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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO
MARIA BARTIROMO, CNBC ANCHOR: Earlier today, Northrop Grumman released its third-quarter earnings which beat analyst expectations. Net income rose slightly to $293 million. It was up 5 1/2 percent as did revenues. Revenues were totaling $7.45 billion, up from $7.41 billion last year. But operating earnings were slightly lower than the 288 million compared to the 291 million expectations. The stock is lower today by about 1 1/2 percent. And in a "First-on-CNBC" interview, Ron Sugar is with us, Chairman and CEO of Northrop Grumman.
Mr. Sugar, nice to have you with us, welcome.
RON SUGAR, CHAIRMAN & CEO, NORTHROP GRUMMAN: Glad to be back again, Maria.
BARTIROMO: Now, you had a real impact to the numbers this quarter because of Hurricane Katrina on the company`s shipyards, correct?
SUGAR: We sure did. But you know we had a very strong quarter overall, strong operating margin in every area of the company except for the ships - - and I`ll come back to that in a second -- extremely good cash flow, $900 million in the quarter, $2 billion year-to-date, and sales improved in six of our seven sectors.
Shipyards, we took one heck of a wallop...
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