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NORTHROP GRUMMAN REPORTS SALES INCREASE

February 4, 2009 by

NORTHROP GRUMMAN REPORTS SALES INCREASE

03 Feb 09. Northrop Grumman Corporation (NYSE: NOC) reported a fourth quarter loss from continuing operations of $2.5bn and a 2008 loss from continuing operations of $1.3bn driven by a non-cash, after-tax charge of $3.1 bn for impairment of goodwill in accordance with Statement of Financial Accounting Standards (SFAS) 142 “Goodwill and Other Intangible Assets.”

Fourth quarter 2008 sales increased 4 percent to $9.2bn from $8.8bn in the 2007 fourth quarter. 2008 sales increased 6 percent to $33.9bn from $31.8bn in 2007. Cash from operations for the 2008 fourth quarter increased to $1bn from $734 m in the 2007 fourth quarter, and cash from operations for the year increased to a record $3.2bn from $2.9bn in 2007. Cash from operations, for both the fourth quarter and total year, was reduced by discretionary pension pre-funding of $200m in both 2008 and 2007.

“Our underlying fourth quarter operating results were outstanding and represent a strong finish to the year. We begin 2009 with a $78bn dollar backlog, the highest in Northrop Grumman’s history, and a tribute to the dedication and talent of our 120,000 employees,” said Ronald D. Sugar, Northrop Grumman chairman and chief executive officer.

“Looking ahead, we continue to position our organization to be more agile and competitive. Our priorities are flawless execution for our customers and superior returns for our shareholders through the generation of outstanding cash flow and solid growth in pension-adjusted earnings,” Sugar concluded.

Fourth quarter 2008 adjusted earnings from continuing operations increased 15 percent to $524m, or $1.57 per diluted share, from $457m, or $1.32 per diluted share, in the fourth quarter of 2007. For 2008, earnings from continuing operations before the goodwill impairment charge was comparable to the prior year period at $1.8bn, or $5.21 per diluted share in 2008, compared with $5.18 per diluted share in 2007.

Operating Highlights
——————–
Fourth Quarter Total Year
($ in ms except —————— ——————
per share amounts) 2008 2007 2008 2007
—————— ——————
Sales $ 9,154 $ 8,765 $33,887 $31,828

Operating income (loss) (2,152) 759 (111) 3,018
as % of sales NM 8.7% NM 9.5%
Earnings (loss) from
continuing operations $(2,536) $ 457 $(1,281) $ 1,811

Diluted EPS from
continuing operations (7.76) 1.32 (3.83) 5.18

Average shares
outstanding(1), in ms 326.9 351.1 334.5 354.3

Cash from operations $ 1,037 $ 734 $ 3,211 $ 2,890

Free cash flow(2) 790 435 2,420 2,071

——————————————————————–

Operating Highlights – Adjusted for Goodwill Impairment
——————————————————-

Fourth Quarter Total Year
($ in ms except —————— ——————
per share amounts) 2008 2007 2008 2007
—————— ——————
Sales $ 9,154 $ 8,765 $33,887 $31,828

Operating income (loss) (2,152) 759 (111) 3,018
Goodwill impairment charge 3,060 3,060
——- ——- ——- ——-
Adjusted operating income(3) 908 759 2,949 3,018
as a % of sales 9.9% 8.7% 8.7% 9.5%

Earnings (loss) from
continuing operations $(2,536) $ 457 $(1,281) $ 1,811
G

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