BAE Systems H1 profit dips, cautions on US outlook

LONDON (AP) ? Defense contractor BAE Systems has reported a dip in profit in the first half as sales slumped by 10 percent.

The company said Thursday that its outlook is clouded by uncertainties over defense spending in the United States in a presidential election year and pricing for Typhoon fighter aircraft ordered by Saudi Arabia.

For the six months ending June 30, BAE said sales were down from 9.2 billion pounds ($14.3 billion) last year to 8.3 billion pounds. Net profit was 1 percent lower at 474 million pounds.

The company reaffirmed previous guidance that it expects modest growth in underlying earnings this year.

Underlying earnings per share ? excluding impairments, non-cash finance movements and one-time items ? rose from 18.6 pence a year ago to 18.8 pence.

Source: http://news.yahoo.com/bae-systems-h1-profit-dips-cautions-us-outlook-072656142--finance.html

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