Northrop Grumman beats by $0.18, beats on revs; guides FY14 above consensus
Reports Q4 (Dec) earnings of $2.12 per share, $0.18 better than the Capital IQ Consensus Estimate of $1.94; revenues fell 4.9% year/year to $6.16 bln vs the $5.99 bln consensus.
Co issues upside guidance for FY14, sees EPS of $8.70-9.00 vs. $8.52 Capital IQ Consensus Estimate; sees FY14 revs of $23.5-23.8 bln vs. $23.52 bln Capital IQ Consensus Estimate.
Total backlog as of Dec. 31, 2013, was $37.0 billion compared with $40.8 billion as of Dec. 31, 2012. The decline in backlog was primarily due to reductions and delays in customer awards resulting from the current U.S. government budget environment as well as Information Systems backlog adjustments of $1.0 billion in the first half of the year, primarily to reduce unfunded backlog for expired periods of performance on active contracts. Fourth quarter 2013 new awards totaled $5.7 billion, and book-to-bill was 92 percent. For 2013, new awards totaled $21.9 billion, and book-to-bill was 89 percent.
Co issues upside guidance for FY14, sees EPS of $8.70-9.00 vs. $8.52 Capital IQ Consensus Estimate; sees FY14 revs of $23.5-23.8 bln vs. $23.52 bln Capital IQ Consensus Estimate.
Total backlog as of Dec. 31, 2013, was $37.0 billion compared with $40.8 billion as of Dec. 31, 2012. The decline in backlog was primarily due to reductions and delays in customer awards resulting from the current U.S. government budget environment as well as Information Systems backlog adjustments of $1.0 billion in the first half of the year, primarily to reduce unfunded backlog for expired periods of performance on active contracts. Fourth quarter 2013 new awards totaled $5.7 billion, and book-to-bill was 92 percent. For 2013, new awards totaled $21.9 billion, and book-to-bill was 89 percent.