter 2017. The increase in the fourth quarter 2018 EPS from continuing operations was primarily driven by operational improvements and lower taxes primarily associated with tax reform. Net sales in 2018 were $27.1bn, up 6.7 percent compared to $25.3bn in 2017. Full-year 2018 EPS from continuing operations was $10.15 compared to $6.94 for the full-year 2017.
"Raytheon had a very successful year in 2018. We accelerated our sales growth yet again and achieved a new company record for operating cash flow," said Thomas A. Kennedy, Raytheon Chairman and CEO. "We ended the year with record bookings and backlog which positions us well for 2019 and beyond."
The company generated strong operating cash flow for both the fourth quarter and full-year. Operating cash flow from continuing operations for the fourth quarter 2018 was $2.4bn. Operating cash flow from continuing operations for the full-year 2018 was a record $3.4bn, after making the $1.25bn pretax discretionary pension contribution in the third quarter 2018. Operating cash flow from continuing operations for the fourth quarter 2017 and full-year 2017 was $1.6 bn and $2.7bn, respectively, after making the $1.0bn pretax discretionary pension contribution in the fourth quarter 2017. Operating cash flow from continuing operations for the fourth quarter and full-year 2018 was better than the company's prior guidance primarily due to improved working capital. In the fourth quarter 2018, the company repurchased 2.3 m shares of common stock for $400m. For the full-year 2018, the company repurchased 6.7m shares of common stock for $1,325m.
The company had bookings of $8.4bn in the fourth quarter 2018, resulting in a book-to-bill ratio of 1.15. Fourth quarter 2017 bookings were $8.5bn. Full-year 2018 bookings were a record $32.2bn, resulting in a book-to-bill ratio of 1.19. Full-year 2017 bookings were $27.7bn.
Backlog at the end of 2018 was a record $42.4bn, an increase of $4.2bn or 11 percent compared to the end of 2017.
The company has provided its financial outlook for 2019. Charts containing additional information on the company's 2019 outlook are available on the company's website.
The company's reportable segments are: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint™.
Integrated Defense Systems
Integrated Defense Systems (IDS) had fourth quarter 2018 net sales of $1,684m, up 8 percent compared to $1,553m in the fourth quarter 2017. The increase in net sales for the quarter was primarily driven by higher net sales on two international Patriot® programs awarded in 2018. IDS had full-year 2018 net sales of $6,180m compared to $5,804 m in 2017. The increase in net sales for the full-year was primarily driven by higher net sales from an international Patriot program awarded in the first quarter 2018.
IDS recorded $247m of operating income in both the fourth quarter 2018 and the fourth quarter 2017. IDS recorded $1,023m of operating income in 2018 compared to $935m in 2017. The increase in operating income for the full-year was primarily driven by a favorable change in mix.
During the quarter, IDS booked $676m to provide advanced Patriot air and missile defense capability for Sweden. IDS also booked $380m to provide Guidance Enhanced Missiles (GEM-T) for an international customer; $140m to provide Consolidated Contractor Logistics Support (CCLS) for the Missile Defense Agency (MDA); and $95 m on the Army Navy/Transportable Radar Surveillance-Model 2 (AN/TPY-2) radar sustainment program for the MDA.
Intelligence, Information and Services (IIS)
Intelligence, Information and Services (IIS) had fourth quarter 2018 net sales of $1,711m, up 9 percent compared to $1,572m in the fourth quarter 2017. IIS had full-year 2018 net sales of $6,722 m compared to $6,177m in 2017. The increase in net sales for both the quarter and the full-year was primarily driven by higher net sales on classified programs in both cyber and space, and the Development, Operations and Maintenance (DOMino) cyber program.
IIS recorded $144m of operating income in the fourth quarter 2018 compared to $117m in the fourth quarter 2017. IIS recorded $538m of operating income in 2018 compared to $455m in 2017. The increase in operating income for both the quarter and full-year was primarily driven by higher net program efficiencies and higher volume. During the quarter, IIS booked $545m on a number of classified programs. IIS also booked $142m on domestic and foreign training programs in support of Warfighter FOCUS activities.
Missile Systems (MS)
Missile Systems (MS) had fourth quarter 2018 net sales of $2,317m, up 6 percent compared to $2,185m in the fourth quarter 2017. MS had full-year 2018 net sales of $8,298 m compared to $7,787m in 2017. The increase in net sales for both the quarter and full-year was primarily driven by higher net sales on classified programs.
MS recorded $273m of operating income in the fourth quarter 2018 compared to $278m in the fourth quarter 2017. MS recorded $973m of operating income in 2018 compared to $1,010m in 2017. The decrease in operating margin for both the quarter and the full-year was primarily due to a change in mix.
