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Northrop Grumman Corporation (NYSE:NOC) reported fourth quarter 2007 income from continuing operations of $457 million, or $1.32 per diluted share, unchanged from $457 million, or $1.29 per diluted share, in the fourth quarter of 2006.
Fourth quarter 2006 income from continuing operations included a pre-tax gain of $111 million, or $0.21 per diluted share, on the sale of approximately 9.7 million shares of TRW Automotive common stock.
For 2007, income from continuing operations increased 15 percent to $1.8 billion, or $5.16 per diluted share, from $1.6 billion, or $4.46 per diluted share, in 2006.
Fourth quarter 2007 sales increased 10 percent to $8.8 billion from $8.0 billion. For 2007, sales increased 6 percent to $32 billion from $30.1 billion in 2006. Fourth quarter and total year operating results for 2007 and 2006 reflect the reclassification of certain operations from continuing to discontinued operations.
Cash from operations for the 2007 fourth quarter increased to $734 million from $271 million in the 2006 fourth quarter, and cash from operations for the year increased to a record $2.9 billion from $1.8 billion in 2006. Fourth quarter and total year cash from operations was reduced by discretionary pension pre-funding of $200 million in 2007 and $800 million in 2006.
"This was an outstanding quarter across the board for Northrop Grumman and a great finish to 2007. For the quarter we achieved record sales, strong segment operating margin, and outstanding cash from operations and free cash flow. All four businesses performed well, posting double-digit increases in operating margin," said Ronald D. Sugar, Northrop Grumman chairman and chief executive officer.
"For 2007, we achieved record sales, operating margin, earnings per share, cash from operations and free cash flow, while increasing backlog $3 billion to $64 billion. We have a great foundation for the future. For 2008, the focus will continue to be on driving performance and executing our balanced cash deployment strategy. We expect continued sales and EPS growth with strong cash from operations and free cash flow. This solid outlook supports investments for the future and shareholder value-enhancing actions such as our new $2.5 billion share repurchase program," Sugar concluded.
Operating Highlights*
---------------------
($ millions Fourth Quarter Total Year
except per -------------------------- -------------------------
share data) 2007 2006 Change 2007 2006 Change
-------------------------- -------------------------
Sales 8,824 8,013 10% 32,018 30,113 6%
Operating margin 760 623 22% 3,006 2,464 22%
as a % of sales 8.6% 7.8% 80 bps 9.4% 8.2% 120 bps
Income from
continuing
operations 457 457 -- 1,803 1,573 15%
Diluted EPS from
continuing
operations 1.32 1.29 2% 5.16 4.46 16%
Net income 454 453 -- 1,790 1,542 16%
Diluted EPS 1.31 1.28 2% 5.12 4.37 17%
Cash from
operations 734 271 171% 2,890 1,756 65%
Free cash
flow(1) 432 (7) 2,068 942 120%
* Operating results for all periods presented reflect the
reclassification of Interconnect Technologies (formerly reported
in Electronics) from continuing to discontinued operations.
(1) Free cash flow is a non-GAAP measure defined as cash from
operations less capital expenditures and outsourcing contract &
related software costs. Management uses free cash flow as an
internal measure of financial performance.
2008 Guidance
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Sales ~$33B
Segment operating margin % (1) mid to high 9%
Operating margin % high 9%
Diluted EPS from continuing operations $5.50 - 5.75
Cash from operations $2.8 - 3.1B
Free cash flow(2) $1.9 - 2.3B
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(1) Segment operating margin is a non-GAAP measure used as an internal
measure of financial performance for the four businesses.
(2) Free cash flow is a non-GAAP measure defined as cash from
operations less capital expenditures and outsourcing contract &
related software costs. Management uses free cash flow as an
internal measure of financial performance.
Fourth Quarter & 2007 Results
Fourth quarter 2007 operating margin increased $137 million, or 22 percent, to $760 million from $623 million, and as a percent of sales increased 80 basis points to 8.6 percent from 7.8 percent. Stronger performance for all four businesses and lower pension expense drove the increase. During the quarter the four businesses generated a $103 million, or 15 percent, increase in segment operating margin, and as a percent of sales performance improved 40 basis points to 9.2 percent from 8.8 percent. Net pension adjustment improved by $48 million.
