Financial Analysis of Northrop Grumman Essay
The financial analysis of Northrop Grumman includes the scrutiny of profitableness. liquidness. and equity ratios. its 3 twelvemonth stock monetary value. every bit good as a general fiscal overview of the company. This instance survey exams their financial scheme every bit good as the debt use and possible effects of the financial crisis on Northrop Grumman. This papers compares Northrop Grumman to other companies in the defence sector by comparing their ratios as good profitableness. The paper will supply the reader with an apprehension of the fiscal make-up of the company and its current and recent public presentation every bit good as estimations of future net incomes.
Overview of Northrop Grumman
Northrop Grumman is one of the world’s major defence contractors. Northrop Grumman is an advanced company that has long history of doing aircraft and other merchandises that support the defence industry. Northrop Grumman is made up of the former Northrop and Grumman companies and eighteen other companies that have been integrated into one successful corporation. Northrop Grumman has four primary sectors in its concern theoretical account: aerospace systems. electronic systems. information systems. and proficient services. The company has its central office in Falls Church. Virginia. and production installations across the United States. with major installations in California. Virginia. and Maryland. Northrop Grumman is the 3rd largest defence contractor in the universe.
Some of Northrop Grumman’s primary rivals are Lockheed Martin. Raytheon. Boeing. and L-3 Communications Holdings. Inc. Northrop Grumman plans on staying competitory even with the menace of segregation looming over the federal authorities and the menace of an extra $ 500 Billion in defence cuts above the presently planned $ 500 billion in defence cuts. They plan on staying competitory by being able to successfully develop and market their merchandises. to remain in front of the competition. This is done by reaming advanced. and supplying the installations and people to carry through these ends of developing and fabricating new merchandises and support concerns and authoritiess in information engineering.
History of Northrop Grumman
Northrop was founded in 1939 by Jack Northrop in Hawthorne. California. The company produced its first aircraft in 1940. the N-3PB patrol bomber for the Norwegian Air Force. The first production aircraft for the United States Army Air Force was the P-61 Black Widow. They continued developing aircraft for the United States Air Force. viing in the bomber contract in the mid-1940s for the long scope heavy bomber contracts utilizing his extremist winging flying designs of the XB-35 and XB-49. which were in competition with the B-36 and B-47. This was a high spot of Jack Northrop’s development of technologically advanced aircraft.
In 1959. they had the first flight of the F-5 a supersonic low cost combatant that would function as the footing of the T-38 supersonic jet trainer for the USAF. and subsequently on the F-20 an upgraded version of the F-5. They besides designed the US first ICBM the Shark. They continued with development of many plans climaxing with the B-2 Spirit Stealth Bomber. presently the most advanced and expensive bomber of all time built for the US Air Force. In 1994 they acquired the Grumman Corporation and became Northrop Grumman.
The Grumman Corporation started out in the 1930 was instrumental in the development of Naval Aircraft. They built the XFF-1. built in 1931. was the first naval aircraft with retractable set downing cogwheel. The built the widely successfully naval combatants the Wildcat with the first of all time sto-wing and the Hellcat one of the most successfully bearer aircraft of World War Two. Grumman continued to develop aircraft for the United States Navy. developing the F9F Panther. one of the United States Navy’s earliest jet combatants. Grumman continued to develop jet aircraft. including the A-6 Intruder household of aircraft for the Navy. every bit good as the F-14 Tomcat. made celebrated by the film Top Gun. Most notably the Grumman designed and built the Lunar Lander for the Apollo plan.
Northrop Grumman is chiefly involved in four related by besides distinguishable industries which are besides their nucleus competences. They are involved in aerospace systems. electrical systems. information systems and engineering systems. Engagement in these cardinal countries allows them to concentrate on their customers’ demands for remote-controlled air systems ; bid. control. communications. computing machines. intelligence. surveillance. and reconnaissance ( C4ISR ) ; logistics. and cyber security. The company is presently involved in a many major plans for the Defense Department. They are bring forthing the RQ-4 Global Hawk an remote-controlled air system ( UAS ) that is the lone UAS that is allowed to wing in US air space. They are besides developing and bring forthing active electronically scanned array radio detection and rangings for the F-35 and F-16 every bit good as a battalion of electronic warfare systems like the US Navy’s Next Generation Jammer. The Lightning household of advanced aiming cods is besides a cardinal plan within Northrop Grumman. with the Lightning Generation four making its 250th produced unit.