During the quarter, MS booked $452m for AIM-9X Sidewinder short-range air-to-air missiles; $193m for Standard Missile-2 (SM-2); $149m for StormBreaker™, formerly Small Diameter Bomb II (SDB II™); $132m for Phalanx® Close-In Weapon Systems (CIWS); $132m for Paveway™; $110m for the Iron Dome Tamir production program; and $75 m for the David's Sling weapon system's Stunner Missile. MS also booked $563m on a number of classified contracts.
Space and Airborne Systems (SAS)
Space and Airborne Systems (SAS) had fourth quarter 2018 net sales of $1,880m, up 13 percent compared to $1,670m in the fourth quarter 2017. The increase in net sales for the quarter was primarily driven by higher net sales on classified programs. SAS had full-year 2018 net sales of $6,748m compared to $6,430m in 2017. The increase in net sales for the full-year was primarily driven by higher net sales on a domestic tactical radar systems production program, and surveillance and targeting systems programs.
SAS recorded $262m of operating income in the fourth quarter 2018 compared to $242m in the fourth quarter 2017. The increase in operating income for the quarter was primarily due to higher volume. SAS recorded $884m of operating income in 2018 compared to $862m in 2017. The increase in operating income for the full-year was primarily due to higher net program efficiencies and higher volume, partially offset by mix.
During the quarter, SAS booked $429 m for the Next Generation Overhead Persistent Infrared (Next Gen OPIR) program for the U.S. Air Force; $347m to provide support and sustainment services to the U.K. Royal Air Force's Shadow aircraft fleet; and $173m for radar components for the U.S. Navy and the Royal Australian Air Force. SAS also booked $544m on a number of classified contracts.
Forcepoint had fourth quarter 2018 net sales of $172m, up 10 percent compared to $156m in the fourth quarter 2017. Forcepoint had full-year 2018 net sales of $634 m compared to $608 m in 2017.
Forcepoint recorded $2m of operating income in the fourth quarter 2018 compared to a loss of $8m in the fourth quarter 2017. Forcepoint recorded $5m of operating income in 2018 compared to $33m in 2017. The decrease in operating income for the full-year was primarily driven by higher operating costs.
24 Jan 19. Textron Inc. (NYSE: TXT) today reported fourth quarter 2018 income from continuing operations of $1.02 per share. Adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.15 per share for the fourth quarter of 2018. Adjusted income from continuing operations excludes $73m of pre-tax special charges recorded in the fourth quarter ($0.23 per share, after-tax), and other favorable one-time adjustments ($0.10 per share, after-tax).
Full-year income from continuing operations was $4.83 per share. Full-year adjusted income from continuing operations, a non-GAAP measure, was $3.34 per share, up from $2.45 in 2017.
"We had strong execution in both the quarter and full year with significant margin improvements at Aviation, Bell, and Systems." said Textron Chairman and CEO Scott C. Donnelly. "We were also encouraged by the continued strength in new aircraft demand at Aviation."
Net cash provided by operating activities of continuing operations of the manufacturing group for the full year was $1,127m, compared to $930m last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $784m compared to $872m last year.
In the quarter, Textron returned $400m to shareholders through share repurchases, compared to $131m in the fourth quarter of 2017. For the full year, Textron returned $1.8bn to shareholders through share repurchases, including $797m of proceeds from the sale of our Tools & Test businesses, compared to $582m in 2017.
Textron is forecasting 2019 revenues of approximately $14bn, about flat with last year. Textron expects full-year 2019 earnings per share from continuing operations will be in the range of $3.55 to $3.75.
The company is estimating net cash provided by operating activities of continuing operations of the manufacturing group will be between $1,020 m and $1,120m and manufacturing cash flow before pension contributions (a non-GAAP measure) will be between $700m and $800m, with planned pension contributions of about $50m.
Donnelly continued, "Our outlook reflects the continued improvement in our operations to drive earnings growth and margin expansion. As we look to the future, we are investing for long-term growth to generate increases in shareholder value."
Fourth Quarter Segment Results
Revenues at Textron Aviation of $1.6 bn were up 12%, due to higher volume and mix across the jet and commercial turboprop product lines, as well as favorable pricing. Textron Aviation delivered 63 jets, up from 58 last year, and 67 commercial turboprops, up from 45 last year. Segment profit was $170m in the fourth quarter, up from $120m a year ago, due to the higher volumes and favorable pricing. Textron Aviation backlog at the end of the fourth quarter was $1.8bn.
Bell revenues were $827m, down from $983m last year, primarily on lower military volume. Bell delivered 46 commercial helicopters in the quarter, up from 45 last year. Segment profit of $108m was down $6m, largely on the lower military volume, partially offset by favorable performance. Bell backlog at the end of the fourth quarter was $5.8bn.
Textron Systems
