Raytheon reported third quarter 2008 earnings. Sales increased 12% to $5.9 billion and operating income rose 19% to $680 million. Earnings per share increased 17% to $1.01. Strong bookings of $5.8 billion resulted in a backlog of $37.0 billion. Guidance for 2008 was increased for sales, earnings per share, and return on invested capital.
- 3M reported strong financial results for the first quarter of 2006, with sales growth of 8.3% and EPS growth of 20.6% compared to the first quarter of 2005.
- All six of 3M's business segments saw operating income increases, led by the Safety, Security & Protection Services segment with a 30.3% increase.
- For the second quarter of 2006, 3M expects local currency sales growth of 5-8% and EPS between $1.14-$1.17, and for the full year expects local currency sales growth of 5.5-8% and EPS of $4.55-$4.65.
International Paper reported solid financial results for the first quarter of 2009 despite weak economic conditions. They achieved $96 million in synergies from the Industrial Packaging integration and $30 million from reduced overhead expenses. Operations performed excellently with 1.1 million tons of production without order downtime. The company also benefited from $124 million in lower input and freight costs compared to the previous quarter.
Raytheon Reports 2007 Second Quarter Resultsfinance12
Raytheon reported second quarter 2007 earnings. Key highlights include:
- EPS from continuing operations of $0.79, up 30% from the previous year.
- Net sales of $5.4 billion, up 9% from the previous year.
- Bookings of $5.0 billion and backlog of $33.3 billion.
- The company increased its full-year 2007 guidance for EPS, bookings, and return on invested capital.
George Buckley discusses innovation and growth at 3M. Some key points:
1) 3M had strong sales and earnings growth in Q1 2007, with all business posting sales increases.
2) Buckley outlines 3M's strategy of growing its core businesses, making complementary acquisitions, building new businesses, and focusing on international growth.
3) Buckley emphasizes the importance of innovation, efficiency gains, and focusing on customers to drive profitable growth.
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
Costco's fiscal year ends in August. This document provides detailed sales and location data for Costco from fiscal years 2004 to 2008. It includes information on merchandise sales, membership fees, operating expenses, margins, comparable sales, new and closed locations by country. International growth exceeded Costco's 5% annual expansion rate in the US, with locations growing 7% annually in the UK, Mexico, and Taiwan, and 19% annually in Japan. Sales per item averaged nearly $14 million annually in 2008.
This document provides financial results for Honeywell's 4th quarter and full year 2008. Some key highlights include:
- 6% sales growth and 19% EPS growth for the full year 2008, along with 110% free cash flow conversion.
- Segment profit declined 9% in 4Q 2008 due to weakness in Transportation Systems, though other segments like Aerospace and Automation & Control Solutions saw growth.
- 2009 guidance forecasts continued challenges with sales declining 8-4% and EPS declining 15-6% from difficult market conditions.
- Comcast reported strong financial and operational results for Q2 2008, with revenue increasing 8% and operating cash flow rising 8% compared to Q2 2007.
- High-speed internet subscribers grew 10% to 14.4 million and digital cable customers increased 4% to 16.3 million. Phone customers also grew rapidly, rising 50% to 640,000.
- The company continued investing in infrastructure upgrades and new services like Business Services, while maintaining disciplined capital expenditures of 15% of revenue.
- Comcast reported its 3rd quarter 2008 results with consolidated revenue increasing 7% year-over-year to $8.55 billion and operating cash flow growing 8% to $3.24 billion.
- Video, high-speed internet, and phone revenues all increased compared to the prior year while advertising revenues declined 10% due to deteriorating advertising trends.
- The company maintained a disciplined approach to capital expenditures, which increased 7% year-over-year to $1.31 billion for the quarter.
This document summarizes 3M's financial results for the fourth quarter and full year of 2008. It discusses declines in sales and profits compared to the previous year. Key steps taken to reduce costs included job cuts, furloughs, deferred pay increases, and reduced capital expenditures. Segment results are provided, with most business units experiencing sales declines. Challenges are expected to continue into 2009 due to the economic environment.