Northrop Grumman is besides developing the X-47b for the US Navy. which would give them a stealing bearer launched remote-controlled combat air vehicle. which would be the first for the US Navy. This aircraft besides made history. by being the first remote-controlled combat air vehicle to carry through a slingshot launch. on 29 November 2012 at the Naval Air Station Patuxent River. Maryland ( McKinney 2012 ) . Northrop Grumman is besides a spouse with Lockheed Martin in constructing major constituents to the F-35 Lightning II Joint Strike Fighter Program. specifically the centre fuselage and arms bay. They besides participate in the civilian sector with the level sequencing system for the US Post Office. and information systems for the Department of Homeland Security and public 911 services.
Northrop Grumman is a financially unafraid company that is looking to keep its current position quo. Harmonizing to their Value Line Report they were given an A++ evaluation for fiscal stableness. Value Line is besides gauging their 2012 grosss at $ 25100 million. which represents a lessening of $ 1312 million. Even though the company’s grosss have decreased since 2010. they have been able to keep their strength in the defence industry. They are still the 3rd largest defence contractor ; even with their recent sell offs of Newport News and Huntington Ingalls Industries. Incorporated.
This sell away. the drawdown in the Iraq and Afghanistan. and the lessenings defence disbursement has led to a lessening in grosss nevertheless harmonizing to Value Time. their gross in 2013 is estimated to be $ 2. 500 million a lessening of merely $ 100 million. Northrop Grumman besides carriers a in-between class bond evaluation of BBB+ . BBB+ . and Baa+ from the 3 major bond raters. S & A ; P. Finch. and Moody’s. These evaluation show that Northrop Grumman is stable company with an mean stock monetary value for 2012 of $ 63. 13.
Northrop Grumman Fiscal Strategy
Northrop Grumman’s corporate scheme can be explained in the 2011 Annual Report opening quotation mark from CEO Web Bush. “2011 was an outstanding twelvemonth for Northrop Grumman. confirming that our focal point on public presentation. portfolio alliance and effectual hard currency deployment continues to make value for our stockholders. clients and employees and place our company positively for the hereafter. ” This quotation mark states the overall way that CEO Web Bush is taking Northrop Grumman into the hereafter. The key to this scheme is Northrop Grumman concentrating on public presentation. An illustration of this was an net incomes per portion addition of 17 % on diluted portions to $ 7. 41 ( Northrop Grumman 2011 ) . In 2011. with the spinoff of their ship building division. they were able to supply. $ 1. 6 billion in equity to their stockholders ( Northrop Grumman. 2012 ) . These actions have all been to supply the most benefit to their stockholders.
Northrop Grumman is besides concentrating in on the new schemes that the Department of Defense is prosecuting. with over 90 % of their concern with the DoD and the US authorities by concentrating in on the growing countries of the DoD. C4ISR. remote-controlled systems. cyber security. and logistics are taking the manner as the new focal point of Northrop Grumman as they are the parts of the DoD that will go on to turn with the current budget issues confronting the Obama presidential term. They are besides go oning its focal point on their aerospace division which is the most profitable. since Northrop Grumman is a premier contractor on the F-35 and the F/A-18. every bit good as the builder of the Global Hawk. They are besides seeing the US budget jobs as an ideal point to get down prosecute the international market topographic point more. like the recent sale of Global Hawks to the North Atlantic Treaty Organization ( NATO ) . Their continued focal point of on stockholder’s value means they need to concentrate on their cardinal precedences of remote-controlled air system. C4ISR. logistics. and cyber security.