Revenues at Textron Systems were $345m, down from $489m last year, reflecting lower TAPV deliveries at Textron Marine & Land Systems and lower Unmanned Systems volume. Segment profit was flat with last year's fourth quarter at $37m, with lower volume and mix, offset by favorable performance. Textron Systems' backlog at the end of the fourth quarter was $1.5bn.
Industrial revenues decreased $131m largely related to the disposition of our Tools & Test product line. Segment profit was down $10m from the fourth quarter of 2017, largely due to the impact from the disposition. Favorable performance, reflecting a positive impact of $17m related to a patent infringement matter, was offset by unfavorable inflation and mix.
Finance segment revenues were up $3m, and profit was up $3m from last year's fourth quarter.
United Technologies Reports 2018 Results, Announces 2019 Outlook
* 2018 organic sales growth marks best year in over a decade; Sales and adjusted EPS for 2018 above company expectations; Expects continued sales, earnings, and free cash flow growth in 2019
* Fourth Quarter 2018
* Sales of $18.0bn, up 15 percent versus prior year including 11 percent organic growth
* GAAP EPS of $0.83, up 66 percent versus prior year
* Adjusted EPS of $1.95, up 22 percent versus prior year
* Full Year 2018
* Sales of $66.5bn, up 11 percent versus prior year including 8 percent organic growth
* Outlook for 2019*
23 Jan 19. United Technologies Corp. (NYSE:UTX) reported fourth quarter and full year 2018 results above expectations and announced an outlook for continued sales, earnings and free cash flow growth in 2019.
"2018 was a transformational year for United Technologies," said UTC Chairman and Chief Executive Officer Gregory Hayes. "We announced our intention to separate into three global, industry-leading companies, and closed the Rockwell Collins acquisition in November. We also delivered strong fourth quarter and full year 2018 results, including the best year of organic sales growth in over a decade, driven by our focus on meeting customer commitments, ongoing innovation, strong execution and cost reduction."
Hayes continued, "Looking to 2019, our segment profit is expected to grow faster than sales, and free cash flow, excluding separation costs, is expected to grow faster than earnings. We remain laser focused on executing our strategic plans for our businesses, each of which is expected to drive sustained growth, lead the industry in innovation and customer focus, and maximize value creation over the long-term."
Fourth quarter sales of $18.0bn were up 15 percent over the prior year, including 11 points of organic sales growth, 4 points of acquisition benefit and 1 point of foreign exchange headwind. The remaining 1 point of growth was driven by the adoption of the new Revenue Standard. GAAP EPS of $0.83 was up 66 percent versus the prior year and included $1.12 of net restructuring charges and other significant items, including a $692m tax charge primarily related to undistributed foreign earnings. Adjusted EPS of $1.95 was up 22 percent. Fourth quarter results exceeded expectations primarily due to a favorable effective tax rate and better Rockwell Collins results.
Net income in the quarter was $0.7bn, up 73 percent versus the prior year. Cash flow from operations was $2.0bn and capital expenditures were $780m, resulting in free cash flow of $1.2bn.
In the quarter, commercial aftermarket sales were up 11 percent at Pratt & Whitney and up 8 percent organically at Collins Aerospace Systems. Otis new equipment orders were flat organically versus the prior year. Equipment orders at Carrier increased 3 percent organically.
Full Year 2018
Full year sales of $66.5bn were up 11 percent over the prior year, including 8 points of organic sales growth, 1 point of net acquisitions impact and 1 point of foreign exchange tailwind. The remaining 1 point of growth was driven by the adoption of the new Revenue Standard and the absence of a customer contract settlement incurred in 2017. Full year GAAP EPS of $6.50 was up 14 percent versus the prior year and included $1.11 of net restructuring charges and other significant items, including a $692 m tax charge primarily related to undistributed foreign earnings. Adjusted EPS of $7.61 was up 14 percent.
Net income for the year was $5.3bn, up 16 percent versus the prior year. Cash flow from operations was $6.3bn and capital expenditures were $1.9bn, resulting in free cash flow of $4.4bn.
In 2018, for the first time in over thirty years, Pratt & Whitney manufactured more than 1,000 large commercial and military engines. Collins Aerospace Systems was formed by the transformative acquisition of Rockwell Collins, a combination that is expected to result in more than $500m in run-rate, pre-tax cost synergies. Carrier launched more than 100 new products, completed the acquisition of S2 Security and divested the Taylor Company. Finally, at Otis, the number of units under maintenance contract exceeded two m for the first time in the organization's history.
UTC provides the following 2019 outlook*:
* Adjusted EPS of $7.70 to $8.00, including headwinds from a higher adjusted effective tax rate ($0.15 headwind) and a stronger U.S. dollar ($0.07 headwind);
* Sales of $75.5 to $77.0bn, including organic sales growth of 3 to 5 percent;
* Free cash flow of $4.5 to $5.0bn, including $1.5bn of one-time cash payments related to the portfolio separation.


