LOS ANGELES, March 27, 2003 -- Northrop Grumman Corporation (NYSE:NOC) will present Monday, March 31, 2003, at the Banc of America Securities Defense and Government IT Conference in New York City. The presentation by Gaston Kent, Northrop Grumman vice president of investor relations, and Steve Carrier, vice president of business development for the company's Information Technology sector, will be webcast at www.northropgrumman.com beginning at 10:15 a.m. EST.
The company will confirm the following financial guidance: earnings per share are expected to range between $3.65 and $4.15 per share from continuing operations for 2003; segment operating margin for 2003 is expected to be in the mid-7 percent range on estimated sales of $25 billion to $26 billion, with cash from operations between $1.1 billion and $1.3 billion before the B-2 tax payment; for 2004, sales are expected to range between $28 billion and $29 billion, with segment operating margin expected to continue in the mid-7 percent range; and cash from operations of $1.5 billion.
Northrop Grumman Corporation is a $25 billion global defense company, headquartered in Los Angeles, Calif. Northrop Grumman provides technologically advanced, innovative products, services and solutions in systems integration, defense electronics, information technology, advanced aircraft, shipbuilding and space technology. With approximately 120,000 employees and operations in all 50 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 Northrop Grumman believes to be within the definition in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties, and include, among others, statements in the future tense, and all statements accompanied by terms such as "expect," "estimate" or variations thereof. This information reflects the company's best estimates when made, but the company expressly disclaims any duty to update this information if new data becomes available or estimates change after the date of this release.
These estimates are based on preliminary estimates of the fair market value of the assets acquired and liabilities assumed and the related allocations of the purchase price related to the TRW acquisition. Final valuations and allocations, which are expected to be completed by Dec. 31, 2003, may differ from the estimates included herein. Various risk factors are set out in Northrop Grumman's filings from time to time with the Securities and Exchange Commission, including, without limitation, Northrop Grumman reports on Form 10-K and Form 10-Q and the company's most recently filed amendment to Form S-4.
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CONTACT: Frank Moore (Media) (310) 201-3335 Gaston Kent (Investors) (310) 201-3423