Earnings Call Excerpt
Northrop Grumman Corp. (NOC)
Q3 2009 Earnings Call
October 21, 2009; 11:30 am ET
Executives
Ron Sugar - Chairman & Chief Executive Officer
Wes Bush - President & Chief Operating Officer
Jim Palmer - Corporate Vice President & Chief Financial Officer
Paul Gregory - Vice President of Investor Relations
Analysts
Sam Pearlstein - Wells Fargo
Doug Harned - Sanford Bernstein
Myles Walton - Oppenheimer & Company
George Shapiro - Access 342
Joe Campbell - Barclays Capital
Howard Rubel - Jefferies & Company
Kai Van Ruhl - Cowan & Company
Robert Bengon - Credit Suisse
Joseph Nadol - JP Morgan
Robert Stallard - Macquarie
Presentation
Operator
Good day ladies and gentlemen, and welcome to the Northrop Grumman third quarter 2009 earnings conference call. My name is Lacy and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer portion at the conclusion of the presentation. (Operator Instructions)
I would now like to turn the presentation over to your host for today’s call, Mr. Paul Gregory, Vice President of Investor Relations. Please proceed, sir.
Paul Gregory
Great, thank you Lacy. Good morning everyone and welcome to Northrop Grumman’s third quarter 2009 conference call. In support of today’s call, we’ve provided supplemental information in the form of a PowerPoint presentation that you can access at www.northropgrumman.com.
Before we start, please understand that the matters discussed today constitute forward-looking statements pursuant to Safe Harbor provisions and Federal Securities Laws. Forward-looking statements involve risks and uncertainties, which are detailed in today’s press release as well as our SEC filings, and may cause actual company results to differ materially.
During today’s call, we’ll discuss third quarter 2009 results and guidance for the year. We will refer to non-GAAP measures, which are defined and reconciled in our earnings release and supporting materials, which are posted on our website. On the call today, are our Chairman and CEO, Ron Sugar; our President and COO, Wes Bush; and our Chief Financial Officer, Jim Palmer.
At this point, please go to slide 3, and I’d like to turn the call over to Ron. Ron.
Ron Sugar
Thanks Paul and good morning everyone and thanks for joining us today. We are very pleased with this quarter’s performance, which was driven by 4% sales growth, a solid 9% segment operating margin rate, strong cash flow, and continued share repurchases. Earnings per share from continuing operations are slightly higher than last year despite our pension headwind.
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