text:
MCCOLLUM, ERRICK
UNICS Kazan 3 Guard
Height: 1.88 Born: 22 January, 1988 Nationality: United States of America
Totals 12 11 335:12 203 36/75 22/62 65/80 6 33 39 50 12 27 7 2 28 83 243
Averages 12 11 27:56 16.9 48% 35.5% 81.3% 0.5 2.8 3.3 4.2 1 2.3 0.6 0.2 2.3 6.9 20.3
11 * at Rytas Vilnius 30:14 20 4/6 2/6 6/7 1 2 3 3 2 1 6 22
12 vs AS Monaco 31:42 21 2/5 2/5 11/11 1 1 2 1 2 1 3 8 23
2 Totals 61:56 41 6/11 4/11 17/18 1 3 4 5 1 4 1 0 4 14 45
Average 30:58 20.5 54.5% 36.4% 94.4% 0.5 1.5 2 2.5 0.5 2 0.5 0 2 7 22.5
1 * at Germani Brescia Leonessa 30:03 16 1/5 4/8 2/3 4 4 2 2 2 6 15
2 * vs Cedevita Olimpija Ljubljana 19:06 11 3/4 0/2 5/8 3 3 4 1 1 2 5 15
3 * at Nanterre 92 27:31 24 3/7 3/8 9/11 5 5 5 1 2 1 2 9 30
4 * vs Joventut Badalona 27:00 32 6/8 4/8 8/9 1 3 4 4 3 3 3 11 41
5 * at Darussafaka Tekfen Istanbul 28:34 8 2/6 0/3 4/5 3 2 1 2 8 6
6 * vs Germani Brescia Leonessa 23:08 20 3/7 3/7 5/5 3 3 4 1 2 1 3 8 24
7 * at Cedevita Olimpija Ljubljana 24:11 6 2/9 0/2 2/5 1 2 3 3 3 3 1 3 6 4
8 * vs Nanterre 92 32:31 17 5/6 0/4 7/8 1 4 5 8 3 1 2 4 24
9 * at Joventut Badalona 30:50 15 1/3 3/5 4/6 2 1 3 6 3 4 2 5 20
10 * vs Darussafaka Tekfen Istanbul 30:22 13 4/9 1/4 2/2 5 5 6 1 2 3 7 19
10 Totals 273:16 162 30/64 18/51 48/62 5 30 35 45 11 23 6 2 24 69 198
Average 27:19 16.2 46.9% 35.3% 77.4% 0.5 3 3.5 4.5 1.1 2.29 0.6 0.2 2.4 6.9 19.8
#1 in Fouls Drawn (14)
#2 in Free throws made (17)
#3 in Points (41)
#4 in Minutes Played (61:56)
#4 in Index Rating (45)
#9 in 3-pointers attempted (11)
#1 in Games Started (10)
#2 in Index Rating (198)
#3 in Points (162)
#5 in Field goals attempted (115)
#14 in Assists (45)
#18 in Turnovers (23)
Index rating 41 UNICS Kazan vs. Joventut Badalona 10/23/2019
Points 32 UNICS Kazan vs. Joventut Badalona 10/23/2019
Offensive rebounds 4 Karsiyaka Spor Kulubu vs. Galatasaray Istanbul 2/24/2016
Defensive rebounds 9 Karsiyaka Spor Kulubu vs. Galatasaray Istanbul 2/24/2016
Total rebounds 13 Karsiyaka Spor Kulubu vs. Galatasaray Istanbul 2/24/2016
Assists 8 UNICS Kazan vs. Nanterre 92 11/20/2019
Steals 4 Volgograd vs. Galatasaray Istanbul 11/4/2015
Blocks 3 Karsiyaka Spor Kulubu vs. Galatasaray Istanbul 2/24/2016
Minutes 39 Bisons Loimaa vs. Panionios Athens 12/18/2013
Played college basketball at Goshen, NAIA (2008-10).
Moved to Israel for the 2010-11 season, signed by Elitzur Netanya.
Signed for the 2011-12 season by Hapoel Kfar Saba, National League.
Moved to Greece for the 2012-13 season, signed by Apollon Patras.
Signed for the 2013-14 season by Panionios BC Athens.
Moved to China for the 2014-15 season, signed by Zhejiang CB.
Moved to Turkey for the 2015-16 season, signed by Galatasaray Istanbul.
Moved to China for the 2016-17 season, signed by Beikong Fly Dragons.
In March'17 back to Turkey, signed by Galatasaray Istanbul.
Signed for the 2017-18 season by Anadolu Efes Istanbul.
Moved to Russia for the 2018-19 season, signed by Unics Kazan.
Won the 2016 EuroCup with Galatasaray Istanbul.
Named the 2015-16 EuroCup MVP.
Named to the 2015-16 and 2018-19 All-EuroCup First Team.
Named 2015-16 EuroCup Round 4 and Eightfinals Game 2 MVP.
Named 2017-18 EuroLeague Round 7 MVP.
Led the 2013-14 EuroCup in scoring (20.2 ppg.).
Won the 2018 Turkish National Cup with Anadolu Efes Istanbul.
Led the 2013-14 Greek League in scoring (17.7ppg.).
Led the 2014-15 Chinese CBA League in scoring (39.6 ppg.).
2017-18 Anadolu Efes Istanbul 29 423 14.6 94/210 44.8 52/130 40 79/102 77.5 69 23 67 12
Totals 29 423 14.6 94/210 44.8 52/130 40 79/102 77.5 69 23 67 12
Averages 29 423 14.6 94/210 44.8 52/130 40 79/102 77.5 2.4 0.8 2.3 0.4
2013-14 Panionios Athens 16 323 20.2 80/161 49.7 21/68 30.9 100/123 81.3 51 22 50 10
2015-16 Galatasaray Odeabank Istanbul 20 361 18.1 79/159 49.7 27/77 35.1 122/141 86.5 87 20 71 10
2018-19 UNICS Kazan 20 264 13.2 53/108 49.1 24/68 35.3 86/103 83.5 55 14 35 5
2019-20 UNICS Kazan 12 203 16.9 36/75 48 22/62 35.5 65/80 81.3 39 12 50 7
Totals 68 1151 16.9 248/503 49.3 94/275 34.2 373/447 83.4 232 68 206 32
Averages 68 1151 16.9 248/503 49.3 94/275 34.2 373/447 83.4 3.4 1 3 0.5
2010/11 Elitzur Netanya 17 49 2.9 9/24 37.5 5/19 26.3 16/20 80.0 12 3 8 2
2011/12 Hapoel Kfar Saba 23 559 24.3 132/224 58.9 34/112 30.4 193/241 80.1 182 50 67 19
2012/13 Apollon Patras 28 423 15.1 112/245 45.7 24/78 30.8 127/166 76.5 78 46 68 3
2013/14 Panionios 35 620 17.7 129/308 41.9 59/150 39.3 185/229 80.8 98 38 91 7
2014/15 Zhejiang 38 1504 39.6 377/752 50.1 98/288 34.0 456/537 84.9 281 80 210 17
2015/16 Galatasaray 34 511 15.0 118/256 46.1 38/122 31.1 161/196 82.1 117 22 114 14
2016/17 Beikong Fly Dragons 36 1349 37.5 337/648 52.0 108/283 38.2 351/426 82.4 232 81 13 23
Galatasaray 12 165 13.8 49/104 47.1 10/31 32.3 37/52 71.2 37 10 25 10
2017/18 Anadolu Efes 34 584 17.2 140/271 51.7 54/155 34.8 142/180 78.9 93 42 115 15
2018/19 Unics Kazan 31 437 14.1 81/173 46.8 53/127 41.7 116/144 80.6 69 32 82 2

