Northrop Grumman 2009 Annual Report Download - page 111

Download and view the complete annual report

Please find page 111 of the 2009 Northrop Grumman annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

18. UNAUDITED SELECTED QUARTERLY DATA
Unaudited quarterly financial results are set forth in the following tables. The financial results for all periods
presented have been revised to reflect the various business dispositions that occurred during the 2009 and 2008
fiscal years (see Note 5 for further details). The company’s common stock is traded on the New York Stock
Exchange (trading symbol NOC). This unaudited quarterly information is labeled using a calendar convention;
that is, first quarter is consistently labeled as ended on March 31, second quarter as ended on June 30, and third
quarter as ended on September 30. It is the company’s long-standing practice to establish actual interim closing
dates using a “fiscal” calendar, which requires the businesses to close their books on a Friday, in order to
normalize the potentially disruptive effects of quarterly closings on business processes. The effects of this practice
only exist within a reporting year.
2009
$ in millions, except per share 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Sales and services revenues as previously reported $8,320 $8,957 $8,726
Discontinued operations (385) (412) (376)
Sales and services revenues $7,935 $8,545 $8,350 $8,925
Operating income as previously reported $ 655 $ 653 $ 655
Discontinued operations (36) (39) (36)
Operating income $ 619 $ 614 $ 619 $ 631
Earnings from continuing operations as previously reported $ 389 $ 394 $ 487
Discontinued operations (23) (26) (23)
Earnings from continuing operations $ 366 $ 368 $ 464 $ 375
Net earnings $ 389 $ 394 $ 490 $ 413
Basic earnings per share from continuing operations as
previously reported $ 1.19 $ 1.22 $ 1.54
Discontinued operations (0.07) (0.08) (0.08)
Basic earnings per share from continuing operations $ 1.12 $ 1.14 $ 1.46 $ 1.20
Basic earnings per share $ 1.19 $ 1.22 $ 1.55 $ 1.32
Diluted earnings per share from continuing operations as
previously reported $ 1.17 $ 1.21 $ 1.52
Discontinued operations (0.07) (0.08) (0.07)
Diluted earnings per share from continuing operations $ 1.10 $ 1.13 $ 1.45 $ 1.19
Diluted earnings per share $ 1.17 $ 1.21 $ 1.53 $ 1.31
Significant 2009 Fourth Quarter Events – In the fourth quarter of 2009, the company sold ASD for $1.65 billion in
cash.
-101-
NORTHROP GRUMMAN CORPORATION
eBP - v54508-i003_a.pdf - Page 105 of 124 - March 11, 2010 - 20:02:40