Northrop Grumman: Sales Will Top $18 Billion By 2003

Wednesday, June 20, 2001
U.S. defense contractor Northrop Grumman Corp. on Wednesday said it expected to report sales of $18 billion by 2003, driven by growth in the defense electronics and information systems business. The company also expects "double digit" growth in earnings before pension income, or economic earnings, according to chairman and CEO Kent Kresa.

Northrop, which recently closed its acquisition of shipbuilder Litton Industries, said defense electronics operations would account for 35 percent of sales by 2003. Ship systems operations should account for about 17 percent.

Northrop's revenues were hurt last year by the wind down of the B2 bomber program but Kresa said he thought the operation had stabilized.

Kresa noted that if the company succeeds in its hostile bid to take over Newport News Shipbuilding, the nuclear operations it acquires will be kept separate from Litton's non-nuclear shipbuilding business.

Litton alone is expected to add $1 billion in sales to Northrop's electronic communications business, Kresa said. He added that the integration of Litton is on track, noting that he expects the acquisition to generate $250 million in near-term savings with $100 million in the first year.

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