Northrop Grumman (NOC) FY2011 results: revenue $26.4 billion, down 6.2% on the year
Northrop Grumman Corp. (NOC) reported revenue of $26.4 billion for fiscal 2011, the year ended 31 December 2011, down 6.2% on the year before. Net income was $2.1 billion, up 3.2%, and diluted earnings per share $7.52. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2012.
Revenue
$26.4 billion
-6.2% on the year
FY2007FY2011
Operating margin
12.4%
10.0% a year earlier
FY2007FY2011
Net income
$2.1 billion
+3.2% on the year
FY2007FY2011
Diluted EPS
$7.52
+10.3% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
26,412
28,143
27,650
-6.2%
Cost of revenue
20,786
22,849
22,805
-9.0%
Gross profit
5,626
5,294
4,845
+6.3%
Gross margin
21.3%
18.8%
17.5%
Research and development
543
580
588
-6.4%
Operating income
3,276
2,827
2,274
+15.9%
Operating margin
12.4%
10.0%
8.2%
Pre-tax income
3,083
2,366
2,070
+30.3%
Income tax
997
462
636
+115.8%
Effective tax rate
32.3%
19.5%
30.7%
Net income
2,118
2,053
1,686
+3.2%
Net margin
8.0%
7.3%
6.1%
Diluted EPS
$7.52
$6.82
$5.21
+10.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
2,115
2,453
2,133
-13.8%
Capital expenditure
492
585
473
-15.9%
Free cash flow
1,623
1,868
1,660
-13.1%
Free cash flow margin
6.1%
6.6%
6.0%
Cash from investing
680
-761
867
Cash from financing
-3,494
-1,266
-1,229
Depreciation and amortisation
544
555
550
-2.0%
Share-based compensation
140
136
105
+2.9%
Buybacks
2,295
1,177
1,100
+95.0%
Dividends paid
543
545
539
-0.4%
Dividend per share
$1.97
$1.84
$1.69
+7.1%
Diluted shares, weighted
282m
301m
323m
-6.5%
Shares outstanding at period end
254m
291m
307m
-12.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
10,336
13,436
12,566
-23.1%
Debt
3,929
4,703
3,908
-16.5%
Other liabilities
11,146
13,282
13,944
-16.1%
Total liabilities and equity
25,411
31,421
30,418
-19.1%
Fixed assets
3,047
3,045
2,891
+0.1%
Goodwill
12,374
12,376
12,376
-0.0%
Intangible assets
155
192
263
-19.3%
Investments
473
330
291
+43.3%
Trading assets
219
n/a
n/a
Cash and equivalents
3,002
3,701
3,275
-18.9%
Other assets
6,141
11,777
11,322
-47.9%
Total assets
25,411
31,421
30,418
-19.1%
10-K for the year ended 31 December 2011, filed 8 February 2012: the filing.