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Thursday, January 30, 2014

Northrop vows to return substantial cash to shareholders in 2014, (NYSE: NOC)

Northrop Grumman Corp expects to return a "substantial amount of cash" to shareholders in 2014 as it continues with a balanced approach of buying back shares and paying competitive dividends, Chief Financial Officer Jim Palmer on Thursday. Palmer said the company's forecast of $8.70 to $9 in earnings per share for 2014 was based on an 8 percent reduction in outstanding shares, roughly on the same scale as in 2013."Barring any major disruption to any of our major programs, we expect this type of performance to continue beyond 2014 which will allow us to make additional investments in our business while continuing to execute a balanced cash deployment strategy that returns a substantial amount of cash to our shareholders," Palmer said.

Northrop Grumman Corporation (Northrop Grumman) provides products, services, and integrated solutions in aerospace, electronics, information and services to its global customers. Shares of NOC traded higher by 1.28% or $1.44/share to $113.57. In the past year, the shares have traded as low as $64.20 and as high as $120.68. On average, 1352730 shares of NOC exchange hands on a given day and today's volume is recorded at 810585.