Goodrich Corporation reported strong financial results for the second quarter of 2008. Sales increased 17% to $1.849 billion compared to the second quarter of 2007, driven by double-digit growth across all major market channels. Net income increased 49% to $187 million and net income per share increased 49% to $1.46. The company also increased its full year 2008 outlook for net income per share to between $4.80 to $4.95, representing approximately 27-31% growth over 2007.
Lifehacking presentatie personal brandingKees Romkes
The document discusses using video for personal branding and connecting with communities. It talks about using various video tools like Flipcam, Seesmic, and Ustream to create a daily video blog. It emphasizes the importance of social capital and giving to communities by asking questions and sharing content. It also discusses how individuals, personal DNA, and circles/groups can be connected through platforms like LinkedIn, Twitter, and MINDZ.com.
- Emerson reported strong financial results for the second quarter of 2008, with sales up 12% and earnings per share up 23% compared to the previous year. Underlying sales growth was 6% led by international growth.
- Operating profit margin improved 100 basis points to 16.4% due to cost containment programs and a $30M commodity hedging benefit. Cash flow also increased significantly.
- The Process Management segment saw sales growth of 19% driven by strong underlying growth of 16% internationally, while the Industrial Automation segment grew sales 11%.
- Emerson's balance sheet remains strong, allowing flexibility for investments and shareholder returns.
October 27, 2008 - BurrellesLuce Executive Vice President, Steve Shannon presented on "Copyright Compliance: What Every PR Professional Needs to Know," at the 2008 PRSA International Conference.
The work of TASO in the Gulu area of Uganda is invaluable in providing treatment for people with HIV/AIDS.
To deliver lifesaving drugs, the health workers in TASO have come up with a clever solution to overcome problems with transport infrastructure.
Raytheon reported second quarter earnings on July 27, 2006. Key highlights included earnings per share increasing 35% year-over-year to $0.69, strong bookings of $5.5 billion, and sales increasing 6% to $5.7 billion. Raytheon also increased full-year guidance for EPS, operating cash flow, and return on invested capital. The company is exploring strategic alternatives for its Raytheon Aircraft business segment.
This document provides information about Raytheon Company's third quarter 2007 earnings call, including the dial-in numbers and replay information. It also includes highlights from the third quarter such as strong bookings and backlog, sales growth, and EPS growth. The full-year 2007 financial outlook is also provided by business, with continued sales and margin growth expected.
This document highlights NBC's 2005 photos of the year, which include photos that will make you smile or cry as you see people captured in moments. The world can be both incredibly beautiful yet destructive at the same time.
wyeth Download Documentation Credit Suisse Group Healthcare Conferencefinance12
This document is a presentation by Michael Kamarck from Wyeth discussing the company's manufacturing capabilities and strategies. It summarizes that Wyeth has a diversified business across pharmaceuticals, biotechnology, vaccines, and other areas. It has made over $3.5 billion in investments to support its biomanufacturing network and developed platform technologies to standardize processes. This allows production of multiple pipeline and commercial products using consistent materials and equipment. Wyeth has demonstrated the ability to increase yields and capacity for products like Enbrel and Prevnar through technological advances.
The document provides information about the Bon Pastor neighborhood in Barcelona, Spain. It describes how cheap housing was built there in 1929 and later demolished in 2006. It also lists several institutions in Bon Pastor including two schools (Bon Pastor school and Bernat Boil school), a library, market, sports center, civic center, church, and health center. The Bon Pastor school is highlighted, describing how it was founded in 1939 and expanded over time to include preschool, primary, and secondary education with around 600 students.
The document is a letter from the Chairman and CEO of Raytheon inviting stockholders to attend Raytheon's 2005 Annual Meeting of Stockholders on May 4, 2005. It provides details on the meeting location and time. It also summarizes that the proxy statement contains information on the agenda, board operations, and director candidates. Stockholders are encouraged to vote their proxy as soon as possible.
Manpower provided staffing solutions for a variety of clients around the world in 2000. Some key examples include:
1) Manpower Venezuela used a performance-based compensation model to win staffing contracts for three call centers in Venezuela.
