Northrop Grumman Corporation (NOC) has reported a 10.55 percent rise in profit for the year ended Dec. 31, 2016. The company has earned $2,200 million, or $12.19 a share in the year, compared with $1,990 million, or $10.39 a share for the last year. Revenue during the year grew 4.17 percent to $24,508 million from $23,526 million in the previous year.
Operating income for the year was $3,193 million, compared with $3,076 million in the previous year.
"Congratulations to our entire team on a strong fourth quarter and excellent full-year 2016 results that included higher sales accompanied by strong performance and cash generation. For 2017, our outlook calls for continued investment to drive growth and performance, as we strengthen the foundation for long-term profitable growth," said Wes Bush, chairman, chief executive officer and president.
For financial year 2017, Northrop Grumman Corporation expects revenue to be $25,000 million. The company forecasts diluted earnings per share to be in the range of $11.30 to $11.60.
Operating cash flow improves significantly
Northrop Grumman Corporation has generated cash of $2,813 million from operating activities during the year, up 30.11 percent or $651 million, when compared with the last year. The company has spent $805 million cash to meet investing activities during the year as against cash outgo of $431 million in the last year.
The company has spent $1,786 million cash to carry out financing activities during the year as against cash outgo of $3,275 million in the last year period.
Cash and cash equivalents stood at $2,541 million as on Dec. 31, 2016, up 9.57 percent or $222 million from $2,319 million on Dec. 31, 2015.
Working capital increases sharply
Northrop Grumman Corporation has recorded an increase in the working capital over the last year. It stood at $1,226 million as at Dec. 31, 2016, up 39.79 percent or $349 million from $877 million on Dec. 31, 2015. Current ratio was at 1.22 as on Dec. 31, 2016, up from 1.16 on Dec. 31, 2015.
Debt moves up
Northrop Grumman Corporation has witnessed an increase in total debt over the last one year. It stood at $7,058 million as on Dec. 31, 2016, up 10.52 percent or $672 million from $6,386 million on Dec. 31, 2015. Total debt was 27.56 percent of total assets as on Dec. 31, 2016, compared with 26.11 percent on Dec. 31, 2015. Debt to equity ratio was at 1.34 as on Dec. 31, 2016, up from 1.16 as on Dec. 31, 2015.
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