Northrop Grumman to Provide Revised Financial Guidance

Friday, November 09, 2001
Northrop Grumman Corporation announced that it intends to provide revised sales and economic earnings guidance for 2001, 2002 and 2003 when it meets with institutional investors beginning today as part of its pending equity offerings. The company said that the revised financial guidance assumes the acquisition of Newport News Shipbuilding, the issuance of common stock and equity security units of approximately $1.2 billion, and reflects the previously announced work stoppage on the Project America cruise ship program.

The company plans to present the following guidance: -- Sales in 2001 of approximately $13 billion -- Sales in 2002 of approximately $18 billion -- Sales in 2003 of approximately $20 billion -- Economic earnings per share of $5.80 to $5.95 in 2001, $6.60 to $7.10 in 2002, with double-digit growth in 2003 -- Cash generated from operations in 2002 is expected to be in the range of $800 million, reflecting the expected cash impact of the work stoppage on Project America and the acquisition of Newport News Shipbuilding.

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