2) In Australia, the Defense Force outsourced its military recruitment to Manpower due to their ability to provide a full-service solution.
3) In North Carolina, Manpower's workforce program helped IBM achieve significant contractor staffing cost savings.
This document highlights Manpower's global reach and ability to customize staffing solutions to meet the diverse needs of clients around the world.
The document is a letter from Raytheon's Chairman and CEO inviting shareholders to attend Raytheon's 2008 Annual Meeting of Stockholders. It provides information on the date, time, and location of the meeting, as well as noting that shareholders can access a live webcast of the meeting online. It also encourages shareholders to vote their proxy as soon as possible so their shares will be represented. The attached proxy statement includes information on Raytheon's governance, the director nominees, and matters to be voted on at the meeting including election of directors and ratification of the independent auditors.
The document discusses search engine optimization (SEO) techniques for websites built with Liferay. It covers best practices like controlling meta information, using friendly URLs, and creating SEO-optimized page types with decoupled authoring and publishing. The document also notes some SEO challenges for Liferay like generating optimal HTML titles and breadcrumbs, and provides solutions like intercepting generation code to add dynamic logic. The overall message is that Liferay can satisfy most SEO requirements if the proper strategy is defined and techniques like those discussed are followed.
Open Source Projects:The Prospero ExperienceEric Schnell
Prospero is an open source electronic document delivery system originally designed to work with the Ariel system. It converts documents to PDF and places them on an authenticated website for patron access. The system was created by the Ohio State University to address the need for timely access to full-text journals online at a low cost. It has been downloaded over 260 times by organizations in 21 countries. Benefits of the open source Prospero system include establishing the service when needed, allowing others to do the same at low cost, and promoting learning of new skills outside of traditional library systems.
Este documento describe las características y metodología de la investigación-acción. La investigación-acción se construye desde y para la práctica con el objetivo de mejorarla a través de su transformación. Requiere la participación de los sujetos en la mejora de sus propias prácticas de manera grupal y a través de ciclos de planificación, acción, observación y reflexión. Su metodología implica identificar un tema, recolectar datos, analizarlos e implementar los resultados.
Raytheon reported second quarter 2008 earnings on July 24, 2008. Key highlights included:
- Sales increased 11% to $5.9 billion
- Operating income grew 12% to $662 million
- Earnings per share increased 27% to $1.00
- Bookings totaled $6.0 billion with backlog at $37.5 billion
- Guidance for full year 2008 was increased across key metrics
This document provides a summary of Raytheon Company's earnings for the first quarter of 2008. It includes:
1) Solid bookings of $6.5 billion and record backlog of $37.7 billion for the quarter.
2) Sales increased 11% to $5.4 billion. Operating income grew 17% to $608 million and earnings per share increased 31% to $0.93.
3) The company repurchased 5.5 million shares and increased its dividend by 10% for the year as previously announced.
Raytheon reported strong financial results for the third quarter of 2008, with sales up 12% and earnings per share up 17%. The company increased its full-year earnings guidance and announced a new $2 billion share repurchase plan. All of Raytheon's business segments experienced sales growth in the quarter.
This document provides information about Raytheon Company's second quarter 2007 earnings call, including:
1) Key details about the earnings call such as the date, time, and dial-in numbers.
2) Highlights from the second quarter of 2007 including a 30% increase in EPS, 9% increase in sales, and increases to full-year guidance.
3) An overview of continued strong bookings and backlog for the company.
omnicom group Q3 2008 Investor Presentationfinance22
Omnicom Group presented financial results for the third quarter and year-to-date period ending September 30, 2008. Key highlights include:
- Revenue grew 6.9% in Q3 2008 and 10.1% year-to-date. Organic growth contributed 4.1% and 5.0% respectively.
- Net income increased 5.6% in Q3 2008 and 10.2% year-to-date. Earnings per share grew 11.3% and 15.0% respectively.
