LOS ANGELES, Dec. 19, 2001 (PRIMEZONE) -- Northrop Grumman Corporation (NYSE:NOC) said today that it will confirm previously announced financial guidance in a meeting with investors tomorrow. The financial guidance reflects the acquisition of Newport News Shipbuilding, and the issuance of common stock and equity security units of approximately $1.45 billion.

The company will confirm the following guidance:

  --  Sales in 2001 of approximately $13 billion

 --  Sales in 2002 of approximately $18 billion

 --  Sales in 2003 of approximately $20 billion

 --  Economic earnings per share of $5.80 to $5.95 in 2001, $6.60 to
     $7.10 in 2002, with double-digit growth in 2003.

 --  Cash generated from operations in 2002 is expected to be in the
     range of $800 million.
 

Northrop Grumman Corporation is an $18 billion, global aerospace and defense company with its worldwide headquarters in Los Angeles. Northrop Grumman provides technologically advanced, innovative products, services and solutions in defense and commercial electronics, systems integration, information technology and nuclear and non-nuclear shipbuilding and systems. With 100,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.

Note: Certain statements and assumptions in this release contain or are based on "forward-looking" information (that the company believes to be within the definition in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties. Such "forward-looking" information includes the statements above as to the impact of the Newport News acquisition on revenues. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the company's control. These include the company's ability to successfully integrate the operations of acquired companies including Newport News, assumptions with respect to future revenues, expected program performance, and the outcome of contingencies. The company's operations are subject to various additional risks and uncertainties resulting from its position as a supplier, either directly or as subcontractor or team member, to the U.S. Government and its agencies as well as to foreign governments and agencies; actual outcomes are dependent upon factors, including, without limitation, the company's successful performance of internal plans; government customers' budgetary restraints; customer changes in short-range and long-range plans; domestic and international competition in both the defense and commercial areas; product performance; continued development and acceptance of new products; performance issues with key suppliers and subcontractors; government import and export policies; acquisition or termination of government contracts; the outcome of political and legal processes; legal, financial, and governmental risks related to international transactions and global needs for military aircraft, military and civilian electronic systems and support and information technology; as well as other economic, political and technological risks and uncertainties and other risk factors set out in the company's filings from time to time with the Securities and Exchange Commission, including, without limitation, the company's reports on Form 10-K and Form 10-Q.

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  CONTACT: Northrop Grumman Corporation 
         Frank Moore (Media) 
         (310) 201-3335
     
         Gaston Kent (Investors) 
         (310) 201-3423