BAE Systems Full-Year Net Profit Rises

BAE Systems plc BAESY reported a gain in its profit for the full year. Profit attributable to equity shareholders surged to 740 million pounds, or 23.3 pence per share, compared to 168 million pounds, or 5.2 pence per share, in the year-ago period. The company's underlying earnings declined to 38 pence per share from 42 pence per share. Its sales fell to 16.64 billion pounds from 18.18 billion pounds. Underlying earnings before interest, taxes, and amortization dropped to GBP1.70 billion ($2.6 billion) from GBP1.93 billion. For 2015, BAE Systems expected underlying EPS to be marginally higher versus 2014. BAE Systems announced its plans to pay a dividend 20.5 pence per share, compared to 20.1 pence per share in 2013. Ian King, Chief Executive said, "In 2014, BAE Systems delivered a solid overall performance, in line with guidance. We continue to win significant new business with over £10bn of new orders from the UK and US for the third successive year. As a result, the large order backlog of £40.5bn continues to provide good, multi-year visibility across many of our businesses." BAE Systems shares rose 1.06% to close at $32.34 yesterday.