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Briefs: Northrop Grumman, Ryland, Avery Dennison

Northrop Grumman Navigation Systems announced Thursday receiving a $10.6 million contract to produce computer systems for two U.S. Marine Corps helicopters. The Northrop division, headquartered in Woodland Hills, will make the FlightPro mission computers for the AH-1Z Viper and UH-1Y Venom attack helicopters. The computer combines mission, weapons and video processing capabilities. “The computer’s fast, efficient processing will improve situational awareness and lighten warfighters’ workloads, in addition to allowing rapid insertion of emerging capabilities,” said Ike Song, vice president, Situational Awareness Systems business unit at Navigation Systems, in a prepared statement. Ryland Group Inc. on Thursday announced strong revenue growth in its first quarter – though it failed to meet analysts’ projections – as the company rides the resurgent residential real estate market. The Westlake Village homebuilder reported net income of $23.5 million (42 cents a share) for the quarter ended March 31, compared to $22 million (43 cents) for the same period last year. Revenue rose 31 percent to $490 million. Analysts on average expected net income of 45 cents a share on revenue of $473 million, according to Thomson Financial. Homebuilding revenue rose more than 32 percent to $481 million, as closings increased 12 percent to 1,470 units. The average sale price rose 18 percent to $327,000. Ryland has built more than 300,000 homes in nearly 300 communities. The company operates in 17 states around the country. Shares closed up 95 cents, or about 2.5 percent, to $38.26 on the New York Stock Exchange. One day after releasing strong first quarter earnings, Avery Dennison Corp. announced on Thursday that it has increased its quarterly cash dividend. The company’s board declared a dividend of 35 cents a share, reflecting a six cent, or 21 percent, increase over the previous quarterly dividend. The dividend is payable on June 18 to shareholders of record on June 4, 2014. The Glendale label maker reported a 23 percent growth in net income to $71.2 million in its fiscal first quarter and a rise in revenue of 3 percent to $1.55 billion. Shares closed down 45 cents, or nearly 1 percent, to $49.01 on the Nasdaq.

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