Northrop Releases Fiscal Report

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.

Click here to read the whole statement.

GovCon Wire Logo

Receive the Daily News Briefing And Events Updates Straight to Your Inbox

Related Articles