Another portion of Northrop Grumman’s scheme is doing minor and major acquisitions into other companies leting them to spread out their concern. which in bend will assist increase shareholders value. They will from clip to clip make strategic confederations. organize joint ventures. and dispose of or spinoff companies when they believe that these actions will help in making more value for their shareholders. Northrop Grumman’s strategic program is to go on to concentrate on increasing stockholder value every bit good as to go on to keep their film editing border in engineering and in the defence industry. and to develop systems that will back up the DoD new schemes as US forces leave Afghanistan and get down to concentrate on the Pacific Region.
The current financial crisis that is gripping the US. with big cuts to the defence budget. termination of the George W. Bush revenue enhancement cuts. increased revenue enhancement rates. cuts to societal plans. and new revenue enhancements from the Patient Protection and Affordable Care Ac 2010. will straight impact Northrop Grumman at all degrees. However. Northrop Grumman is in a place to win with the cuts and revenue enhancement additions and the possibility of another $ 500 billion in budget cuts to its largest client. the Department of Defense in the event of segregation. because of the companies diverseness within the defence market and their mix of being the primary contractor and a subcontractor on many contracts.
They plan on go oning their focal point on their nucleus industries demands of the DoD. Northrop Grumman besides believes that their concern is good positioned within the US authorities. because of the diverseness of plans they are working on like the F-35 Lightning II. RQ-4 Global Hawk. Minute Man III ascents. following coevals jammer. and other classified plans. These plans. with their importance to the US DoD will let Northrop Grumman to stay feasible during the financial crisis. and remain profitable. They besides believe that a trade will be reached debaring the crisis. and leting concern to go on.
Northrop Grumman’s Weighted Average Cost of Capital
Northrop Grumman has a leaden mean cost of capital of 8 % . This represents the low cost at which Northrop Grumman is able to secure funding. They presently have been purchasing back portions. which are increasing shareholder’s equity by doing each portion worth more ; every bit good they have been utilizing debt efficaciously. They peculiarly have been utilizing bonds to purchase back stock every bit good as for funding capital plans. They use the leaden mean cost of capital as a tool in finding price reduction rate and terminal value premises. The leaden cost of capital takes into consideration the comparative weights of the constituents of their capital construction. This is used to mensurate the costs of new capital. and with a leaden mean cost of capital at 8 % . Northrop Grumman seems to equilibrate in its attack to capital which is a mark of a mature and fiscal stable company.
Northrop Grumman has been a profitable company over the class of its history. In 2002 their net incomes were $ 697. 0 million and a Value Line estimation of $ 2. 005 million for 2012. which are about three times the net incomes of 2002. These recent net incomes can be attributed to the operations in the Middle East. peculiarly the wars in Iraq and Afghanistan. which have increased net incomes in every major defence contractor.
Northrop Grumman plans to stay profitable during the defence cuts from 2011-2021 by go oning their excellence in their merchandise development. industry and support. Failure in any of these countries will hold a negative consequence on their profitableness. They besides need to guarantee that their contracts are completed on clip and on budget. to guarantee that with some of the current contracts and political environment that either they do non acquire canceled. or that they do non hold continue on with their ain financess. Other things that could impact profitableness would be a failed projectile launch or failure of a merchandise that can non be fixed doing a contract to be canceled.
Northrop Grumman’s net net income border has besides increase since 2002. In 2002 their net net income border was 4. 1 % and has increased bit by bit to an estimated 8. 0 % in 2012. However. Value Line estimates that their net net income border will diminish to 7. 3 % in 2013 and fall to 6. 8 % boulder clay at least 2015. The gradual addition in net incomes is attributed to the wars in the Middle East. where there has been an increased demand on their merchandises. but the estimated lessening will be a consequence of the weaving down of operations in the Middle East and the financial crisis enfolding the US Government.
Even though their net incomes and net net income border is be aftering on diminishing in 2013 and beyond harmonizing to Value Line. Northrop Grumman will stay profitable and thereby leting to concentrate on their scheme of executing good for their stockholders. This addition in profitableness is in line with their scheme of public presentation peculiarly with their stock monetary value. which investors take the firm’s profitableness into history. This has resulted in an mean return on capital of 9. 2 % . Their return on capital is estimated to go on this addition rate through 2017 at 11. 5 % . Northrop Grumman’s EBITA Margin for 2011 is 14. 26 % at $ 3. 304. 000 million which has been increasing since 2010 and should go on to steadily increase even with the future budget uncertainness in the US authorities.