For 2007, operating margin increased $542 million, or 22 percent, to $3.0 billion from $2.5 billion, and as a percent of sales increased 120 basis points to 9.4 percent from 8.2 percent. Stronger performance for all four businesses, lower pension expense, and lower unallocated expenses drove the increase. During 2007 the four businesses generated a $296 million, or 11 percent, increase in segment operating margin. As a percent of sales, the four businesses improved performance by 40 basis points to 9.7 percent from 9.3 percent in 2006. Net pension adjustment and unallocated expenses improved by $164 million and $82 million, respectively.
Fourth quarter 2007 other income declined to $10 million from $134 million, and for 2007 declined $137 million to an expense of $12 million. Fourth quarter 2006 other income included a pre-tax gain of $111 million, or $0.21 per diluted share, on the sale of approximately 9.7 million shares of TRW Automotive common stock.
Federal and foreign income taxes for the 2007 fourth quarter increased to $242 million, an effective tax rate of 34.6 percent, from $231 million in the fourth quarter of 2006, an effective tax rate of 33.6 percent. For 2007, federal and foreign income taxes increased to $883 million, an effective tax rate of 32.9 percent, from $713 million in 2006, an effective tax rate of 31.2 percent.
Net income for the 2007 fourth quarter increased to $454 million, or $1.31 per diluted share, compared with $453 million, $1.28 per diluted share, for the same period of 2006. Earnings per share are based on weighted average diluted shares outstanding of 351.1 million for the fourth quarter of 2007 and 359 million for the fourth quarter of 2006. For 2007, net income increased 16 percent to $1.8 billion, or $5.12 per diluted share, from $1.5 billion, or $4.37 per diluted share in 2006. Earnings per share are based on weighted average diluted shares outstanding of 354.2 million for 2007 and 358.6 million for 2006. Weighted average shares outstanding include 6.4 million shares for the dilutive effects of the company's Series B mandatorily redeemable preferred stock.
New business awards, firm contractual additions to backlog, totaled $8.7 billion in the fourth quarter led by business awards at Mission Systems and Electronics. Total backlog, which includes funded backlog and firm orders for which funding is not currently contractually obligated by the customer, was $64.1 billion on Dec. 31, 2007. Funded contract acquisitions for the quarter totaled $9.9 billion.
Cash Flow Highlights
--------------------
Fourth Quarter Total Year
--------------------- ---------------------
($ millions) 2007 2006 Change 2007 2006 Change
--------------------- ---------------------
Cash from operations 734 271 463 2,890 1,756 1,134
Less:
Capital expenditures 254 244 (10) 685 737 52
Outsourcing contract &
related software
costs 48 34 (14) 137 77 (60)
-----------------------------------------------
Free cash flow(1) 432 (7) 439 2,068 942 1,126
(1) Free cash flow is a non-GAAP measure defined as cash from
operations less capital expenditures and outsourcing contract &
related software costs. Management uses free cash flow as an
internal measure of financial performance.
Cash provided by operations in the 2007 fourth quarter totaled $734 million compared with $271 million in the prior year period. For 2007, cash from operations increased to a record $2.9 billion from $1.8 billion in 2006. Fourth quarter and total year cash from operations was reduced by discretionary pension pre-funding of $200 million in 2007 and $800 million in 2006. The improvement in 2007 reflects lower pension expense, higher net income and improved working capital. Fourth quarter 2007 free cash flow increased to $432 million from ($7) million. For the year, free cash flow increased to a record $2.1 billion from $942 million.
Cash, Debt and Capital Deployment
---------------------------------
($ millions) 12/31/2007 12/31/2006
---------------------------------------------------------------------
Cash & cash equivalents 963 1,015
Total debt 4,055 4,162
Net debt(1) 3,092 3,147
Mandatorily redeemable preferred stock 350 350
Net debt to total capital ratio(2) 14% 15%
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(1) Total debt less cash and cash equivalents
(2) Net debt divided by the sum of shareholders' equity and total
debt.
Changes in cash and cash equivalents and total debt reflect the following cash deployment and financing actions during 2007:
* $690 million for business acquisitions, including $584 million for
Essex Corporation in January 2007
* $1.2 billion for share repurchases, including accelerated share
repurchases of $500 and $600 million completed in June and
September 2007 and open market purchases of approximately
$80 million.
