UPDATE: Northrop Grumman (NOC) Tops Q4 EPS Vides; Guides FY13 EPS, Revs
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(Updated - January 30, 2013 7:17 AM EST)
Northrop Grumman Corp. (NYSE: NOC) reported Q4 EPS of $2.14, $0.40 better than the analyst estimate of $1.74. Revenue for the quarter came in at $6.48 billion versus the consensus estimate of $6.33 billion.
The change in earnings was principally due to a $268 million decrease in 2012 net FAS/CAS pension adjustment and a higher effective tax rate, which more than offset a $121 million increase in segment operating income. The increase in diluted earnings per share reflects higher segment operating income and a lower share count in 2012.
Diluted earnings per share for 2012 are based on 253.4 million weighted average shares outstanding compared with 281.6 million weighted average shares outstanding in 2011, a 10 percent decrease.
In 2012, the company repurchased 20.9 million shares of its common stock for $1.3 billion, and $1.5 billion remained on its current share repurchase authorization as of Dec. 31, 2012.
Northrop sees FY13 EPS of $6.85-$7.15, versus the consensus of $6.99. The company also sees FY2013 revenue of $24 billion, versus the consensus of $24.36 billion.
"Our team delivered outstanding results for the quarter and the year. Our focus on performance, effective cash deployment, and portfolio alignment continues to create value for our shareholders, customers and employees," commented CEO and chairman Wes Bus. "As we look ahead, we expect challenges, but we are confident in our team's ability to address those challenges and continue to create value for all our stakeholders."
For earnings history and earnings-related data on Northrop Grumman Corp. (NOC) click here.
Northrop Grumman Corp. (NYSE: NOC) reported Q4 EPS of $2.14, $0.40 better than the analyst estimate of $1.74. Revenue for the quarter came in at $6.48 billion versus the consensus estimate of $6.33 billion.
The change in earnings was principally due to a $268 million decrease in 2012 net FAS/CAS pension adjustment and a higher effective tax rate, which more than offset a $121 million increase in segment operating income. The increase in diluted earnings per share reflects higher segment operating income and a lower share count in 2012.
Diluted earnings per share for 2012 are based on 253.4 million weighted average shares outstanding compared with 281.6 million weighted average shares outstanding in 2011, a 10 percent decrease.
In 2012, the company repurchased 20.9 million shares of its common stock for $1.3 billion, and $1.5 billion remained on its current share repurchase authorization as of Dec. 31, 2012.
Northrop sees FY13 EPS of $6.85-$7.15, versus the consensus of $6.99. The company also sees FY2013 revenue of $24 billion, versus the consensus of $24.36 billion.
"Our team delivered outstanding results for the quarter and the year. Our focus on performance, effective cash deployment, and portfolio alignment continues to create value for our shareholders, customers and employees," commented CEO and chairman Wes Bus. "As we look ahead, we expect challenges, but we are confident in our team's ability to address those challenges and continue to create value for all our stakeholders."
For earnings history and earnings-related data on Northrop Grumman Corp. (NOC) click here.
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