Northrop Grumman (NOC) FY2013 results: revenue $24.7 billion, down 2.2% on the year
Northrop Grumman Corp. (NOC) reported revenue of $24.7 billion for fiscal 2013, the year ended 31 December 2013, down 2.2% on the year before. Net income was $2.0 billion, down 1.3%, and diluted earnings per share $8.35. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2014.
Revenue
$24.7 billion
-2.2% on the year
FY2007FY2013
Operating margin
12.7%
12.4% a year earlier
FY2007FY2013
Net income
$2.0 billion
-1.3% on the year
FY2007FY2013
Diluted EPS
$8.35
+6.9% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
24,661
25,218
26,412
-2.2%
Cost of revenue
19,282
19,638
20,786
-1.8%
Gross profit
5,379
5,580
5,626
-3.6%
Gross margin
21.8%
22.1%
21.3%
Research and development
507
520
543
-2.5%
Operating income
3,123
3,130
3,276
-0.2%
Operating margin
12.7%
12.4%
12.4%
Pre-tax income
2,863
2,965
3,083
-3.4%
Income tax
911
987
997
-7.7%
Effective tax rate
31.8%
33.3%
32.3%
Net income
1,952
1,978
2,118
-1.3%
Net margin
7.9%
7.8%
8.0%
Diluted EPS
$8.35
$7.81
$7.52
+6.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,483
2,640
2,115
-5.9%
Capital expenditure
364
331
492
+10.0%
Free cash flow
2,119
2,309
1,623
-8.2%
Free cash flow margin
8.6%
9.2%
6.1%
Cash from investing
-346
-84.0
680
Cash from financing
-849
-1,696
-3,494
Depreciation and amortisation
495
510
544
-2.9%
Share-based compensation
144
183
140
-21.3%
Buybacks
2,371
1,316
2,295
+80.2%
Dividends paid
545
535
543
+1.9%
Dividend per share
$2.38
$2.15
$1.97
+10.7%
Diluted shares, weighted
234m
253m
282m
-7.7%
Shares outstanding at period end
218m
239m
254m
-9.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
10,620
9,514
10,336
+11.6%
Debt
5,930
3,924
3,929
+51.1%
Other liabilities
9,831
13,105
11,146
-25.0%
Total liabilities and equity
26,381
26,543
25,411
-0.6%
Fixed assets
2,806
2,887
3,047
-2.8%
Goodwill
12,438
12,431
12,374
+0.1%
Intangible assets
104
137
155
-24.1%
Investments
310
261
473
+18.8%
Trading assets
n/a
259
219
Cash and equivalents
5,150
3,862
3,002
+33.4%
Other assets
5,573
6,706
6,141
-16.9%
Total assets
26,381
26,543
25,411
-0.6%
10-K for the year ended 31 December 2013, filed 3 February 2014: the filing.