Wait, don't miss out on the latest GovCon industry news!

Sign Up Now! ExecutiveBiz provides you with Daily Updates and News Briefings

*By clicking "Join us now" you agree to receive email, promotions and general messages from GovCon Wire, In addition, you also agree to GovCon Wire Privacy Policy and Terms & Conditions.

X Remind me Later

Northrop Grumman’s Wes Bush Comments on ‘Very Productive’ Quarter

Northrop Grumman (NYSE: NOC) first quarter 2011 results earnings from continuing operations increase to $496 million, up from $410 million in the first quarter last year.

First quarter 2011 sales totaled $6.7 billion compared with $6.9 billion in the prior year period.

“This was a very productive quarter, ” CEO Wes Bush. “We completed the shipbuilding spin-off and our newly aligned portfolio generated solid financial results.  We now expect 2011 earnings of $6.50 to $6.70 per share.  We also increased the dividend and raised our outstanding share repurchase authorization to $4 billion, which includes committing the $1.4 billion contribution we received in the shipbuilding spin-off to share repurchases.”

The firm noted that “results for both periods reflect the spin-off of Huntington Ingalls Industries, Inc., the company’s shipbuilding business, effective March 31, 2011.  Results for HII are reported as discontinued operations for all periods.” presented.

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Financial Report

Related Articles