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LOS ANGELES, April 26, 2006/Satnews Daily/ — Northrop Grumman Corporation (NYSE:NOC) reported on Tuesday first quarter 2006 income from continuing operations of $357 million, or $1.02 per diluted share, compared with $398 million, or $1.08 per diluted share, for the same period of 2005.
Northrop said first quarter 2005 income from continuing operations included an after-tax gain of $45 million, or $0.12 per diluted share, from the sale of TRW Automotive common stock. First quarter 2006 sales decreased to $7.2 billion from $7.5 billion in the first quarter of 2005, due to lower sales in the company's Ships business.
“As expected, our first quarter includes strong operating performances from Information & Services, Aerospace and Electronics,” said Ronald D. Sugar, Northrop CEO and president. “Contract bookings during the quarter were a record $12.3 billion. Based on this strong start, we continue to expect double-digit growth in earnings per share and substantial cash generation in 2006.”
The company's first quarter 2006 segment operating margin increased to $644 million from $638 million in first quarter of 2005. First quarter 2006 segment operating margin reflects higher operating margin in Information & Services, Electronics and Aerospace, partially offset by lower operating margin in Ships.
For 2006, the company continues to expect sales of approximately $31 billion, earnings per share from continuing operations of $4.25 to $4.40 and cash from operations of $2.3 billion to $2.6 billion.
Northrop said first quarter 2006 Aerospace sales increased 7 percent from the first quarter of 2005 reflecting a 12 percent increase in Integrated Systems sales and slightly lower sales in Space Technology. Higher volume on the F/A-18, F-35, E-2C Advanced Hawkeye, and E-2 Post Multi-Year Procurement programs contributed to the increase in Integrated Systems revenue. Space Technology sales decreased 1 percent due to lower sales in Missile & Space Defense, Civil Space and Software Defined Radios programs, which were partially offset by higher sales in Satellite Communications programs.
Aerospace first quarter 2006 operating margin increased 5 percent from the first quarter of 2005 due to higher volume at Integrated Systems and improved performance at Space Technology.
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