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.