redpajama_set_name: RedPajamaCommonCrawl


Manchester United are preparing a stunning £47million offer for Diego Costa, according to reports.
The Red Devils are gearing up for a busy summer window and a world-class striker appears to be a priority.
Costa has failed to recapture the heights of last term, and Atletico Madrid are thought to be keen to bring him back to La Liga.
But according to Spanish publication Fichajes, United are ready to trump the La Liga outfit with a £47m bid.
And with Jose Mourinho Old Trafford bound, this could enhance the chances of a deal being struck.
Jamie Redknapp thinks Marcus Rashford is a natural talent that can become a huge hit at United.
Rashford became the youngest player to score in a Manchester derby aged 18, as his side beat City 1-0 at the Etihad yesterday.
And Redknapp thinks United have a big star on their hands.
"When I saw Marcus Rashford score against Arsenal I wondered if he was just a young player with luck on his side. Not anymore. He looks a real star," Redknapp wrote in his Daily Mail column.
Jose Mourinho reportedly favours a move to United over a return to Real Madrid, because of the long-standing tensions in the Real dressing room.
It is suggested that Mourinho has signed a pre-contract to become United's new manager in the summer.
According to Spanish paper El Pais, Real would struggle to land the Portuguese tactician.
The report suggests the La Liga giants would have to get rid of four stars - Sergio Ramos, Cristiano Ronaldo, Marcelo and Pepe - before Mourinho would consider a return.


text:
Li Ying () (died 169) was a lineal descendant of Li Er (李耳), commonly thought to be Laozi's real name.  Li Ying was governor of Henan Commandery. He was involved in a Partisan Prohibitions case and was killed in the second case.

See also
Disasters of Partisan Prohibitions

References

Year of birth missing
169 deaths

redpajama_set_name: RedPajamaWikipedia


Create with Gwen: You're Wonderful New Photopolymer Set!
You're Wonderful New Photopolymer Set!
Around the beginning of each month, Stampin' Up! offers a new photopolymer stamp set! September is "You're Wonderful! We've all got lots of wonderful people in our lives, and the You're Wonderful Photopolymer Stamp Set helps us tell them so! This 18-piece set gives you tons of options to help you match the perfect sentiment with the occasion and recipient of your choice. Here are just a few samples for ya!
Recommended clear block sizes are A, B, C, D, F, and G (not included in the set). Order your clear blocks individually (page 234 of the annual catalog or as a bundle below). Once you have them, you can use them for every photopolymer or clear stamp set!
Our photopolymer stamps offer a versatile all-clear stamping option. You'll find that our photopolymer is top-quality and gives a perfectly stamped image every time. The stamps stick amazingly well to our clear blocks and are easy to place just where you want them. Best of all, you get to enjoy tons of images for a great price! Ordering mine now! Bye! Have a great day!


