BAE Systems sends out profits alert
BAE Systems issued a profits warning yesterday, as negotiations over a key multi-billion dollar contract to supply Typhoon aircraft to Saudi Arabia look set to drag into next year.
Already struggling after the failure of its proposed £30bn merger with EADS, BAE heaped further misery on to shareholders, warning that about 7.5 per cent could be wiped off its profits this year because of delays in finalising the so-called Salam agreement.
This contract to supply 72 Typhoon aircraft is worth about £4.5bn and has basically been agreed but the two sides have yet to settle the final terms of the deal.
"Whilst progress has been made through the course of these negotiations, issues remain to be resolved before contract pricing, acceptable to all parties, can be agreed," a BAE spokesman said.
"Should an agreement not be reached before the group's full-year results announcement, the impact on 2012 trading guidance would be to reduce the group's underlying earnings per share by approximately 3 pence per share," the spokesman added.
The consensus analyst forecast for earnings per share is 40.3p, compared with 37p in 2011.
Shares in BAE fell by 4p yesterday to close at 341.3p.
- 1 Cecil the lion: Dentist Walter Palmer blames local guides in Zimbabwe for the scandal
- 2 Kate Winslet thanked 'particularly horrible' girl who bullied her at school after Titanic success
- 3 Norwich paedophile ring: Woman at centre of gang who made children 'sexual play things' guilty of 23 offences
- 4 Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
- 5 Walter Palmer: Cecil the lion killer revealed to be American dentist
Kate Winslet thanked 'particularly horrible' girl who bullied her at school after Titanic success
Norwich paedophile ring: Woman at centre of gang who made children 'sexual play things' guilty of 23 offences
Model's video shoot on the beach interrupted by sudden landing of a group of illegal migrants
Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
Walter Palmer: Cecil the lion killer revealed to be American dentist
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
The last thing Labour needs is a leader like Jeremy Corbyn who people want to vote for
I am the Jeremy Corbyn supporter that many will tell you doesn't exist
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
iJobs Money & Business
£22500 - £24500 per annum: Recruitment Genius: Inbound and outbound calls with...
£18000 - £40000 per annum: Recruitment Genius: This fast growing Insurance Bro...
£40 - 45k (DOE) + Benefits: Guru Careers: A Research Associate / Research Anal...
£20000 Per Annum: The Green Recruitment Company: Summary: The Green Recruitm...