- Advertising and CRM were the largest disciplines by revenue, together accounting for over 80% of total revenue. The United States was the largest market by revenue at over
Goodrich Corporation reported strong financial results for the second quarter of 2008, with sales growth of 17% and net income per share growth of 49% compared to the second quarter of 2007. Segment operating margins increased 0.8% to 17.1%. For the full year 2008, Goodrich increased its outlook for net income per share to $4.80-$4.95, representing approximately 27-31% growth over 2007. Sales are expected to grow approximately 14% over 2007 to around $7.3 billion.
Owens & Minor reported financial results for the second quarter of 2008. Revenue increased 2.3% from the second quarter of 2007 to $1.795 billion. Gross margin as a percentage of revenue was 10.67%, up slightly from the prior year. Selling, general and administrative expenses decreased as a percentage of revenue. Earnings per diluted share increased 22% to $0.59 compared to the second quarter of 2007. For 2008, the company expects revenue growth between 5-7% and earnings per diluted share between $2.30-$2.40, up from previous guidance.
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, which includes $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers include strong demand for commercial aircraft and aftermarket services as well as defense programs.
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, including $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers included strong commercial aircraft production and aftermarket demand as well as positions on new defense platforms.
Owens & Minor reported financial results for 3Q 2008 with year-over-year revenue growth but lower earnings per share. Revenue increased 2.4% to $1.81 billion compared to $1.75 billion in 3Q 2007. Gross margin and operating earnings as a percentage of revenue declined slightly. Earnings per share fell from $0.52 to $0.55. For 2008, the company expects organic revenue growth of 5-7% and earnings per share between $2.30-$2.40, despite expected dilution from an acquisition.
- Yahoo reported Q3 2008 revenue of $1.786 billion, a 1% increase year-over-year. Revenue excluding traffic acquisition costs (Revenue ex-TAC) decreased 2% year-over-year to $1.325 billion.
- Operating cash flow (OCF) for Q3 2008 was $410 million, a 12% decrease year-over-year, and included $37 million in costs related to Microsoft proposals and other strategic initiatives.
- Free cash flow (FCF) for Q3 2008 was $231 million, a 52% FCF to OCF ratio, and included a one-time payment from AT&T in the prior quarter.
- Non-GAAP earnings
This document is Raytheon Company's first quarter 2007 earnings report. It provides key financial highlights including a 6% increase in net sales to $4.9 billion, an 18% rise in operating income to $510 million, and a 13% increase in EPS to $0.69. Raytheon also had solid bookings of $5.3 billion and a record backlog of $33.9 billion. The company reaffirmed its full-year 2007 guidance ranges for sales, EPS, operating cash flow, and return on invested capital.
cardinal health 2008 Earnings Presentationfinance2
The document summarizes Cardinal Health's Q4 FY2008 earnings call with investors and analysts. It discusses financial results for Q4 and full year FY2008, with revenue growth of 3% and 5% respectively. It provides segment results for Healthcare Supply Chain Services and Clinical & Medical Products. The document also outlines financial goals and assumptions for FY2009, with total revenue growth forecast at 6-7% and non-GAAP EPS of $3.80-$3.95. Key priorities for FY2009 are also mentioned.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
- Yahoo reported Q3 2008 revenue of $1.786 billion, up 1% year-over-year. Revenue excluding traffic acquisition costs was $1.325 billion, down 2% quarter-over-quarter.
- Operating cash flow for Q3 2008 was $410 million, down 12% year-over-year and 4% quarter-over-quarter.
- Free cash flow for Q3 2008 was $231 million, down from $647 million in Q3 2007. Cash and marketable securities totaled $3.299 billion at the end of Q3 2008.
- Yahoo reported Q3 2008 revenue of $1.786 billion, up 1% year-over-year. Revenue excluding traffic acquisition costs was $1.325 billion, down 2% quarter-over-quarter.
- Operating cash flow for Q3 2008 was $410 million, down 12% year-over-year and 4% quarter-over-quarter. Operating cash flow as a percentage of revenue excluding TAC was 31%.
- Free cash flow for Q3 2008 was $231 million, down from $647 million in Q1 2008. Cash and marketable securities totaled $3.299 billion at the end of Q3 2008.