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Black hat (computer security)
(Redirected from Black hat hacking)
It has been requested that the title of this article be changed to Black hat. Please see the relevant discussion on the discussion page. The page should not be moved unless the discussion is closed; summarizing the consensus achieved in support of the move.
A black hat hacker (or black-hat hacker) is a hacker who violates computer security for personal gain or maliciousness.
OriginEdit
The term's origin is often attributed to hacker culture theorist Richard Stallman (though he denies coining it)[1] to contrast the exploitative hacker with the white hat hacker who hacks protectively by drawing attention to vulnerabilities in computer systems that require repair.[2] The black hat/white hat terminology originates in the Western genre of popular American culture, in which black and white hats denote villainous and heroic cowboys respectively.[3]
Black hat hackers are the stereotypical illegal hacking groups often portrayed in popular culture, and are "the epitome of all that the public fears in a computer criminal".[4] Black hat hackers break into secure networks to destroy, modify, or steal data, or to make the networks unusable for authorized network users.[5]
Security hacker
^ Laskow, Sarah (January 27, 2017). "The Counterintuitive History of Black Hats, White Hats, And Villains". Atlas Obscura. Archived from the original on June 29, 2018. Retrieved June 29, 2018. In early hacking circles, there was a whole separate term to refer to malicious hacking: those people were called crackers. Across the internet, Richard Stallman, who founded the GNU Project and Free Software Foundation, is often credited with coining the term 'black hat' hacker, but he says that's not correct. 'I have never used terms 'X-hat hacker' because I reject the use of 'hacking' to refer to breaking security,' he says. Where did the term come from then? 'I don't know where,' he says.
^ O'Brien, Marakas, James, George (2011). Management Information Systems. New York, NY: McGraw-Hill/ Irwin. pp. 536–537. ISBN 978-0-07-752217-9.
^ Wilhelm, Thomas; Andress, Jason (2010). Ninja Hacking: Unconventional Penetration Testing Tactics and Techniques. Elsevier. pp. 26–7.
^ Moore, Robert (2006). Cybercrime: Investigating High-Technology Computer Crime (1st ed.). Cincinnati, Ohio: Anderson Publishing. ISBN 978-1-59345-303-9.
^ "Here Are The Top 5 Hackers Arrested in 2016". Techworm.net.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Black_hat_(computer_security)&oldid=905749569"


I adore this print, we needed to replace our smaller hat. The fabric is really good quality it feels a little different to some of our other Max, more stretchy. I bought 48/50 for my large headed 9 month old.
A lovely double layered organic cotton hat with a Lion print all overand velour inside.


text:
By Bryan Myrick / June 14, 2011
Reagan Dunn Stands Up to Run for Washington State Attorney General
Filling one more spot on what Republicans hope will be a dream team for 2012, King County Councilman and former…
Filling one more spot on what Republicans hope will be a dream team for 2012, King County Councilman and former federal prosecutor Reagan Dunn announced his candidacy for state attorney general in a released statement Tuesday morning.
In his reasons for running, Dunn carried forward the message delivered by current Attorney General Rob McKenna gubernatorial announcement speech last Wednesday, a theme of worry about where Washington State is headed.
I am running for Attorney General because I am concerned about the overall direction of Washington State Government and I believe we can do much better… Our state faces significant challenges, including high unemployment, an unfavorable business climate for job creation, and crime levels that are unacceptable.
Today's release from the Dunn campaign also included a strong endorsement from current attorney general and gubernatorial candidate Rob McKenna.
"Reagan Dunn brings the right balance of criminal and civil legal experience that our state needs in an Attorney General," McKenna said.
Dunn's release also cited a fundraising windfall of more than $100,000 in the past two weeks, though disclosures for that period have not been filed and the amount cannot be verified. Nevertheless, Dunn is known for his fundraising finesse, and many donors were simply waiting to sign the checks preceding a formal announcement. If the figure is accurate it would put him past one Democrat in the race – Pierce County Executive John Ladenburg – and within reach of the other, fellow King County Councilman Bob Ferguson, who disclosed just over $161,000 as of the most recent filings to the Public Disclosure Commission.
The state GOP is aiming for at least a 12-spot gain in 2012, and accomplishing that objective would require not losing in races to hold key Republican-held seats such as attorney general.
In the context of Washington State government, the attorney general and governor races are as close to top-of-the-ticket as it gets, and State Republican Party Chair Kirby Wilbur sees a significant advantage in having McKenna and Dunn on the ballot together in 2012.
"I think it's a great pair," Wilbur told NW Daily Marker. "McKenna has statewide elected experience, he has run the Attorney General's office for six-and-a-half years, he has administrative experience and he has Olympia experience — that qualifies him to be Governor. Reagan has U.S. Attorney experience, County Council experience… and I think that the two of the get along very well and that helps."
"When you look at Rob's experience, Reagan's experience, plus their friendship and I think it makes for a great top of the ticket," Wilbur said.
Dunn was appointed to the King County Council in 2005 to replace McKenna after his successful election as attorney general, and won re-election in 2009 with 77% of the vote in the affluent 9th District of Washington's largest county. Prior to serving on the King County Council, Dunn's University of Washington law degree was put to work prosecuting criminal cases at the Department of Justice. He is also the driving force behind the Jennifer Dunn Leadership Institute, an organization created to train and educate future civic leaders.
Categories: Washington Tags: announcement, election 2012, Reagan Dunn, Washington State Attorney General
Bryan Myrick
Bryan has been writing about local and national politics since 2008. In addition to writing for The Northwest Daily Marker (nwdailymarker.com) – the digital journal of politics he launched in 2011 – he has been published by American Thinker, Crosscut, Red State and the Everett Herald and explosive stories broken by The Northwest Daily Marker have generated headlines in regional, national and international major media. Bryan is a lifelong Washingtonian and a proud University of Washington alumnus.
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Every day of the work week, you should have someone on your staff spending at least an hour on creating buzz.
Creating buzz is making connections with other organizations, groups, individuals, and for-profit companies online.
Your objective is to generate inbound links. These links not only produce new like-minded people coming to your Web site but they also increase your search enginge rankings.
Here are a Baker's Dozen of inbound link ideas.
1. First start with your friends, board memebers, volunteers, corporate sponsors, etc. Perhaps these folks have Web sites and would be more than happy to display their affection for your charity by having their Web site link to yours.
2. Local radio stations will often link to charity Web sites especially if you are in the middle of a campaign with the station.
3. Business owners who supply your charity with stuff, such as chairs, paper, desks, legal advice, etc. Treat these people as partners and not vendors and they will no longer see you as a customer but as a friend.
4. Make sure your charity is listed at online yellow pages and other business directories.
5. Cause-minded social networks, such as One.org, Care2.com, Change.org, etc.
6. Contact local service groups and clubs, such as Masons, Lions, Rotary, Chamber of Commerce.
7. Nonprofit trade publications, such as the Nonprofit Times and Chronicle of Philanthropy.
8. Nonprofit trade associations, such as Association of Fundraising Professtionals, Christian Management Association, Association for Healthcare Philanthropy, etc.
9. Your current funder's Web sites, such as private and public foundations.
10. Ensure you are listed with third-party charity directoris, such as Guidestar and Charity Navigator.
11. If your charity syndicates content, make sure with every piece of content you provide it has a link back to your Web site.
12. Make sure you are listed in your city's quick link directory.
13. If your organization is a part of campaign that involves other charities and groups, then development a campaign specific Web site with links to all of the partners involved.


