Northrop Grumman to Present at Conference

May 5, 2003

Northrop Grumman will present May 6 at the 2003 Aerospace & Defense Finance Conference sponsored by Credit Suisse First Boston/Aviation Week in New York City. The presentation by Ronald D. Sugar, Northrop Grumman chief executive officer and president, will be webcast at http://www.northropgrumman.com beginning at 3:15 p.m. EDT. The company will confirm the following financial guidance: 2003 earnings from continuing operations are expected to range between $3.80 and $4.20 per share. Segment operating margin for 2003 is expected to be in the mid-7 percent range on estimated sales of $25 billion to $26 billion. Before the B-2 tax payment, cash from operations for 2003 is expected to be between $1.1 billion and $1.3 billion. Capital expenditures for 2003 are expected to be approximately $690 million, including approximately $60 million for capitalized software. For 2004, sales are expected to range between $28 billion and $29 billion, with segment operating margin expected to continue in the mid-7 percent range. Cash from operations for 2004 is expected to total approximately $1.5 billion. The company expects solid double-digit earnings per share growth in 2004.

Northrop Grumman to Present at Conference

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