Northrop Grumman is besides a stable company because of its dividend policy. Northrop Grumman offers a quarterly dividend and has been paying a dividend since 1943 except for 1949-1950. The dividend payouts for 2012 were $ 0. 50 for the first one-fourth and $ 0. 55 for each subsequent one-fourth. numbering $ 2. 15. with net incomes per portion of $ 7. 40 estimated for 2012 ensuing in a 29 % dividend payout ratio. When compared to other companies in the defence industry. Northrop Grumman is on par with its chief rivals in respects to a dividend payout ratio with Boeing holding a 2011 dividend payout ratio of 31 % and Lockheed Martin of 41 % in 2011 ( Tortoriello. 2012 ) . In 2011. Northrop Grumman was able to apportion $ 2. 8 billion to give back to stockholders by buy backing stock and through dividends. These strong hard currency flows in 2011 were a consequence of the spinoff of their ship building industry. and $ 26. 412 million in gross revenues.
The company is go oning its portion buy backing in 2012 with $ 290 million allocated to buy back 13. 6 million portions. with $ 2. 0 billion left in that plan ( NOC net incomes release. 2012 ) . This along with the $ 2. 15 dividend in 2012 represent Northrop Grumman strength as a company and their resoluteness to concentrate on their stockholders. by purchasing back stock. doing it worth more and go oning to raise their dividend. Prior to the 2000s Northrop Grumman conducted its dividend policy like a public-service corporation with dividends that did non alter its payout twelvemonth to twelvemonth. This all changed when Ron Sugar became CEO of Northrop Grumman in 2003.
He began a plan the resulted in stock redemption plans and was able to duplicate the dividend payout during his term of office. CEO Sugar was able to raise the gross revenues per portion. nevertheless this did non ensue in an addition in the portion monetary value. which a depression of $ 33. 80 ( Forbes. 2011 ) . Northrop Grumman through their current CEO Wes Bush has increased their accent stockholder returns. He was able to the bash by increasing dividends by an norm of $ 0. 13 per twelvemonth and an mean dividend of $ 1. 78. since 2007. The 2012 dividend will be $ 2. 15 with the 4th one-fourth paid on Dec 31. 2012. Northrop Grumman’s dividend policy is to continuously supply a dividend to its stockholders and to continuously try to increase the dividend every bit good. Another portion of Northrop Grumman’s dividend policy is the stock redemption plan. Northrop Grumman has been making this since 2010. since they have extra hard currency from the spinoff of Newport News and Huntington Ingalls Industries. Incorporated. the ship building part of Northrop Grumman and recent bond issues to purchase back stock. in stead of publishing a higher dividend.
Corporate Chemical bond Policy and Debt Use
Northrop Grumman uses corporate bonds like many other companies. for acquisitions. capital enlargement undertakings. and refinancing bing debt. They presently have nine bond issues out with involvement payments runing from 1. 85-7. 81 % with adulthood day of the months from 2014 to 2040. Its current recognition evaluation from S & A ; P. Fitch and Moody’s is BBB+ . BBB+ . and Baa1. These evaluation mean that Northrop Grumman has a lower medium class evaluation. nevertheless harmonizing to Moody’s their debt prosodies are at the high terminal of their current category of debt. Their current long term debt on 31 December 2012 will be $ 3. 935. 0 million ( Value Line. 2012 ) . Since 2009 they have paid of $ 256. 0 million towards their long term debt. In 2011. Northrop Grumman paid $ 2. 692 million in involvement payments. harmonizing to their 2011 Annual study. They are projecting paying $ 207. 0 million in 2012. which is lower than 2011. but that figure is likely to lift at least through 2017.