A San Diego resident and lifelong Padres fan got to watch the home opener at Petco Park Thursday in seats fit for a king – seats given to him by a man now known as Padres royalty, No. 13 himself, Manny Machado.
Through a contest on Instagram Wednesday night, Machado gave away a pair of field-level seats behind 3rd base to one Friars faithful. That lucky man was Jorge Santiesteban, who enjoyed the prime location with his wife during Thursday's game, where the Padres beat the San Francisco Giants.
Santiesteban sported a Tony Gwynn jersey, while his wife wore Machado gear.
The couple had already planned to go to the home opener. Although, Santiesteban said Machado's giveaway certainly upgraded their Opening Day experience.
Santiesteban told NBC 7 he won the tickets purely by chance.
Santiesteban told NBC 7 he's been a San Diego Padres fan since 1986. Over the decades, he's weathered the emotional ups and downs of being a true fan.
"We've been through rough times; you know what I mean? I'm not one of those people who's just going to jump on the (band) wagon and get all happy," said Santiesteban.
He said he first noticed Machado on the MLB scene when Machado played for the Baltimore Orioles. Santiesteban thought he was a great player, but confessed he wasn't a die-hard Machado fanatic.
After winning the tickets from Machado, Santiesteban joked that he likes him a little bit more, but, as a Friars faithful, the fan just wants to get on with baseball season and see what Machado can add to his favorite team.
"You know what? I'm glad he's with our team. Hopefully, he'll start doing his thing with the Padres. Once we start winning, once he starts doing what he does, we'll see what happens," he added.


