24 April 2014
Northrop Grumman Corp. (NYSE: NOC) reported first quarter 2014 net earnings increased 18 percent to USD579m, or USD2.63 per diluted share, compared to USD489m, or USD2.03 per diluted share, in the first quarter of 2013.
First quarter 2014 earnings include a USD51m, USD0.23 per share, tax benefit resulting from the partial resolution of the Internal Revenue Service examination of the company´s 2007-2009 tax returns.
First quarter 2014 cash used in operating activities totaled USD402m compared with USD1m provided by operations in the prior year period. First quarter 2014 free cash flow used in operating activities totaled USD462m compared with USD39m used in the prior year period. The change in cash used in operating activities was principally driven by changes in trade working capital, which were influenced by the timing of cash receipts.
Northrop Grumman is a leading global security company providing innovative systems, products and solutions in unmanned systems, cyber, C4ISR, and logistics and modernization to government and commercial customers worldwide. Visit www.northropgrumman.com for more information.