* $685 million capital expenditures and $137 million for outsourcing
contract and related software costs
* $504 million dividends paid
* $274 million proceeds from exercises of stock options and issuance
of common stock
Business Results
----------------
Consolidated Sales & Segment Operating Margin(1)
($ millions except per share data)
Fourth Quarter Total Year
-------------------------- -------------------------
2007 2006 Change 2007 2006 Change
-------------------------- -------------------------
Sales
Information &
Services 3,299 2,959 11% 12,594 11,314 11%
Aerospace 2,166 2,137 1% 8,200 8,423 (3%)
Electronics 1,926 1,787 8% 6,906 6,543 6%
Ships 1,804 1,513 19% 5,788 5,321 9%
Intersegment
eliminations (371) (383) (1,470) (1,488)
-------------------------- -------------------------
8,824 8,013 10% 32,018 30,113 6%
Segment operating
margin(1)
Information &
Services 256 229 12% 1,015 981 3%
Aerospace 211 186 13% 852 796 7%
Electronics 234 202 16% 813 754 8%
Ships 142 120 18% 538 393 37%
Intersegment
eliminations (33) (30) (115) (117)
-------------------------- -------------------------
Segment
operating
margin(1) 810 707 15% 3,103 2,807 11%
as a % of sales 9.2% 8.8% 40 bps 9.7% 9.3% 40 bps
Reconciliation to
operating margin:
Unallocated
expenses (85) (71) (224) (306)
Net pension
adjustment(2) 35 (13) 127 (37)
-------------------------- -------------------------
Operating margin 760 623 22% 3,006 2,464 22%
as a % of sales 8.6% 7.8% 80 bps 9.4% 8.2% 120 bps
(1) Segment operating margin is a non-GAAP measure used as an internal
measure of financial performance for the four businesses.
(2) Net pension adjustment includes pension expense determined in
accordance with GAAP less pension expense allocated to the
business segments under U.S. Government Cost Accounting Standards.
As previously announced, beginning in the 2007 first quarter, Radio Systems is reported as part of Mission Systems. Schedule 6 of this earnings release provides previously reported quarterly financial results and realigned results reflecting the transfer of certain Electronics businesses to Mission Systems, effective January 1, 2008. Operating results for all periods presented reflect the reclassification of Interconnect Technologies (formerly reported in Electronics) from continuing to discontinued operations.
Information & Services
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Fourth Quarter ($ millions)
--------------------------------------------------
2007 2006
Operating % of Operating % of
Sales Margin Sales Sales Margin Sales
--------------------------------------------------
Mission Systems $1,568 $143 9.1% $1,407 $119 8.5%
Information
Technology 1,198 81 6.8% 1,034 86 8.3%
Technical Services 533 32 6.0% 518 24 4.6%
--------------------------------------------------
$3,299 $256 7.8% $2,959 $229 7.7%
--------------------------------------------------
Total Year ($ millions)
--------------------------------------------------
Mission Systems $5,931 $566 9.5% $5,494 $519 9.5%
Information
Technology 4,486 329 7.3% 3,962 342 8.6%
Technical Services 2,177 120 5.5% 1,858 120 6.5%
--------------------------------------------------
$12,594 $1,015 8.1% $11,314 $981 8.7%
--------------------------------------------------
Information & Services fourth quarter 2007 sales increased $340 million and 2007 sales increased $1.3 billion. Sales for both the quarter and year increased 11 percent. Improvements in sales for both the fourth quarter and 2007 reflect higher sales for all three business segments.
Information & Services fourth quarter operating margin increased $27 million, or 12 percent, and as a percent of sales was comparable to the prior year period. For 2007, operating margin increased $34 million, or 3 percent, and as a percent of sales declined to 8.1 percent from 8.7 percent in 2006. The 2007 operating margin rate reflects the impact of a higher percentage of, and lower margin on, commercial, state and local business than in 2006, as well as the impact of higher revenue for the Nevada Test Site program.
Mission Systems fourth quarter sales increased $161 million, or 11 percent, and 2007 sales increased $437 million, or 8 percent. Higher sales for both the fourth quarter and 2007 reflect the Essex Corporation acquisition, higher volume for missile defense programs, and higher volume for command, control & communications programs.
