Northrop Grumman reports fourth quarter gains

Northrop Grumman Corporation reported Thursday its net earnings of 413 million U.S. dollars for fourth quarter 2009, or 1.31 dollars per diluted share, and the year's net earnings of 1.7 billion dollars, or 5.21 dollars per diluted share.

In 2008, the company reported a fourth quarter net loss of 2.5 billion dollars, or 7.75 dollars per diluted share, and a net loss for the year of 1.3 billion dollars, or 3.77 dollars per diluted share. The fourth quarter and full year results were significantly impacted by a goodwill impairment charge.

In December 2009, the company completed the sale of TASC, Inc., its advisory services business, for 1.65 billion dollars in cash and a net gain of 0.05 dollar per share. Fourth quarter 2009 sales, restated for the TASC divestiture, increased 2 percent to 8.9 billion dollars from 8.8 billion dollars, and 2009 sales increased more than 4 percent to 33.8 billion dollars, the global security manufacturer said.

"We're pleased to report strong 2009 results that demonstrate continued improvement in operating performance. Looking ahead, the focus of our leadership team and our 120,000 employees will be on driving performance improvements that create value for our shareholders and our customers," said Wes Bush, chief executive officer and president.

"Our guidance for 2010 calls for earning per share to grow by 17 to 22 percent," he said.

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