Northrop Grumman says its fourth quarter net income is flat compared with the previous year, but revenue for 2007 increased 6%.
Net income for the October-December period was US$454m, compared with US$453m, in the same period in 2006, Northrop says.
Sales rose 10% to US$8.82bn from US$8.01bn, surpassing Wall Street estimates of US$8.44bn.
Chief executive Ronald Sugar says the quarterly results are ‘outstanding’. “All four businesses performed well, posting double-digit increases in operating margin,” he says.
For the full year, Northrop reported net income of US$1.8bn, compared with US$1.5bn, in 2006. Revenue for the full year rose 6% to US$32bn vs US$30.1bn in 2006.
Sugar says the company has a great foundation for the future.
“For 2007, we achieved record sales, operating margin, earnings per share, cash from operations and free cash flow, while increasing backlog US$3bn to US$64bn.
“For 2008, the focus will continue to be on driving performance and executing our balanced cash deployment strategy.”
By Staff Writer