Fourth quarter operating margin rose $24 million, or 20 percent, and as a percent of sales, increased to 9.1 percent from 8.5 percent in the prior year period. For 2007, operating margin rose $47 million or 9 percent, and as a percent of sales was comparable to the prior year period at 9.5 percent. Higher operating margin and margin rate for the fourth quarter are primarily driven by higher volume and improved performance for several programs. Higher operating margin for 2007 is primarily driven by higher volume.
Information Technology fourth quarter sales rose $164 million, or 16 percent, and 2007 sales increased $524 million, or 13 percent. Higher sales for both the fourth quarter and 2007 are largely due to higher volume for commercial, state and local programs, defense programs, and restricted intelligence programs, which is partially offset by lower volume for civilian agencies programs.
Information Technology fourth quarter 2007 operating margin declined $5 million, or 6 percent, and as a percent of sales declined to 6.8 percent from 8.3 percent. For 2007, operating margin declined $13 million or 4 percent, and as a percent of sales declined to 7.3 percent from 8.6 percent. The declines in operating margin and margin rate for the fourth quarter and 2007 are principally due to a business mix that includes a higher percentage of lower margin revenue for commercial, state and local programs and higher year-end cost accruals. For 2007, performance on state and local IT outsourcing programs was lower than the prior year periods due to timing of expenses and growth in transition cost (including $22 million in increased amortization of deferred and other outsourcing costs in Q3 2007).
Technical Services fourth quarter sales rose $15 million, or 3 percent, and 2007 sales rose $319 million, or 17 percent. Higher fourth quarter sales are due to higher volume for life cycle optimization and engineering programs (LCOE). For 2007, higher sales are due to the Nevada Test Site program, which commenced in the second quarter of 2006, and higher volume for LCOE programs.
Fourth quarter operating margin rose $8 million, or 33 percent, and as a percent of sales, increased to 6 percent from 4.6 percent in the prior year period. Higher operating margin and improved margin rate in the fourth quarter are due to higher volume and favorable contract adjustments. For 2007, operating margin is unchanged at $120 million, and as a percent of sales declined to 5.5 percent from 6.5 percent in 2006. The decline in operating margin rate reflects the impact of revenue for the Nevada Test Site program for a full year, and lower performance on LCOE programs.
Aerospace
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Fourth Quarter ($ millions)
--------------------------------------------------
2007 2006
Operating % of Operating % of
Sales Margin Sales Sales Margin Sales
--------------------------------------------------
Integrated Systems $1,306 $137 10.5% $1,384 $125 9.0%
Space Technology 860 74 8.6% 753 61 8.1%
--------------------------------------------------
$2,166 $211 9.7% $2,137 $186 8.7%
--------------------------------------------------
Total Year ($ millions)
--------------------------------------------------
Integrated Systems $5,067 $591 11.7% $5,500 $551 10.0%
Space Technology 3,133 261 8.3% 2,923 245 8.4%
--------------------------------------------------
$8,200 $852 10.4% $8,423 $796 9.5%
--------------------------------------------------
Aerospace fourth quarter 2007 sales increased $29 million, or 1 percent, and include higher volume for Space Technology, which was partially offset by lower volume for Integrated Systems. For 2007, sales declined $223 million, or 3 percent, from 2006 due to lower volume for Integrated Systems.
Aerospace fourth quarter 2007 operating margin increased $25 million, or 13 percent, and as a percent of sales increased to 9.7 percent from 8.7 percent in the prior year period. For 2007, operating margin increased $56 million, or 7 percent, and as a percent of sales increased to 10.4 percent from 9.5 percent in 2006. The improvement in fourth quarter 2007 margin rate reflects improved performance for both Integrated Systems and Space Technology, and for 2007 is primarily driven by improved performance for Integrated Systems.
Integrated Systems fourth quarter sales declined $78 million, or 6 percent. For 2007 sales declined $433 million, or 8 percent. Sales declines for both periods are primarily due to lower volume for the E-2D Advanced Hawkeye, F-35 and EA-18G programs, as these programs transition from development to production, as well as significant customer-directed scope reductions associated with the E-10A platform and related MP-RTIP efforts. Lower volume in these programs is partially offset by higher volume for the B-2, F/A-18 and Global Hawk programs.