In November of 2010. Northrop Grumman issued a stamp offer to purchase its bonds back for a sum of $ 2. 119 Billion of bonds from its subordinates. Concurrently. they have a public offering of senior unbarred debt securities for debt refund. pension financess. acquisitions. portion repurchases. and working capital. On 15 February 2011. Northrop Grumman had a bond issue of $ 750 million at adulthood with an involvement rate of 7. 125 % . Moody’s has non down or upgraded Northrop Grumman’s bond evaluation. due to a big order of RQ-4 Global Hawks to NATO. and because of a $ 4. 0 billion portion redemption program. That sale could hold a positive consequence on their bond evaluation. All in All. Northrop Grumman has had legion bond issues. and is presently utilizing its latest 1 for a battalion of intents.
Northrop Grumman is one of the top five defence companies in the universe with defence grosss in 2010 of $ 31. 181 billion ( Tortoriello. 2012 ) . Northrop Grumman as the one of the taking defence contractors in the universe and is on par with or transcending its rivals. Comparing the profitableness of Northrop Grumman to its equals in the defence industry. we can take a expression at figure 1 and compare profitableness ratios of Northrop Grumman with the norms in their industry group. The average return on assets ( ROA ) for the hunt and pilotage equipment is 7. 10 % . Northrop Grumman presently has a ROA of 7. 45 % as of 31 Dec 2011. and their current ROA is 5. 72 % as of 30 September. Using 2011 Numberss. Northrop Grumman is somewhat more profitable than the other houses in its SIC industrial grouping. Northrop Grumman is besides effectual in how they finance their activities. by utilizing a mix of bonds. stock options. and other signifiers of funding.
As of 2011 their entire debt to equity ratio is 0. 38 when compared to the industry norm is of 84. 40 is important because it shows small funding Northrop Grumman is utilizing at this clip. nevertheless. they are still have a nice bond evaluation of Baa1 from Moody’s and Value Line has their fiscal strength listed as A++ . The industry norm for the speedy ratio is 2. 00. Northrop Grumman’s 2011 quick ratio was 0. 97. With a speedy ratio below one. this shows that Northrop Grumman is extremely effectual at making hard currency from its investings and work activities. In analyzing these ratios ; it shows that Northrop Grumman is a extremely successful and stable company that would show a low hazard investing to an investor. However. it is to be seen what the possibilities of segregation and cuts to the military have on these ratios and the net incomes and low debt that Northrop Grumman has during the 2000s.
Stock Price Analysis
Northrop Grumman is a publically traded house on the New York Stock Exchange. under the symbol NOC. As of 14 December. 2012 they presently have 254. 000. 000 portions of common stock outstanding. They presently have zero preferred stock and $ 3. 935 million presently in bonds. Harmonizing to Northrop Grumman’s last hard currency flow statement. they paid $ 543 million in dividends. As of 15 November 2012. the board of managers decided to publish a quarterly dividend of $ 0. 55 per portion collectible 12 December 2012. Northrop Grumman since 2009 has paid an mean dividend of $ 1. 83. They besides have repurchased $ 2. 194 million in company stock. and they have been making this for the past few old ages as another manner to counterbalance their investors besides dividends.
Northrop Grumman over the past 36 months has seen its stock rise and autumn and go on on that way with an mean volatility of 2. 0. The low volatility of their stock is representative of a stable company. and stable stock monetary values. that would pull conservative investors. and give new investors faith that they will have a nice return on their money. Northrop Grumman during this clip has since its stock monetary values with a high of $ 71. 87 and a depression of $ 49. 26. The few truly big troughs in the moving ridge that the stock monetary value creates is August of 2011 and autumn of 2009. These troughs represent the low times for Northrop Grumman’s stock. but during these times at that place stock has been steadily mounting specifically after Wes Bush took over as CEO and began to concentrate on bettering the portion monetary value every bit good increase the public presentation of the company.
These double actions have led to an addition in their portion monetary value every bit good assisting the company cut down debt. and increase capital to cover with the impending fiscal crisis that could perchance take to another recession. As of 14 Dec 2012. Northrop Grumman is merchandising at $ 67. 37 ( yokel finance. 2012 ) ; they have systematically been merchandising in the upper $ 60s since July of 2012. when the stock monetary value was lifting from a depression of $ 57. 29 in June of 2012. Northrop Grumman stock has been lifting because of the good evaluations they have received from legion media mercantile establishments. such as Value Line and Yahoo Finance.
