UK-based Defence and security firm BAE Systems Plc (BA.L) posted lower full-year preliminary profit attributable to equity shareholders of 1.07 billion pounds, or 32.8 pence per share, versus 1.24 billion pounds, or 36.7 pence per share, a year ago. Underlying earnings, post tax in 2012 dropped to 1.27 billion pounds, from 1.53 billion pounds.
Underlying earnings per share from continuing operations were 38.9 pence, a decrease of 2% on 2011, excluding the UK tax agreement benefit.
Preliminary sales, including share of equity accounted investments, reached 17.83 billion pounds this year, down from the prior year's 19.15 billion pounds.
Looking ahead, the company sees modest growth in underlying earnings per share for 2013, subject to near-term uncertainties relating to U.S. defence budgets. This excludes any benefit from the share repurchase programme in 2013. In addition, and assuming a satisfactory conclusion to Salam pricing negotiations this year, there would be a further increase of around 3 pence in underlying earnings per share, BAE Systems added.
Further, the board has recommended a final dividend of 11.7 pence per share making a total of 19.5 pence per share for the year, up by 4% over 2011.
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