Northrop Grumman (NOC) FY2012 results: revenue $25.2 billion, down 4.5% on the year
Northrop Grumman Corp. (NOC) reported revenue of $25.2 billion for fiscal 2012, the year ended 31 December 2012, down 4.5% on the year before. Net income was $2.0 billion, down 6.6%, and diluted earnings per share $7.81. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2013.
Revenue
$25.2 billion
-4.5% on the year
FY2007FY2012
Operating margin
12.4%
12.4% a year earlier
FY2007FY2012
Net income
$2.0 billion
-6.6% on the year
FY2007FY2012
Diluted EPS
$7.81
+3.9% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
25,218
26,412
28,143
-4.5%
Cost of revenue
19,638
20,786
22,849
-5.5%
Gross profit
5,580
5,626
5,294
-0.8%
Gross margin
22.1%
21.3%
18.8%
Research and development
520
543
580
-4.2%
Operating income
3,130
3,276
2,827
-4.5%
Operating margin
12.4%
12.4%
10.0%
Pre-tax income
2,965
3,083
2,366
-3.8%
Income tax
987
997
462
-1.0%
Effective tax rate
33.3%
32.3%
19.5%
Net income
1,978
2,118
2,053
-6.6%
Net margin
7.8%
8.0%
7.3%
Diluted EPS
$7.81
$7.52
$6.82
+3.9%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
2,640
2,115
2,453
+24.8%
Capital expenditure
331
492
585
-32.7%
Free cash flow
2,309
1,623
1,868
+42.3%
Free cash flow margin
9.2%
6.1%
6.6%
Cash from investing
-84.0
680
-761
Cash from financing
-1,696
-3,494
-1,266
Depreciation and amortisation
510
544
555
-6.2%
Share-based compensation
183
140
136
+30.7%
Buybacks
1,316
2,295
1,177
-42.7%
Dividends paid
535
543
545
-1.5%
Dividend per share
$2.15
$1.97
$1.84
+9.1%
Diluted shares, weighted
253m
282m
301m
-10.0%
Shares outstanding at period end
239m
254m
291m
-5.8%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
9,514
10,336
13,436
-8.0%
Debt
3,924
3,929
4,703
-0.1%
Other liabilities
13,105
11,146
13,282
+17.6%
Total liabilities and equity
26,543
25,411
31,421
+4.5%
Fixed assets
2,887
3,047
3,045
-5.3%
Goodwill
12,431
12,374
12,376
+0.5%
Intangible assets
137
155
192
-11.6%
Investments
261
473
330
-44.8%
Trading assets
259
219
n/a
+18.3%
Cash and equivalents
3,862
3,002
3,701
+28.6%
Other assets
6,706
6,141
11,777
+9.2%
Total assets
26,543
25,411
31,421
+4.5%
10-K for the year ended 31 December 2012, filed 5 February 2013: the filing.