Aerospace manufacturing industry




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6.Relative Power of other Stakeholders-Unions


A sixth force should be added to Porter’s list to include a variety of stakeholder groups from the task environment. Workers in the aerospace industry generally receive standard benefits, including health insurance, paid vacation and sick leave, and pension plans. According to the Bureau of Labor Statistics in 2006, 21 percent of all workers in the aerospace industry were union members or covered by union contracts, compared with about 13 percent of all workers throughout private industry. Some of the major aerospace unions include the International Association of Machinists and Aerospace Workers; the United Automobile, Aerospace, and Agricultural Implement Workers of America; the Society of Professional Engineering Employees in Aerospace (SPEEA); and the International Union of Allied Industrial Workers of America. Unions have proven to be a beneficial force of competition in the aerospace manufacturing industry.

COMPETITIVE POSITION OF MAJOR AEROSPACE COMPANIES

When considering the competitive position of the companies in the industry, there is various data that needs to be considered. The table below, which was found online on Yahoo’s Finance website, gives a lot of key data regarding three of the top companies in the aerospace industry: Lockheed Martin Corporation, Boeing Co, Northrop Grumman Corporation, and Raytheon Co. It shows the earnings of these four companies as of this point in the year 2009.







Lockheed Martin

Boeing

Northrop Grumman

Raytheon

Market Cap:

28.72B

38.37B

17.19B

20.02B

Employ­ees:

146,000

162,200

123,600

72,800

Qtrly Rev Growth (yoy):

4.50%

9.10%

4.10%

5.80%

Revenue (ttm):

43.80B

63.01B

35.16B

24.30B

Gross Margin (ttm):

10.82%

15.41%

17.30%

20.34%

EBITDA (ttm):

5.03B

1.55B

3.61B

3.19B

Oper Margins (ttm):

9.54%

-0.11%

8.17%

11.82%

Net Income (ttm):

3.02B

-34.00M

-1.27B

1.85B

EPS (ttm):

7.654

-0.059

-3.902

4.63

P/E (ttm):

9.93

N/A

N/A

11.28

PEG (5 yr expected):

1.09

5.55

1.15

1.19

P/S (ttm):

0.65

0.61

0.49

0.82

When you look at and compare all four of their Market Capital, you can see that Boeing takes the lead by over $10B, with Lockheed Martin coming closest. While so far this makes Boeing seem like the leader, it is important to consider the Net Income of each. Under this, Boeing comes in third with Lockheed Martin in the lead with $3.02B and Raytheon behind Lockheed with $1.85B. The other two companies are actually in the negative when it comes to Net Income which can have negative effects on the company. The cause of Boeing’s negative reports is mostly due to the late release of the 787 Dreamliner, which was supposed to take flight earlier in the year. Due to this misreading of release, the expected income and earnings from this plane were not able to be reported. Another important factor to look at is the quarterly revenue growth, which Boeing has the highest at 9.1%. This chart compares the number on a year-over-year basis, which means it is comparing the third quarter of 2009 to the third quarter of 2008. Compared to its competitors, Boeing has had a higher growth in revenue compared to the previous year, which could greatly be attributed to the big strike back in 2008. The company with the highest gross margin would be Raytheon, which means they are the quickest at turning their raw materials into revenue.
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