The rise in stock monetary values and favourable evaluation can be attributed to the company renewed focal point on its nucleus industries and the spinoff of its ship edifice subordinates. Their public presentation has increased under the leading of their current CEO Wes Bush. Their stock monetary values have besides remained stable in recent months. because of the strong hard currency presence. which is adding investor friendly enterprises such as a raising the dividend and buy backing stock. every bit good as buttonholing for new contracts. like the $ 30 million station office contract and the NATO contract to purchase RQ-4 Global Hawks. Last. Northrop Grumman is one of the more stable companies with an estimated EPS in 2012 of $ 7. 40. down $ 0. 01 from 2011. which is declarative of a stable company that is run intoing or transcending its public presentation estimations.
Northrop Grumman is exposed to foreign currency hazard ; nevertheless they are non at a great hazard to fluctuations in foreign currency. They are exposed to the hazards of foreign currency from their international operations. They mitigate foreign currency hazard by come ining into foreign currency frontward contracts as to pull off parts of grosss from international clients and payments that may be hold to made to international spouses. As of 31 December 2011 Northrop Grumman had $ 233 million in foreign currency frontward contracts outstanding ( Northrop Grumman. 2011 ) . With $ 26. 412 million in gross revenues in 2011. ( Northrop Grumman. 2012 ) . $ 233 million is non really important. and they believe a 10 % alteration in involvement rates of foreign currency exchange rates would non hold a important consequence on the fiscal place or consequence their operations.
Northrop Grumman will be affected by the volatility and break the domestic and international recognition markets. Northrop Grumman entree these markets from clip to clip when they need capital to back up capital enlargement undertakings. refinancing of bing debt. and for germinating lines of recognition. With the current financial crisis in the US and Europe. will do it hard for Northrop Grumman entree recognition on favourable footings or at all which will hold an inauspicious consequence on the financial standing. They are at hazard. because of counterparty default because they deal with bankers and agents in the recognition market. when they have need for more capital. Their providers are besides at hazard with the volatility and breaks in the recognition markets from the financial crisis. If their ability to entree recognition on favourable footings. or at all could adversely impact Northrop Grumman by coercing them to alter providers. which could take to them to be unable to run into their contractual duties.
This could do holds in plans or coerce them to happen other agencies to help their providers to back up their contracts. Northrop Grumman has besides entered into recognition understandings amounting to an aggregative rule of $ 2 billion. This is a revolving door 364 twenty-four hours recognition understanding that will assist them cover costs over the short in the event of a lessening in hard currency. This revolving line of recognition is based on many rates. including the LIBOR or an alternate rate. Northrop Grumman will be confronting issues in the recognition market. due to the financial crisis in the US. and the instability in the federal budget and the looming menace of segregation. which will straight impact the recognition markets. However. the slow growing rates of the US economic system. and economic system staying on the threshold of falling back into recession has kept involvement rates low. which is an effort to do recognition easier to entree.
Northrop Grumman is a taking defence contractor in the United States that has four chief concern countries. aerospace systems. electronic systems. information systems. and proficient services. They are involved in many merchandises that are used or are in development for the Department of Defense. from the RQ-4 to new electronic warfare systems. Northrop Grumman presently receives 90 % of its grosss from the US authorities. chiefly from military contracts. They are besides a really stable company that has been increasing their dividends over the past few old ages. every bit good as holding a steady stock monetary value that has been increasing every bit good.
Their presently a lower medium class bond evaluation. rated at Baa+ from Moody’s. They have a strong history of back uping the US military with a battalion of historic aircraft and systems that support these aircraft. Northrop Grumman will go on to stand out within the looming menace of segregation and $ 1 trillion in budget cuts to the defence budget over the following 10 old ages. All in all. Northrop Grumman is a leader in the defence industry and will go on to be a profitable company during the drawdowns in the Middle East and the defence budget cuts confronting the US armed forces.
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