Northrop Grumman reports fourth quarter 2007 income of $457 million

Northrop Grumman Corporation reported fourth quarter 2007 income from continuing operations of $457 million unchanged from $457 million in the fourth quarter of 2006. Fourth quarter 2006 income from continuing operations included a pre-tax gain of $111 million on the sale of approximately 9.7 million shares of TRW Automotive common stock. For 2007, income from continuing operations increased 15% to $1.8 billion from $1.6 billion in 2006.

New business awards, firm contractual additions to backlog, totaled $8.7 billion in the fourth quarter led by business awards at Mission Systems and Electronics. Total backlog, which includes funded backlog and firm orders for which funding is not currently contractually obligated by the customer, was $64.1 billion on Dec. 31, 2007. Funded contract acquisitions for the quarter totaled $9.9 billion.

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