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Northrop Posts Flat Fourth-Quarter Profit
Wednesday, February 4, 2004; 8:47 AM
NEW YORK -- Defense contractor Northrop Grumman
Corp. on Wednesday reported flat net profit for the
fourth quarter as higher pension expenses offset stronger sales
of space technology and electronic systems. The Los Angeles-based maker of warships and the Global Hawk
unmanned spy plane reported net earnings of $224 million,
unchanged from a year earlier. Earnings per share fell to $1.22 from $1.72 because of an
increase in the number of shares outstanding, to 183.6 million
from 126.5 million a year earlier, due to the company's
acquisition of TRW. Northrop said income from continuing operations fell to
$203 million, or $1.11 per share, from $226 million, or $1.73
per share. Analysts' average forecast was $1.10 per share, with
estimates ranging from $1.04 to $1.14, according to Reuters
Research, a unit of Reuters Group Plc. Fourth-quarter sales climbed to $7.1 billion from $4.8
billion a year earlier, boosted by TRW's space technology
business. Northrop stood by its forecast for sales of about $28
billion in 2004. It said earnings from continuing operations
are expected to be $5.60 to $5.90 a share, including estimated
pension expense of $330 million. Analysts' average 2004 earnings forecast is $4.93 per
share, according to Reuters Research, a unit of Reuters Group
Plc.
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