Integrated Systems fourth quarter operating margin rose $12 million, or 10 percent, and as a percent of sales, increased to 10.5 percent from 9 percent in the prior year period. Higher fourth quarter operating margin and margin rate include performance improvements and contract close-outs for several programs, as well as an additional F/A-18 delivery, which more than offset the impact of lower volume.
For 2007, operating margin increased $40 million, or 7 percent, and as a percent of sales increased to 11.7 percent from 10 percent in 2006. The improvements in operating margin and margin rate include the impact of a $27 million adjustment related to the settlement of prior years overhead costs, performance improvements and contract close-outs for several programs, and three additional F/A-18 deliveries, which more than offset the impact of lower sales.
Space Technology fourth quarter sales increased $107 million, or 14 percent, and for 2007 increased $210 million or 7 percent. Higher sales volume in both periods is primarily driven by higher volume for restricted programs and civil systems, partially offset by lower volume in the Advanced Extremely High Frequency (AEHF) program.
Space Technology fourth quarter operating margin increased $13 million, or 21 percent, and as a percent of sales increased to 8.6 percent from 8.1 percent in the prior year period. For 2007, operating margin increased $16 million, or 7 percent, and as a percent of sales is comparable to 2006. The improvement in fourth quarter operating margin and margin rate is driven by higher volume, as well as improved performance on satellite communications programs as a result of risk retirement. For 2007, the increase in operating margin is primarily driven by higher volume.
Electronics
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($ millions)
---------------------------------------------------
2007 2006
Operating % of Operating % of
Sales Margin Sales Sales Margin Sales
---------------------------------------------------
Fourth Quarter $1,926 $234 12.1% $1,787 $202 11.3%
---------------------------------------------------
---------------------------------------------------
Total Year $6,906 $813 11.8% $6,543 $754 11.5%
---------------------------------------------------
Electronics fourth quarter 2007 sales rose $139 million, or 8 percent, and for 2007 rose $363 million, or 6 percent. The fourth quarter sales improvement was primarily driven by higher volume for electro-optical targeting and infrared countermeasures programs, communications and ISR programs, and navigation systems. For 2007, the sales increase is primarily driven by higher volume for land forces programs, electro-optical targeting and infrared countermeasures programs, communications and ISR programs, and a restricted program. Higher sales in these programs are partially offset by declining volume on fixed price development programs.
Electronics fourth quarter 2007 operating margin increased $32 million, or 16 percent, and as a percent of sales, increased to 12.1 percent from 11.3 percent in the prior year period. Fourth quarter 2006 operating margin included a $61 million pre-tax forward loss provision for the MESA radar systems programs. For 2007, operating margin increased $59 million, or 8 percent, and as a percent of sales increased to 11.8 percent from 11.5 percent in 2006. The increase in operating margin and margin rate reflect higher volume as well as improved performance across several programs.
Ships
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($ millions)
---------------------------------------------------
2007 2006
Operating % of Operating % of
Sales Margin Sales Sales Margin Sales
---------------------------------------------------
Fourth Quarter $1,804 $142 7.9% $1,513 $120 7.9%
---------------------------------------------------
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Total Year $5,788 $538 9.3% $5,321 $393 7.4%
---------------------------------------------------
Ships fourth quarter 2007 sales rose $291 million, or 19 percent, and for 2007, sales rose $467 million, or 9 percent from 2006. The increase in fourth quarter sales includes higher revenue for the LPD, LHD, LHA, DDG and submarine programs. Fourth quarter 2007 sales also include $56 million from AMSEC. AMSEC was reorganized in July 2007, and the businesses retained under the reorganization are now reported in the Ships segment. The increase in 2007 sales is primarily driven by higher volume for the LPD and LHA programs, as well as higher volume for U.S. Coast Guard, aircraft carrier and submarine programs. Sales in 2007 include $92 million from AMSEC.
Ships fourth quarter 2007 operating margin increased $22 million, or 18 percent, from the prior year period, and as a percent of sales was comparable to the prior period at 7.9 percent. The increase in fourth quarter 2007 operating margin over the prior year period is driven by higher volume.
For 2007, operating margin increased $145 million, or 37 percent, and as a percent of sales increased 190 basis points to 9.3 percent from 7.4 percent in 2006. The increase in 2007 operating margin and margin rate are driven by higher volume, risk reduction upon completion of several contract actions, continued progress in recovery from Hurricane Katrina (including a $62 million pre-tax insurance recovery related to the impact of Hurricane Katrina on the company's Gulf Coast shipyards), performance improvements, and a $23 million pre-tax gain resulting from the AMSEC reorganization.
