Wed, Jan 29, 2003
...in Addition to Other Things...
Northrop Grumman Corporation reported net income
from continuing operations of $226 million for the 2002 fourth
quarter, compared with adjusted net income from continuing
operations of $195 million in the fourth quarter of 2001.
(These
results are adjusted to exclude amortization of goodwill in
2001.)
Northrop Grumman's 2002 fourth quarter and year-end income
statements do not include TRW's post-acquisition results because
they were not material. On an economic earnings basis, Northrop
Grumman's 2002 fourth quarter earnings from continuing operations
increased to $238 million, compared with $156 million for the
comparable period in 2001
Fourth quarter 2002 sales increased 17 percent to $4.8 billion
from $4.1 billion in the comparable 2001 period, primarily due to
the inclusion of the full quarter results for Newport News, which
was acquired on November 29, 2001. The company generated net cash
from operations of $748 million for the 2002 fourth quarter, a 20
percent increase compared with $625 million for the same period
last year.
Operating results improved, as well.
Northrop Grumman's operating margin for the 2002 fourth quarter
increased 8 percent to $411 million from an adjusted $381 million
in the prior year. "Our 2002 fourth quarter operating performance
was outstanding, with all of our segments generating excellent cash
from operations," said Kent Kresa, Northrop Grumman chairman and
chief executive officer. "The results also include double
digit increases in both net income and economic earnings. Together
with the former TRW defense businesses, which completed one of
their most impressive years ever, we are well positioned to benefit
from increasing defense budgets and homeland security
initiatives. The new Northrop Grumman enters 2003 with an
unparalleled business portfolio tightly focused on defense-related
programs, a $26 billion funded order backlog, and expected 2003
sales of $25 billion to $26 billion," Kresa concluded.
2002 Results
"For the year ended Dec. 31, 2002, income from continuing
operations and before the cumulative effect of an accounting change
totaled $697 million compared with an adjusted $642 million in the
prior year. Net income for the year was $64 million and includes a
previously reported $432 million charge for the cumulative effect
of an accounting change on Jan. 1, 2002, to recognize the
impairment of goodwill in the company's Component Technologies
reporting units, along with the expected loss from the sale of
certain of these discontinued operations that totaled $201 million
for the year."
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