Northrop Grumman (NOC) FY2019 results: revenue $33.8 billion, up 12.4% on the year
Northrop Grumman Corp. (NOC) reported revenue of $33.8 billion for fiscal 2019, the year ended 31 December 2019, up 12.4% on the year before. Net income was $2.2 billion, down 30.4%, and diluted earnings per share $13.22. The figures are the company's own, from the 10-K it filed with the SEC on 30 January 2020.
Revenue
$33.8 billion
+12.4% on the year
FY2012FY2019
Operating margin
11.7%
12.6% a year earlier
FY2012FY2019
Net income
$2.2 billion
-30.4% on the year
FY2012FY2019
Diluted EPS
$13.22
-28.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
33,841
30,095
26,004
+12.4%
Cost of revenue
26,582
23,304
19,849
+14.1%
Gross profit
7,259
6,791
6,155
+6.9%
Gross margin
21.5%
22.6%
23.7%
Research and development
953
764
639
+24.7%
Operating income
3,969
3,780
3,218
+5.0%
Operating margin
11.7%
12.6%
12.4%
Pre-tax income
2,548
3,742
4,229
-31.9%
Income tax
300
513
1,360
-41.5%
Effective tax rate
11.8%
13.7%
32.2%
Net income
2,248
3,229
2,869
-30.4%
Net margin
6.6%
10.7%
11.0%
Diluted EPS
$13.22
$18.49
$16.34
-28.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
4,297
3,827
2,613
+12.3%
Capital expenditure
1,264
1,249
928
+1.2%
Free cash flow
3,033
2,578
1,685
+17.6%
Free cash flow margin
9.0%
8.6%
6.5%
Cash from investing
-1,207
-8,878
-889
Cash from financing
-2,424
-4,595
6,960
Depreciation and amortisation
1,265
800
475
+58.1%
Share-based compensation
127
86.0
94.0
+47.7%
Buybacks
744
1,263
393
-41.1%
Dividends paid
880
821
689
+7.2%
Dividend per share
$5.16
$4.70
$3.90
+9.8%
Diluted shares, weighted
170m
175m
176m
-2.6%
Shares outstanding at period end
168m
171m
174m
-1.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
8,819
8,187
7,132
+7.7%
Debt
13,879
14,400
15,266
-3.6%
Operating lease liabilities
1,308
0.0
n/a
Other liabilities
17,083
15,066
12,730
+13.4%
Total liabilities and equity
41,089
37,653
35,128
+9.1%
Fixed assets
6,912
6,372
4,225
+8.5%
Goodwill
18,708
18,672
12,455
+0.2%
Intangible assets
1,040
1,372
52.0
-24.2%
Cash and equivalents
2,245
1,579
11,225
+42.2%
Receivables
1,326
1,448
1,054
-8.4%
Inventory
783
654
398
+19.7%
Other assets
10,075
7,556
5,719
+33.3%
Total assets
41,089
37,653
35,128
+9.1%
10-K for the year ended 31 December 2019, filed 30 January 2020: the filing.