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  • Friday, April 19, 2024

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.

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