Summary
Northrop Grumman Corporation (NOC) reported significant financial events and operational performance in its 2008 10-K filing. Despite a reported net loss of $1.26 billion, driven largely by a substantial $3.1 billion non-cash goodwill impairment charge related to market conditions affecting its Shipbuilding and Space Technology segments, the company achieved record sales of $33.9 billion, a 6% increase year-over-year. Cash from operations also reached a record $3.2 billion. The company maintained a strong backlog of $78.1 billion, boosted by record contract awards of $48.3 billion. Key financial actions included significant share repurchases totaling $1.6 billion, and an increase in the quarterly common stock dividend from $0.37 to $0.40 per share. The company also completed the conversion and redemption of its Series B Convertible Preferred Stock, issuing approximately 6.4 million shares of common stock. Looking ahead, Northrop Grumman anticipates sales of approximately $34.5 billion in 2009, though it acknowledges economic uncertainties and potential impacts on future defense spending.
Financial Highlights
50 data points| Revenue | $32.31B |
| Cost of Revenue | $15.49B |
| Gross Profit | $16.82B |
| R&D Expenses | $564.00M |
| Operating Income | -$263.00M |
| Net Income | -$1.26B |
| EPS (Basic) | $-3.77 |
| EPS (Diluted) | $-3.77 |
| Shares Outstanding (Basic) | 334.50M |
| Shares Outstanding (Diluted) | 334.50M |
Key Highlights
- 1Record sales of $33.9 billion, a 6% increase year-over-year.
- 2Significant $3.1 billion non-cash goodwill impairment charge impacting Shipbuilding and Space Technology segments.
- 3Record cash from operations of $3.2 billion.
- 4Strong total backlog of $78.1 billion, driven by record contract awards of $48.3 billion.
- 5Repurchased $1.6 billion of common stock.
- 6Increased quarterly common stock dividend from $0.37 to $0.40 per share.
- 7Completed redemption of 3.5 million shares of mandatorily redeemable convertible preferred stock.