Northrop Grumman: Strong 4Q and 2011 Financials

press release
Wednesday, February 01, 2012

Highlights include: Q4 EPS from Continuing Operations Increase to $2.09; 2011 EPS from Continuing Operations Increase to $7.41; Free Cash Flow before Discretionary Pension Contributions Totals $1.4 Billion for Q4 and $2.5 Billion for 2011; 11.8 Million Shares Repurchased in Q4 for $649 Million; 40.2 Million Shares Repurchased in 2011 for $2.3 Billion; 2012 Guidance for EPS from Continuing Operations $6.40 to $6.70

 

Northrop Grumman Corporation (NYSE: NOC) reported that fourth quarter 2011 earnings from continuing operations increased 80 percent to $550 million, or $2.09 per diluted share, from $306 million, or $1.03 per diluted share, in the fourth quarter of 2010.  Fourth quarter 2010 results included a pre-tax charge of $229 million, or $0.50 per diluted share, principally related to premiums paid to redeem $682 million in debt in 2010.  Fourth quarter 2011 diluted earnings per share are based on 262.7 million weighted average shares outstanding compared with 296.9 million shares in the fourth quarter of 2010.

 

For 2011, earnings from continuing operations increased 10 percent to $2.1 billion, or $7.41 per diluted share, from $1.9 billion, or $6.32 per diluted share in 2010.  The 17 percent increase in earnings per share reflects improved performance, more favorable pension expense, lower interest expense and a lower weighted average share count than in the prior year period, which more than offset the impact of lower sales and higher taxes.  Earnings per share from continuing operations in 2010 included a non-recurring benefit of $0.99 per diluted share for an Internal Revenue Service (IRS) tax settlement, which was partially offset by the non-recurring charge of $229 million, or $0.49 per diluted share, for the 2010 debt redemption.  These items increased 2010 earnings per share from continuing operations by $0.50 per diluted share.  Excluding the impact of these 2010 items, 2011 earnings per share increased 27 percent.  Diluted earnings per share for 2011 are based on 281.6 million weighted average shares outstanding compared with 301.1 million weighted average shares in 2010.

 

Fourth quarter 2011 sales totaled $6.5 billion compared with $6.9 billion in the prior year period.  Sales in 2011 totaled $26.4 billion compared with $28.1 billion in 2010.  The year-over-year change in sales reflects the impact of U.S. Government spending constraints and the company's actions to reduce volume in non-core and underperforming businesses.  The company also reduced its participation in the Nevada National Security Site joint venture (NSTec), and as a result, effective Jan. 1, 2011, the company no longer consolidates NSTec revenue, which represented sales of $579 million in 2010. 

 

"Fourth quarter and full year results demonstrate our progress in achieving superior operating performance and effective cash deployment.  Our businesses drove higher operating income, earnings, cash and a strong book-to-bill ratio for the quarter.  Our 2012 guidance reflects our continued commitment to performance, affordability for our customers and strong cash generation.  While we are in a challenging environment, we believe that we can continue to create value for shareholders, customers and employees," said Wes Bush, chairman, chief executive officer and president. 

 

Total backlog as of Dec. 31, 2011, was $39.5 billion compared with total backlog of $46.8 billion as of Dec. 31, 2010.  The change in backlog reflects new business awards totaling $25.3 billion in 2011.  Lower backlog includes a $3 billion adjustment for a change in the company's backlog measurement criteria, which acknowledges the reduced likelihood of amounts remaining on certain open but unfulfilled contracts being realized as future sales.  

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

People & Company News

Kleven Shipbuilding Wins IES Pioneer Contract

Norway’s Kleven announced it has signed a shipbuilding contract with Malaysian based joint venture company IES Pioneer Ltd. The vessel is of Norwegian design

Sunken WW II Ship Oil Leak Plugged

Atlantic Coast Marine Group, Inc. successfully responds to World War II era motor tanker leaking massive cargo of oil into the Atlantic Ocean's waters. Beaufort,

New ICTF Boosts Crowley’s Efficiency

The opening of Florida East Coast Railway’s (FEC) new, state-of-the-art intermodal container transfer facility (ICTF) adjacent to Crowley Maritime Corporation’s Port Everglades, Fla.

Finance

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Pier Damaged at Port Canaveral

Undergoing Repairs While Coast Guard Investigates   The U.S. Coast Guard is investigating a weekend incident that caused pier damage and scattered concrete debris in the harbor on Sunday.

APM Terminals to Sell Container Terminal in Virginia

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said it would sell a big U.S. container terminal to infrastructure investor Alinda Capital

News

Kleven Shipbuilding Wins IES Pioneer Contract

Norway’s Kleven announced it has signed a shipbuilding contract with Malaysian based joint venture company IES Pioneer Ltd. The vessel is of Norwegian design

Eastern to Build Offshore Vessel for Harvey Gulf

Eastern Shipbuilding announced that on, Wednesday July 16, 2014, Harvey Gulf International Marine, Inc. (HGIM) and Eastern Shipbuilding Group, Inc. (ESG) entered

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction 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: 0.1369 sec (7 req/sec)