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Wes Bush News

24 Sep 2013

Northrop Grumman Environmental Efforts Recognized

Northrop Grumman Corporation has been recognized as a leader for the company's actions to reduce carbon emissions, mitigate the risks of climate change and for the quality of its climate change data by CDP on two of its listings. The achievement was announced in the CDP S&P 500 Climate Change Report 2013, which tracks how America's largest listed companies are acting in response to environmental sustainability. CDP, formerly known as the Carbon Disclosure Project, is an international…

16 Feb 2012

Former CNO Roughead Joins Northrop Grumman Board

Gary Roughead, former USN CNO, joins Nortrop Grumman Board.

Northrop Grumman Corporation  elected retired U.S. Navy Admiral Gary Roughead to its board of directors. Roughead served as the 29th Chief of Naval Operations for the Navy prior to his retirement from the service in 2011. The addition of Roughead increases Northrop Grumman's board of directors to 13 members, 12 of whom are nonemployee directors. "Gary Roughead brings to our board a deep understanding of the global security challenges our nation and its allies are facing," said Wes Bush, chairman, chief executive officer and president. Roughead was appointed the U.

01 Feb 2012

Northrop Grumman: Strong 4Q and 2011 Financials

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.

31 Mar 2011

Northrop Grumman Completes Spin-off of Huntington

LOS ANGELES, March 31, 2011 /PRNewswire/ -- Northrop Grumman Corporation (NYSE: NOC) today announced that it has completed the previously announced spin-off of its subsidiary Huntington Ingalls Industries, Inc. (NYSE: HII). Northrop Grumman stockholders of record at the close of business of the New York Stock Exchange (NYSE) on March 30, 2011, received one share of HII common stock for every six shares of Northrop Grumman common stock held. Stockholders will receive cash in lieu of fractional shares of HII.

27 Oct 2010

Northrop Grumman Reports 3Q Results

Northrop Grumman Corporation (NYSE: NOC) reported that third quarter 2010 earnings from continuing operations increased to $489 million, or $1.64 per diluted share, from $464 million, or $1.45 per diluted share, in the third quarter of 2009. Net earnings for the 2010 third quarter increased to $497 million, or $1.67 per diluted share, from $490 million, or $1.53 per diluted share, in the prior year period. The 2009 third quarter included a net tax benefit of $75 million, or $0.23 per diluted share. Third quarter 2010 sales increased 4 percent to $8.7 billion from $8.35 billion. Cash provided by operations totaled $978 million in the third quarter of 2010 compared with $544 million in the third quarter of 2009.

14 Jul 2010

NOC to Consolidate Gulf Coast Shipyards

Northrop Grumman Corporation announced plans to consolidate its Gulf Coast shipbuilding operations and explore strategic alternatives for its Shipbuilding business. As a result of the Gulf Coast consolidation, the company will recognize an estimated pre-tax charge of $113m in the second quarter of 2010. In addition, as previously disclosed, in the second quarter of 2010, the company will record a tax benefit of $296m related to the final settlement with the Internal Revenue Service of tax returns for the years 2004 through 2006. The net impact of the charge and the tax benefit will increase second quarter 2010 earnings from continuing operations by about $0.73 per share. Neither of these items is reflected in the financial guidance the company provided on April 28, 2010.

28 Apr 2010

Northrop Grumman Moves to Virginia

Northrop Grumman Corporation (NYSE: NOC), announced that it will locate its new corporate office in Virginia, concluding a search that also included the state of Maryland and the District of Columbia. "We are pleased to have identified Virginia as the home for our new corporate office. Virginia, Maryland and the District put forward compelling, competitive offers. Our final decision was driven largely by facility considerations, proximity to our customers, and overall economics," said Wes Bush, chief executive officer and president. Northrop Grumman is currently conducting negotiations with several building owners in the Falls Church/Arlington area, with a specific building selection to be announced.

04 Feb 2010

Northrop Grumman Q4 2009 Results

Northrop Grumman Corporation (NYSE: NOC) reported Q4 2009 net earnings of $413 million, or $1.31 per diluted share, and 2009 net earnings of $1.7 billion, or $5.21 per diluted share. In 2008, the company reported a fourth quarter net loss of $2.5 billion, or $7.75 per diluted share, and a net loss for the year of $1.3 billion, or $3.77 per diluted share. 2008 fourth quarter and full year results were significantly impacted by a goodwill impairment charge. In December 2009, the company completed the sale of TASC, Inc. (TASC), its advisory services business, for $1.65 billion in cash and a net gain of $0.05 per share. TASC's operating results are accounted for as discontinued operations, and results for all periods presented in this release have been adjusted for the divestiture.

05 Jan 2010

NG Moves Corporate Office to D.C. Region

Northrop Grumman Corporation (NYSE: NOC) announced a decision to move its corporate office from Los Angeles to the Washington D.C. region by 2011. The company is engaged in a search to identify a specific location within the Washington, D.C. region, including the District, Maryland and Virginia. It plans to complete the search by spring 2010 and open the new corporate office by summer 2011. "As a global security company with a large customer base in the Washington, D.C. region, this move will enable us to better serve our nation and customers," said Wes Bush, chief executive officer and president. The new corporate office will include approximately 300 people.

19 Jul 2007

Northrop Grumman President Receives Leadership Excellence Award

Leadership Excellence Award by the Stockdale Center for Ethical Leadership at the United States Naval Academy and the Harvard Business Review. employee development, and deliver consistent results at U.S.-based companies. Ronald D. Sugar, chairman and chief executive officer for Northrop Grumman. discussion, How Leaders Make a Difference. decision making.