Page 27: of Maritime Reporter Magazine (May 2001)

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NNS 1Q EPS Up 19%

Newport News Shipbuilding reported net earnings of $24 million, or $0.75 per diluted share, for the first quarter of 2001. Earnings before interest and taxes (EBIT) for the quarter were $51 million, up from $47 million last year. "We are pleased to start 2001 with a continuation of our very strong financial track record," commented Chairman and

CEO William P. Fricks. "Performance gains across our major programs have resulted in revenues and earnings that exceeded our earlier estimates. As a result, we are increasing our 2001 EPS estimates by 10 percent over prior guid- ance of between $3.05 and $3.10 before any transaction related expenses associ- ated with the proposed acquisition of

Newport News by General Dynamics

Corporation." Newport News posted first quarter revenues of $485 million, up from $469 million in the first quarter of 2000. The favorable revenue compar- ison was driven by strong gains in the

Construction segment. "First quarter 2001 Construction revenues advanced ment." Fleet Services revenues of $185 million decreased slightly as the Nimitz refueling and overhaul approaches its mid-2001 delivery date. "Revenues will start to trend upward in Fleet Services later in the year as we begin the refuel- ing and overhaul of the carrier Eisen- hower," noted Fricks. "Our Engineering segment's revenues of $67 million were consistent with the prior year's quarter."

Newport News' backlog increased to $6.9 billion at the end of the first quarter with the $3.8 billion contract award for

CVN 77 in January 2001. The company expects another significant addition to the backlog during the second quarter with the signing of the Eisenhower refu- eling and overhaul contract.

Moody's To Review General

Dynamics Debt Rating

Moody's Investors Service placed the debt ratings of General Dynamics Cor- poration (GD) under review for possible downgrade and the debt ratings of New- port News Shipbuilding Inc. (NNS) under review for possible upgrade fol-

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Circle 297 on Reader Service Card 12 percent compared to the first quarter of 2000," said Fricks. "Increased vol- ume on the Virginia-class submarine program coupled with the build-up on the new CVN 77 carrier construction contract drove the growth in this seg-

May, 2001 www.maritimetoday.com 27