Northrop Reports 4Q Results

Wednesday, January 30, 2002
Northrop Grumman Corporation reported 2001 fourth quarter economic earnings of $158 million, compared with $106 million for the same period of 2000. On a per share basis, the company reported 2001 fourth quarter economic earnings of $1.55 on average diluted shares outstanding of 98.0 million, compared with economic earnings of $1.46 on average diluted shares outstanding of 72.5 million for the fourth quarter of 2000. Under Generally Accepted Accounting Principles (GAAP), the company reported fourth quarter 2001 net income of $131 million, or $1.28 per share, compared with net income from continuing operations of $144 million, or $1.99 per share, for the same period of 2000. The comparable decline reflects a substantial decrease in pension income and increases in interest expense and in the number of shares outstanding. For the quarter ended Dec. 31, 2001, sales increased to $4.3 billion compared with $2.2 billion reported for the fourth quarter of 2000. The increase is primarily due to the contributions of the three companies acquired in 2001: Litton Industries Inc., Newport News Shipbuilding and the Electronics and Information Systems group of Aerojet-General Corporation. Northrop Grumman's operating margin for the 2001 fourth quarter increased 25 percent to $314 million from $252 million for the same period last year despite a sharp drop in pension income. Pension income declined to $88 million from $128 million reported for the last three months of 2000.

"Today's outstanding results validate our strategy to create a top-tier defense enterprise focused on our customers' current and future needs," said Kent Kresa, chairman and chief executive officer of Northrop Grumman. "Last year's strategic acquisitions -- which added some $8 billion in annualizedrevenues -- provided new core competencies and established a solid foundationfor future growth."

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Finance

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

US Fleet to Pump $75m into Great Lakes Shipyards

U.S.-flag Great Lakes vessel operators plan to spend $75 million this winter to ready the fleet for the 2015 shipping season, the Lake Carriers’ Association (LCA) reported.

Liquefaction Terminals to Draw Big Spending

Liquefaction terminals to dominate forecast LNG capital expenditure   Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected

 
 
Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1386 sec (7 req/sec)