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Size & Price
Square Feet Square Metres Acres Hectares
Min Size 10 50 100 250 500 1,000 1,500 2,500 5,000 7,500 10,000 15,000 25,000 50,000 75,000 100,000 200,000 500,000 Min Size
Max Size 10 50 100 250 500 1,000 1,500 2,500 5,000 7,500 10,000 15,000 25,000 50,000 75,000 100,000 200,000 500,000 Max Size
Min Price £50,000 £60,000 £70,000 £80,000 £90,000 £100,000 £110,000 £120,000 £125,000 £130,000 £140,000 £150,000 £160,000 £170,000 £175,000 £180,000 £190,000 £200,000 £210,000 £220,000 £230,000 £240,000 £250,000 £260,000 £270,000 £280,000 £290,000 £300,000 £325,000 £350,000 £375,000 £400,000 £425,000 £450,000 £475,000 £500,000 £550,000 £600,000 £650,000 £700,000 £800,000 £900,000 £1,000,000 £1,250,000 £1,500,000 £1,750,000 £2,000,000 £2,500,000 £3,000,000 £4,000,000 £5,000,000 £7,500,000 £10,000,000 £15,000,000 £20,000,000 Min Price
Max Price £50,000 £60,000 £70,000 £80,000 £90,000 £100,000 £110,000 £120,000 £125,000 £130,000 £140,000 £150,000 £160,000 £170,000 £175,000 £180,000 £190,000 £200,000 £210,000 £220,000 £230,000 £240,000 £250,000 £260,000 £270,000 £280,000 £290,000 £300,000 £325,000 £350,000 £375,000 £400,000 £425,000 £450,000 £475,000 £500,000 £550,000 £600,000 £650,000 £700,000 £800,000 £900,000 £1,000,000 £1,250,000 £1,500,000 £1,750,000 £2,000,000 £2,500,000 £3,000,000 £4,000,000 £5,000,000 £7,500,000 £10,000,000 £15,000,000 £20,000,000 Max Price
Commercial Properties For Sale in Irthington, Carlisle, Cumbria
Relevance Largest First Smallest First Highest Price Lowest Price
Hotel for sale
NW-021657 - Sally, Irthington, Carlisle CA6 4NJ
Freehold Hotel, Country village inn, Restaurant (40+20 covers). Bar area (24). Lounge (12), 5 e/s letting beds. 2 bed pvt accom, Car parking (26) Patio at rear (16),
New Home Development Microsite
Marketed by Fleurets Limited, North West
0161 468 3867 Local call rate
Industrial development for sale
Eden Park, Carlisle Lake District Airport CA6 4NW
Development Land totalling approx. 31 acres (12.5) hectares) Prime build-to-suite opportunities.Flexible uses and unit sizes from 13,700 - 330,000 sq ftA key strategic location in Cumbria's industrial and commercial heart
Marketed by EDWIN THOMPSON, Carlisle
01228 738021 Local call rate
Planning Permission Granted
Wattys Field, Laversdale, Irthington, Carlisle CA6 4PJ
*EXCELLENT DEVELOPMENT OPPORTUNITY - CENTRAL VILLAGE PLOT WITH OUTLINE PLANNING PERMISSION FOR TWO DETACHED PROPERTIES* *END VALUES - 3 Bed £240,000 TO £260,000 2/3 BED £200,000 TO £230,000* An exciting opportunity to purchase a central plot extending to 0.248 acres (0.180 has) with outline plan...
Marketed by Vinden Estates, Ripon
See commercial properties to let in Irthington
Offices for sale in Irthington Serviced Offices for sale in Irthington Shops for sale in Irthington Land for sale in Irthington Warehouses for sale in Irthington Restaurants for sale in Irthington Hotels for sale in Irthington Pubs for sale in Irthington Guest Houses for sale in Irthington Cafes for sale in Irthington
Estate agents in Irthington
View house prices in Irthington


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Land O'Lakes | BlackRock Elects Beth Ford to Board
BlackRock Elects Beth Ford to Board
The investment management firm is big player on Wall Street.
By Burl Gilyard
As president and CEO of Land O'Lakes, Beth Ford is already well known in Minnesota business circles. As of yesterday, she will now be on the radar of people on Wall Street who don't pay much attention to the farmer-owned cooperative.
On Tuesday, New York-based BlackRock Inc., a towering global investment manager, elected Ford to its 18-member board of directors. At the same time, BlackRock also named Kristin Peck, CEO of New Jersey-based Zoetis Inc., to the board.
For 2020, BlackRock posted revenue of $16.2 billion and a net profit of $4.9 billion. At the end of 2020, it had a dizzying $8.7 trillion of assets under management.
BlackRock operates on a much larger scale than the bulk of its competitors. News surfaced on Wednesday that BlackRock was looking to raise $2.3 billion for a fund focused on environmental, social and governance (ESG) investment criteria.
"Beth and Kristin are recognized leaders in their respective industries, and they bring a wide range of valuable perspectives and experiences that will help BlackRock and the Board navigate the future," said Laurence Fink, Chairman and CEO of BlackRock, in a statement.
Of Ford, Fink specifically said: "Key to that future is a mindset that embraces and accounts for our impact on all stakeholders – which is precisely what Beth champions through the Land O' Lakes cooperative framework which cares deeply about the company's impact on all of its stakeholders, including its shareholders, the agriculture community, and employees. Beth is also a recognized and influential voice on key issues including climate change, immigration, infrastructure and trade and we look forward to her contributions."
In late 2020, TCB named Beth Ford as one its three "People of the Year."
Burl Gilyard
Burl Gilyard is TCB's senior writer.
Fullerton Building Systems, Inc.
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You're about to start your registration for the 15th Western Hemisphere Regional Conference. Registration is available in both English and Spanish. You can book more than one ticket at once, but you will be required to provide the information details for all the attendees. You can go back and amend your details, if you need to.
If you are attending the Cultural Connections event and the Regional Conference, please select the Cultural Connections Event category. There will be an option where you can say if you are also attending the Regional Conference.
We will not ask you to pay for your registration today, as we will review it first. You will be send the payment instructions once your attendance is confirmed.
You can register more than one person. Please note you will be required to fill in their personal information.