Northrop Grumman (NYSE:NOC) has released the firm’s fiscal report for the first quarter of 2010:
First quarter 2010 earnings from continuing operations increased to $462 million, or $1.51 per diluted share, from $366 million, or $1.10 per diluted share, in the first quarter of 2009. First quarter 2010 sales increased 8.5 percent to $8.6 billion from $7.9 billion. The first quarter of 2010 included more working days than the first quarter of 2009.
Cash used by operations in the first quarter of 2010 totaled $531 million compared with cash used by operations of $172 million in the first quarter of 2009. New business awards for the 2010 first quarter totaled $6.9 billion, bringing total backlog to $67.5 billion as of Mar. 31, 2010.
“This was a solid quarter for Northrop Grumman. Based on this quarter’s strong EPS growth, we now expect earnings per share of $5.75 to $6.00. Although cash flow was seasonally low, we are on track to achieve our 2010 guidance. Looking ahead, we are focused on continuing to drive performance improvements that create value, ” said Wes Bush, chief executive officer and president.