Northrop Grumman Reports Q1 2015 Financial Results
FALLS CHURCH, Va., April 29, 2015 /PRNewswire/ — Northrop Grumman Corporation (NYSE: NOC) reported first quarter 2015 net earnings of $484 million, or $2.41 per diluted share, compared to $579 million, or $2.63 per diluted share in the first quarter of 2014.
First quarter 2014 diluted earnings per share included a $51 million, or $0.23 per share, tax benefit resulting from the partial resolution of the Internal Revenue Service (IRS) examination of the company’s 2007-2009 tax returns. First quarter 2015 diluted earnings per share are based on 200.5 million weighted average shares outstanding compared with 220.4 million shares in 2014. The company repurchased 5.3 million shares of its common stock for $859 million in the first quarter of 2015. As of March 31, 2015, the company had repurchased 47.5 million shares toward its previously announced goal of retiring 60 million shares of its common stock by the end of 2015, market conditions permitting.
“Our team is off to a strong start in 2015 with first quarter results that include solid margin rates at all four of our businesses. Strong operational performance, combined with our share repurchases, resulted in another solid quarter. We continue to execute a balanced cash deployment strategy that includes investing in our business and returning cash to shareholders,” said Wes Bush, chairman, chief executive officer and president.