LOS ANGELES, June 15, 2001 (PRIMEZONE) -- Northrop Grumman Corporation (NYSE:NOC) announced today that it will conduct a series of meetings with institutional investors in Europe in mid-June which will include discussions of future expectations. The company stated that during those meetings it intends to confirm the financial guidance given with its first quarter earnings release on April 23, 2001.
"With the completion of the acquisition of Litton Industries, the outlook for Northrop Grumman's financial performance remains strong and intact," said Richard Waugh, Northrop Grumman corporate vice president and chief financial officer. "We are excited about our growth prospects."
The company plans to confirm the following guidance: -- Sales in 2001 to exceed $13 billion -- Sales in 2002 of approximately $16 billion -- Sales in 2003 of approximately $18 billion -- Economic earnings per share in 2001 between $7.00 and $7.40 per share with double-digit growth expected in 2002 and 2003. -- Cash available for debt pay down in 2001 between $100 million and $200 million, with the next several years averaging between $500 million and $800 million, exclusive of the B-2 tax payment in 2002.
Northrop Grumman Corporation is a $15 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 non-nuclear shipbuilding and systems. With 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.
Note: This release contains forward-looking statements concerning, among other things, the company's expectations as to future events, trends, markets and programs that are projections and are necessarily subject to various risks and uncertainties. Actual outcomes are dependent upon 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, successful integration of acquired companies and businesses, continued development and acceptance of new products, performance issues with key suppliers and subcontractors, government import and export policies, termination of government contracts, political processes, legal, financial and governmental risks related to international transactions and global needs for military and commercial aircraft and electronic systems and support 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 report on Form 10-K.
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CONTACT: Northrop Grumman Corporation, Los Angeles Bob Bishop (Media) (310) 201-3 Gaston Kent (Investors) (310) 201-3423