A global defence, aerospace and security company. BAE Systems delivers a range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and support services. I have a holding in my income portfolio (epic code: BA.).
After the market closed today BAE Systems announced that the United Arab Emirates have decided not to proceed with a range of defence and security capabilities including the potential supply of Typhoon aircraft.
They also updated the market on negotiations with Saudi Arabia on the Salam Typhoon agreement. They state that "...Whilst good progress has been made, a definitive agreement has yet to be reached. A timely agreement in the new-year would be reflected in trading for 2013..."
EPS guidance for 2013 would be affected by approximately 6 to 7p as a result of the Salam discussions not being concluded in the near term. Current consensus EPS, including a successful conclusion to the negotiations, is 43.5p
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