- Yahoo reported Q3 2008 revenue of $1.786 billion, up 1% year-over-year. Revenue excluding traffic acquisition costs was $1.325 billion, down 2% quarter-over-quarter.
- Operating cash flow for Q3 2008 was $410 million, down 12% year-over-year and 4% quarter-over-quarter. Operating cash flow as a percentage of revenue excluding TAC was 31%.
- Free cash flow for Q3 2008 was $231 million, down from $647 million in Q1 2008, with free cash flow as a percentage of operating cash flow at 52%.
- Yahoo reported Q3 2008 revenue of $1.786 billion, up 1% year-over-year. Revenue excluding traffic acquisition costs was $1.325 billion, down 2% quarter-over-quarter.
- Operating cash flow for Q3 2008 was $410 million, down 12% year-over-year and 4% quarter-over-quarter. Operating cash flow as a percentage of revenue excluding TAC was 31%.
- Free cash flow for Q3 2008 was $231 million, down from $647 million in Q1 2008. Cash and marketable securities totaled $3.299 billion at the end of Q3 2008.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
View Summary Manpower Inc. Withdraws Fourth Quarter 2008 Guidance 12/22/2008finance12
Manpower Inc. withdrew its fourth quarter 2008 guidance due to continued declines in the global labor markets and changes in foreign currencies. The company experienced a 20% revenue decline in the two months ended November 30, 2008 compared to the prior year. As a result of the weaker operating environment, Manpower Inc. will take restructuring charges related to employee severance and office closures in the fourth quarter. Despite the economic challenges, the company's liquidity and financial strength remains strong with $675 million in cash and $182 million in net debt as of the end of November.
The document is the 1999 annual report of Manpower Inc. It discusses the company's financial highlights for 1999, including increased systemwide sales, revenues, and operating margin compared to previous years. It summarizes the company's strategies to focus on providing workforce solutions, investing in technology, improving efficiency, and expanding in professional and specialty staffing. The report discusses how these strategies helped drive growth while improving profitability in 1999.
The document is Manpower Inc.'s 2001 annual report. It summarizes that in 2001:
- Systemwide sales decreased 5.3% to $11.8 billion due to a weaker global economy and strengthening US dollar.
- Revenues decreased 3.3% and operating profit declined 23.6% as revenue growth slowed but investments continued.
- Earnings per share decreased 27% to $1.62 primarily due to currency exchange impacts. The company remained focused on providing skilled employees and workforce solutions to customers during economic uncertainty.
The document discusses Manpower's performance and strategies during a period of economic uncertainty in 2002. It summarizes that Manpower strengthened its financial position, improved efficiency, expanded services, and increased customer relationships despite challenging market conditions. Manpower emerged stronger and confident in its leadership position. The speed of work increased pressure on companies, but Manpower provided flexibility and quality service to help customers.
This document contains a long list of place names from around the world arranged in no clear order. The places span multiple continents and countries, including locations in France, Italy, Germany, Japan, Canada, Mexico, Argentina and many others.
The document is Manpower Inc.'s 2004 annual report. It discusses Manpower's 57-year history of providing temporary staffing solutions and how it has expanded its services over time. It also discusses how the world of work is constantly changing and how Manpower continues to adapt its solutions to help clients with their HR strategies and market competition. The report features perspectives from clients, including IBM's vice president of global talent discussing how IBM partners with Manpower for just-in-time talent management to source skills globally on demand.
This document is Manpower Inc.'s 2005 annual report. It summarizes the company's financial performance for 2005, noting revenues exceeded $16 billion, a 7.7% increase over 2004. Net income increased 8% to $260 million. It also discusses strategic moves taken in 2005 to expand operations in emerging markets like China and India. Finally, it describes the company's rebranding effort, launching a new logo and tagline - "What do you do?" - to reflect its expanded services beyond temporary staffing.
