Northrop Grumman (NOC) FY2014 results: revenue $24.0 billion, down 2.8% on the year
Northrop Grumman Corp. (NOC) reported revenue of $24.0 billion for fiscal 2014, the year ended 31 December 2014, down 2.8% on the year before. Net income was $2.1 billion, up 6.0%, and diluted earnings per share $9.75. The figures are the company's own, from the 10-K it filed with the SEC on 2 February 2015.
Revenue
$24.0 billion
-2.8% on the year
FY2007FY2014
Operating margin
13.3%
12.7% a year earlier
FY2007FY2014
Net income
$2.1 billion
+6.0% on the year
FY2007FY2014
Diluted EPS
$9.75
+16.8% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
23,979
24,661
25,218
-2.8%
Cost of revenue
18,378
19,282
19,638
-4.7%
Gross profit
5,601
5,379
5,580
+4.1%
Gross margin
23.4%
21.8%
22.1%
Research and development
569
507
520
+12.2%
Operating income
3,196
3,123
3,130
+2.3%
Operating margin
13.3%
12.7%
12.4%
Pre-tax income
2,937
2,863
2,965
+2.6%
Income tax
868
911
987
-4.7%
Effective tax rate
29.6%
31.8%
33.3%
Net income
2,069
1,952
1,978
+6.0%
Net margin
8.6%
7.9%
7.8%
Diluted EPS
$9.75
$8.35
$7.81
+16.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,593
2,483
2,640
+4.4%
Capital expenditure
561
364
331
+54.1%
Free cash flow
2,032
2,119
2,309
-4.1%
Free cash flow margin
8.5%
8.6%
9.2%
Cash from investing
-645
-346
-84.0
Cash from financing
-3,235
-849
-1,696
Depreciation and amortisation
462
495
510
-6.7%
Share-based compensation
134
144
183
-6.9%
Buybacks
2,668
2,371
1,316
+12.5%
Dividends paid
563
545
535
+3.3%
Dividend per share
$2.71
$2.38
$2.15
+13.9%
Diluted shares, weighted
212m
234m
253m
-9.3%
Shares outstanding at period end
199m
218m
239m
-8.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
7,235
10,620
9,514
-31.9%
Debt
5,928
5,930
3,924
-0.0%
Other liabilities
13,409
9,831
13,105
+36.4%
Total liabilities and equity
26,572
26,381
26,543
+0.7%
Fixed assets
2,991
2,806
2,887
+6.6%
Goodwill
12,466
12,438
12,431
+0.2%
Intangible assets
101
104
137
-2.9%
Investments
336
310
261
+8.4%
Trading assets
n/a
n/a
259
Cash and equivalents
3,863
5,150
3,862
-25.0%
Inventory
742
n/a
n/a
Other assets
6,073
5,573
6,706
+9.0%
Total assets
26,572
26,381
26,543
+0.7%
10-K for the year ended 31 December 2014, filed 2 February 2015: the filing.