The company announced quarterly results today, reporting earnings per share from continuing operations increased 17 percent for the quarter compared with the third quarter of 2006.
We had solid bookings of $6.5 billion, and our backlog remains strong at close to $34 billion. We had organic sales of $5.4 billion, up 8 percent compared with the same period last year. And international sales, a key element of our business strategy, are expected to reach $4 billion by year end, driven by key program wins, such as the recent Australian Air Warfare Destroyer Program. I continue to be pleased at how the teams are leveraging expertise across the enterprise to serve the needs of our global customers.
Along with our results for the quarter, we made two additional announcements today. First, our Board of Directors authorized the repurchase of up to an additional $2 billion of the company’s outstanding stock. This announcement demonstrates our continued focus on enhancing shareholder value.
We also announced today that we have reached an agreement to sell our Flight Options business to H.I.G. Capital, a global private investment firm. I want to take this time to thank our Flight Options team, which has built a strong customer-focused brand centered on safety and performance. We wish them much success in the future.
Overall, a very good quarter for the company. Going forward, we will remain focused on our core business, leading technologies and Mission Support for our global customers, all of which drive shareholder value.
Lastly, I want to take a moment to say that our hearts go out to those in California who are affected by the forest fires. We’re glad to see that weather conditions are improving, and want to send our thoughts and prayers out to all our friends in the state.
So... good news... right? Resulting stock movement... Down. Almost $1 per share. Its not about the news, its about expectations of the news. I dumped my stock earlier this year anyway.