Manpower Inc. reported record financial results in 2006. Revenues increased 10.8% to $17.6 billion and net earnings increased 53% to $398 million. The company's stock price rose 61% in 2006, outperforming the broader market. Operating profit increased 24% to $532 million due to growth in business and effective cost management across regions. The company has transitioned to focus on providing a wider range of employment services beyond temporary staffing alone. The rebranding launched in 2006 aligned the company's image with this strategic transition and positioned Manpower for continued strong performance.
Manpower Inc. had record revenues and earnings in 2007. Revenues increased 17% to $20.5 billion while net earnings grew 22% to $484.7 million. The company has diversified its services over the past decade to include specialty services beyond temporary staffing, such as permanent recruitment and leadership development. This has improved profit margins and reduced sensitivity to economic cycles. Investments in new services like recruitment process outsourcing have positioned Manpower for continued growth.
The document is a Form 8-K filed by The Goodyear Tire & Rubber Company with the SEC on May 22, 2007. It announces that the company entered into an underwriting agreement to sell over 22 million shares of its common stock in a public offering at $33 per share, for total proceeds of over $750 million. The underwriters exercised their option to purchase additional shares. The company's general counsel issued a legality opinion on the shares offering. The proceeds will be used for general corporate purposes.
The Goodyear Tire & Rubber Company issued notices to partially redeem outstanding notes. It will redeem $140 million of its 9% Senior Notes due 2015 at 109% of par value, and $175 million of its 8.625% Senior Notes due 2011 at 108.625% of par value. Both redemptions will occur on June 29, 2007. Goodyear is using proceeds from a recent equity offering of common stock to fund the redemptions, as allowed under provisions permitting redemption of up to 35% of notes with equity offering proceeds.
The document is an SEC filing by The Goodyear Tire & Rubber Company that provides an adjusted Item 6 of their 2006 Annual Report on Form 10-K. The adjustments correct references in certain footnotes to Item 6 from "income/loss from continuing operations" to "net income/loss" as the results included discontinued operations. Item 6 provides selected financial data for Goodyear from 2002-2006, including net sales, income/loss, income/loss per share, total assets, long term debt, and shareholders' equity. Footnotes provide additional details on items affecting results in certain years.
Public Expenditure & its Classifications, Canons, Causes, Effects & Theories....Dr T AASIF AHMED
The meaning, classifications, canons, theories, effects, and trends in public spending are all included in this ppt. This has been prepared to aid students in understanding and help them achieve the best grade possible. Kindly provide your insightful opinions and recommendations. For additional details, get in touch with Dr. T. Aasif Ahmed.
What is an E-commerce- digital marketingpdfPurna Rai
What is an E-commerce?
E-commerce refers to the buying and selling of goods and services over the Internet. In an e-commerce transaction, the exchange of products or services takes place electronically, often through online platforms or websites. E-commerce has become a major aspect of the modern economy, enabling businesses and consumers to conduct transactions without the need for physical presence. It has gained immense popularity over recent years, with more people turning to online shopping for its convenience and accessibility.
E-commerce platforms provide a virtual marketplace where sellers can showcase their products, and buyers can browse and purchase items with just a few clicks. This has opened up new opportunities for entrepreneurs and businesses of all sizes, allowing them to reach a larger customer base and operate globally. However, e-commerce also presents its own set of challenges, such as competition, security concerns, and effectively managing logistics and customer experience. It is important for e-commerce businesses to stay up-to-date with evolving technologies, consumer trends, and effective marketing strategies to remain successful in this ever-growing industry.
What are the Key Components and Features of E-commerce?
E-commerce has various forms, including business-to-consumer (B2C), business-to-business (B2B), consumer-to-consumer (C2C), and more. The growth of e-commerce has transformed the way businesses operate and how consumers shop, providing convenience, accessibility, and a global marketplace. Key components and features of e-commerce include:
Online Stores: Businesses set up digital storefronts or online stores where customers can browse, select, and purchase products or services. These stores can take various forms, including dedicated websites, marketplaces, or social media platforms.
Electronic Payments: E-commerce transactions involve electronic payment methods. Customers can use credit cards, digital wallets, online banking, or other electronic payment systems for making payments.
