Northrop Grumman Corporation (NYSE: NOC) reported first quarter 2014 net earnings increased 18 percent to $579 million, or $2.63 per diluted share, compared to $489 million, or $2.03 per diluted share, in the first quarter of 2013. First quarter 2014 earnings include a $51 million, $0.23 per share, tax benefit resulting from the partial resolution of the Internal Revenue Service examination of the company’s 2007-2009 tax returns.
First quarter 2014 diluted earnings per share are based on 220.4 million weighted average shares outstanding compared with 241.0 million shares in the first quarter of 2013, a decrease of approximately 9 percent. The company repurchased 4.8 million shares of its common stock for $564 million in the first quarter of 2014. As of March 31, 2014, the company had repurchased 25.6 million shares toward its previously announced goal of retiring 60 million shares of its common stock by the end of 2015, market conditions permitting.
“First quarter results reflect another solid performance by our team and a good start to the year. Our sustained performance, coupled with share repurchases, drove higher earnings per share for the quarter. We continue to focus on performance, cash deployment and portfolio alignment as the primary value creation drivers for our shareholders, customers and employees,” said Wes Bush, chairman, chief executive officer and president.
– Full financials available at the Northrop Grumman web site.