Fourth Quarter Highlights
-------------------------
* Northrop Grumman's board of directors authorized a new program to
repurchase up to $2.5 billion of the company's outstanding common
stock.
* The Northrop Grumman-built Mesa Verde (LPD 19) was commissioned into
the U.S. Navy's Atlantic Fleet in Dec. 2007.
* The U.S. Navy awarded Northrop Grumman a $1 billion shipbuilding
contract to build Somerset (LPD 25). This 47-month, fixed price
incentive contract modification provides funding to begin
construction on the ninth San Antonio-class amphibious transport
dock ship.
* The U.S. Army has competitively awarded Northrop Grumman a
$331 million cost plus award fee contract to provide logistical
support services to the National Training Center at Fort Irwin,
Calif.
* The U.S. Air Force competitively awarded Northrop Grumman a
$160 million contract for design and risk reduction on the Global
Positioning System Next Generation Control Segment program. If
Northrop Grumman's team is selected to proceed into system
development, the program could potentially be valued at more than
$1 billion.
* The National Security Administration competitively awarded Northrop
Grumman a $220 million contract to develop an advanced information
management and data storage system that will support efforts to
modernize the nation's electronic intelligence and broader signals
intelligence capabilities.
* The U.S. Department of Defense awarded Northrop Grumman an
indefinite delivery/indefinite quantity contract to provide
technology development application for new products and services to
defense and federal civilian agencies, state and local authorities,
and partner nations engaged in counter-drug and
counter-narcoterrorism operations. Northrop Grumman is one of five
companies that will compete for task orders under this contract,
which has a total program ceiling of $15 billion over five years.
* The U.S. General Services Administration awarded Northrop Grumman
an Alliant indefinite-delivery/indefinite quantity contract to
deliver cost-effective information technology solutions to the
federal government for improved service and increased efficiency.
Northrop Grumman is one of 29 companies that received awards under
the Alliant contract, which is valued at up to $50 billion,
collectively.
* The U.S. Army awarded Northrop Grumman initial funding of
$10 million for work under the Global Combat Support System-Army
(Field/Tactical) program. The cost-plus-fixed-fee task order, issued
via the Information Technology Enterprise Solutions-2 Services
indefinite delivery/indefinite quantity contract, is valued at up to
$600 million over seven years.
* The U.S. Air Force awarded Northrop Grumman a 23-month, $176 million
contract in October to continue the full-rate production phase of
the Intercontinental Ballistic Missile Propulsion Replacement
Program. This award represents the seventh and final full-rate
production option under the ten-year contract, which began in 1999
and is valued at $1.9 billion.
* The U.S. Navy awarded Northrop Grumman an indefinite
delivery/indefinite quantity, cost-plus-incentive-fee performance
based contract for submarine work on the West Coast and in Hawaii.
AMSEC LLC, a subsidiary of Northrop Grumman's Newport News sector,
is the prime contractor for the contract, which is valued at
$32 million, with four one-year options, which if exercised, would
bring the cumulative value to $167 million.
* The U.S. Navy awarded Northrop Grumman a $90 million contract
modification for transition to production activities leading to the
construction of one of the first two Zumwalt-class destroyers.
* The U.S. Navy awarded Northrop Grumman a contract option for work to
support Los Angeles, Ohio, Seawolf, and Virginia-class submarines.
This option is valued at $85 million. The total estimated value of
the contract is now $248 million.
* The final Defense Support Program satellite, DSP 23, built by
Northrop Grumman for the United States Air Force, launched from Cape
Canaveral Air Force Station on Nov. 10 and successfully separated
from the Delta IV-Heavy launch vehicle. DSP satellites have operated
four times beyond their specified design lives on average, and
Flight 23 is expected to serve well into the next decade.
About Northrop Grumman
Northrop Grumman Corporation is a $32 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
Northrop Grumman will webcast its earnings conference call at 12:00 p.m. EST on Jan. 24, 2008. A live audio broadcast of the conference call along with a supplemental presentation will be available on the investor relations page of the company's Web site at http://www.northropgrumman.com. |