Digital Marketing: E-commerce relies heavily on digital marketing strategies to attract customers. This includes search engine optimization (SEO), social media marketing, email marketing, and other online advertising methods.
Product Catalogs: Online stores have digital catalogs that showcase their products or services. These catalogs provide detailed information, images, and specifications to help customers make informed purchasing decisions.
Shopping Carts: E-commerce platforms typically incorporate shopping carts that allow customers to add products to their virtual cart, review their selections, and proceed to checkout for payment.
Secure Transactions: Security is a critical aspect of e-commerce. Secure socket layer (SSL) encryption is commonly used to ensure the confidentiality and integrity of sensitive information, such as payment details.
Neither of excess is good for the society, it has to be balanced to achieve maximum social benefit. Dalton called this principle as "Maximum Social Advantage" and Pigou termed it as "Maximum Aggregate Welfare". It was introduced by Swedish Economist "Erik Lindahl in 1919". See my ppt for additional details.
2. Forward-Looking Statements
This presentation contains forward-looking statements, including information regarding the Company’s
2008 and 2009 financial outlook, future plans, objectives, business prospects and anticipated financial
performance. These forward-looking statements are not statements of historical facts and represent
only the Company’s current expectations regarding such matters. These statements inherently involve a
wide range of known and unknown risks and uncertainties. The Company’s actual actions and results
could differ materially from what is expressed or implied by these statements. Specific factors that
could cause such a difference include, but are not limited to: the Company’s dependence on the U.S.
Government for a significant portion of its business and the risks associated with U.S. Government
sales, including changes or shifts in defense spending, uncertain funding of programs, potential
termination of contracts, and difficulties in contract performance; the ability to procure new contracts;
the risks of conducting business in foreign countries; the ability to comply with extensive governmental
regulation, including import and export policies and procurement and other regulations; the impact of
competition; the ability to develop products and technologies; the impact of the current downturn in the
financial markets; the risk of cost overruns, particularly for the Company’s fixed-price contracts;
dependence on component availability, subcontractor performance and key suppliers; risks of a
negative government audit; the use of accounting estimates in the Company’s financial statements;
risks associated with acquisitions, dispositions, joint ventures and other business arrangements; risks
of an impairment of goodwill or other intangible assets; the outcome of contingencies and litigation
matters, including government investigations; the ability to recruit and retain qualified personnel; the
impact of potential security threats and other disruptions; and other factors as may be detailed from time
to time in the Company’s public announcements and Securities and Exchange Commission filings. The
Company undertakes no obligation to make any revisions to the forward-looking statements contained
in this presentation or to update them to reflect events or circumstances occurring after the date of this
presentation, including any acquisitions, dispositions or other business arrangements that may be
announced or closed after such date. This presentation also contains non-GAAP financial measures. A
GAAP reconciliation and a discussion of the Company's use of these measures are included in this
presentation.
Page 2
3. Q3 2008 Highlights
Sales of $5.9 billion, up 12 percent
Operating income of $680 million, up 19 percent
Earnings per share (EPS) from continuing operations of
$1.01, up 17 percent
Strong bookings of $5.8 billion; backlog of $37.0 billion
Increased 2008 guidance for sales, EPS, and ROIC
Credit rating upgraded to A- by Standard & Poor’s and
Fitch
Announced new $2.0 billion share repurchase plan
Page 3
4. Total Company Bookings and Backlog
Bookings ($B) Backlog ($B)
$18.3
$20.0
$40.0 $37.0
$16.3
$33.9
$35.0
$15.0
$30.0
$10.0
$6.3 $5.8 $25.0
$5.0
$20.0
$0.0 $15.0
Q3 2007 Q3 2008 YTD 2007 YTD 2008 Q3 2007 Q3 2008
Strong bookings in Q3 2008; ended the quarter with a
$37.0B backlog
Page 4
5. Earnings Per Share from Continuing Operations
Diluted EPS ($)
$2.93
$3.00 Third Quarter
$2.36
$2.50 Third Quarter 2007 EPS $0.86
Operational improvements 0.10
$2.00
Lower pension expense 0.06
$1.50
$0.86 $1.01 Other items, net (0.01)
$1.00
Third Quarter 2008 EPS $1.01
$0.50
$0.00
Q3 2007 Q3 2008 YTD 2007 YTD 2008
EPS increased by 17 percent in Q3 2008
Page 5
6. Total Company Sales
Third Quarter Sales ($M)
Sales ($B)
$20.0
%
$17.1
$15.3 Q3 2007 Q3 2008 Change
$15.0
1,147 1,276 11%
IDS
680 801 18%
IIS
$10.0
1,247 1,351 8%
MS
$5.9
$5.2 1,036 1,145 11%
NCS
$5.0
1,016 1,092 7%
SAS
554 689 24%
TS
$0.0 (461) (490) NM
Corp/Elims
Q3 2007 Q3 2008 YTD 2007 YTD 2008 Total 5,219 5,864 12%
Strong sales growth across the Company; up 12 percent
in Q3 2008
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11. 2009 FAS/CAS Pension Adjustment ($M)
2009 FAS / CAS Pension Income/(Expense) ($M)
Actual Discount Rate
2008
Asset 6.50% 6.75% 7.0% 7.25% 7.5% 7.75% 8.0%
Return
-25.0% (39) 3 45 87 129 171 212
-20.0% (69) (26) 16 58 100 142 183
-15.0% (92) (49) (7) 35 77 119 161
-10.0% (65) (22) 20 62 104 146 188
-5.0% (38) 4 51 89 131 173 215
0.0% (47) 1 38 80 122 164 206
8.75% (32) 10 53 95 137 179 221
Current assumption
The purpose of this chart is to indicate the range of outcomes for the 2009 FAS/CAS pension adjustment, including
international pension, based upon different discount rates and 2008 asset return rates that will be determined at 12/31/08.
Actual 2009 results are not necessarily limited to the above scenarios nor the above factors (i.e. changes in census data).
The range of outcomes above is also based on our current, long-term return on asset (ROA) assumption of 8.75%. A 25
basis point change in this long-term ROA assumption would change FAS/CAS expense by $30-35M. As noted above, 2009
pension expense will be determined at 12/31/2008 using assumptions and based on market conditions in place at that time.
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12. Pension Expense
$ Millions
2009
Current
2008
Assumption
Forecast
P&L Impact
FAS (526) (457)
CAS (401) (534)
FAS/CAS Pension Inc./(Exp.) (125) 77
Cash Impact
Funding Required (518) (612)
Note: 2009 pension income assumes a discount rate of 7.5% and an assumed return on assets of -15% for the year ending
December 31, 2008
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15. Return on Invested Capital (ROIC) Calculation
$ millions Outlook
2008E
Income from cont. ops.
Net interest expense, after-tax* Combined
Lease expense, after-tax*
Return $1,780 - 1,800
Net debt**
Equity less investment in disc. ops.
Combined
Lease exp. X 8, plus fin. guarantees
SFAS No. 158 impact
Invested capital from cont. ops.*** $17,100 - 17,300
10.3 - 10.5%
ROIC
* Effective tax rate ~33.5%
** Net debt is defined as total debt less cash and cash equivalents & is calculated using a 2-point average
*** Calculated using a 2-point average
The Company defines Return on Invested Capital (ROIC) as income from continuing operations plus after-tax net interest expense plus one-third of operating lease expense
after-tax (estimate of interest portion of operating lease expense) divided by average invested capital after capitalizing operating leases (operating lease expense times a
multiplier of 8), adding financial guarantees less net investment in Discontinued Operations, and adding back the impact of Statement of Financial Accounting Standards No.
158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (SFAS No. 158). ROIC is not a measure of financial performance under generally
accepted accounting principles (GAAP) and may not be defined and calculated by other companies in the same manner. ROIC should be considered supplemental to and
not a substitute for financial information prepared in accordance with GAAP. The Company uses ROIC as a measure of efficiency and effectiveness of its use of capital and
as an element of management compensation.
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