This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
Creating the Morgridge International Reading Center; IRA 2009, PhoenixSusan Wegmann
This slide show will be presented at the International Reading Association's Annual Conference in Phoenix, AZ on Feb. 23, 2009. Anyone who would like to discuss the Morgridge Center may access our website: mirc.ucf.edu.
Creating the Morgridge International Reading Center; IRA 2009, PhoenixSusan Wegmann
This slide show will be presented at the International Reading Association's Annual Conference in Phoenix, AZ on Feb. 23, 2009. Anyone who would like to discuss the Morgridge Center may access our website: mirc.ucf.edu.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. Safe Harbor Statement
Certain statements and assumptions in these materials contain or are
based on “forward-looking” information. Such “forward-looking”
information includes, and is subject to, numerous assumptions, risks
and uncertainties, many of which are outside Northrop Grumman’s
control. The Safe Harbor Note to today’s press release and Northrop
Grumman’s filings from time to time with the Securities and Exchange
Commission including, without limitation, reports on Form 10-K and
Form 10-Q, describe such economic, political and technological risk
factors and other uncertainties.
2
3. CEO Highlights
• Sales +6%
• EPS from continuing operations +6%
• Strong cash from operations and free cash flow
• 10.8 million shares repurchased in the quarter, 21.2 million year-to-date
• $11.5 billion new business awards, $31.1 billion year-to-date
• Record $70.1 billion backlog
• Substantial opportunity set
• Ample liquidity in current environment
• Raising guidance for EPS to $5.10 to $5.20
3
4. COO Highlights
• Business capture
• Program management
• LHD-8 milestones
Q2 2008 – Aft main engine light off
Q3 2008 – Electrical cabling installation complete
• Q4 2008 – Pier-side integrated propulsion test – on track
• Q1 2009 – Builder’s Trials – on track
• Q2 2009 – Delivery – on track
4
5. CFO Highlights
• Overall strong quarter
• Underlying fundamentals continue to be strong
• Strong liquidity and access to capital
• Risk mitigation and program execution highest priority
• More conservative approach to program risk
• Negotiating better contracts for NOC and our customers
5
7. Cash Highlights
2008E Cash from Operations
Q3 2008 Q3 2007 YTD $2.6 to $2.9 billion
Net Earnings $ 512 $ 489 $ 1,271
2008E Free Cash Flow
Non-cash items1 219 235 758
$1.8 to $2.1 billion
Retiree benefit expense in excess of funding (11) (2) 35
Change in trade working capital 409 260 (1)
Change in income taxes payable 214 79 130
Other 31 (31) (22)
Cash used in discontinued operations (1) (15) 3
Cash from operations $ 1,373 $ 1,015 $ 2,174
Includes depreciation & amortization, stock-based compensation expense and deferred income taxes.
1
7
8. 2008 Outlook
Current
Prior
2008E
2008E
Sales ~$33B ~$33.4B
Mid-high
Mid 8%
Segment OM %1
8% range
Operating Margin High 8% range Mid 8%
EPS $4.90 to $5.15 $5.10 to $5.20
Cash from Operations2 $2.6B to $2.9B $2.6B to $2.9B
Free Cash Flow1,2 $1.7B to $2.1B $1.8B to $2.1B
1 Non-GAAP measure – see definitions and reconciliations on slides 10 through 12
2 After required pension contributions of $120 million forecast for 2008 and before any additional discretionary pension pre-funding contributions in 2008.
8
9. 2009 FAS / CAS Pension*
• Fair market value method - mark-to-market plan assets at 12/31/08
• 2008 long-term return assumption 8.5%, discount rate 6.25%
• Negative 12% return on plan assets through 9/30/08 (S&P 500 negative 21%)
• Modeled a negative 10% return and 7% discount rate = net FAS/CAS
adjustment of ($415M) from 2008
• FAS expense increases $465M over 2008
• 100 basis points variance from return +$40M FAS expense
• 25 basis points variance from discount rate +$50M FAS expense
• Every $100M of pension pre-funding reduces FAS expense by $8.5M
• CAS expense smoothed over 5 years, amortized over 15 years in determining plan funded
status, estimated $50M impact to ’09 CAS expense
• Cumulative pension gains & losses are aggregated and absorbed into a corridor
equal to the greater of 10% of plan assets or projected benefit obligation, with
any excess gain or loss amortized into expense
*2009 pension expense will be based on actual investment returns for 2008 and discount rate as of 12/31/08. The
sensitivities provided apply only to NOC pension plans and only to the modeled conditions.
9
11. Non-GAAP Measure Reconciliation
Third Nine
Quarter Months
($ millions)
Sales 8,381 24,733
Segment operating margin rate1 9.2% 8.1%
Operating margin rate 9.2% 8.3%
Segment operating income 768 2,010
Unallocated expenses (20) (95)
Net pension adjustment 64 192
Royalty income adjustment (41) (66)
Operating income 771 2,041
1
Non-GAAP Measure - see definition on page 12
11
12. Non-GAAP Measure Reconciliation
Third Nine
Quarter Months
($ millions)
Cash from operations 1,373 2,174
Less:
Capital expenditures 167 444
Outsourcing contract & related software
costs 23 100
Free cash flow1 1,183 1,630
1
Non-GAAP Measure - see definition on page 12
12
13. Non-GAAP Measures Definitions
Non-GAAP Financial Measures Disclosure
• Today’s presentation and the accompanying web charts contain non-GAAP (Generally Accepted
Accounting Principles) financial measures, as defined by SEC Regulation G and indicated by a
footnote.
• While we believe that these non-GAAP financial measures may be useful in evaluating Northrop
Grumman, this information should be considered as supplemental in nature and not as a substitute
for financial information prepared in accordance with GAAP.
• Definitions are provided for the non-GAAP measures used in our presentation. Other companies may
define the measures differently.
Segment Operating Income
• Segment operating income is the total earnings from each of our seven segments including allocated
pension expense recognized under government Cost Accounting Standards (CAS).
• Reconciling items to total company operating income are:
– Unallocated expenses, which include unallocated corporate, legal, environmental, state income tax, and other retiree benefits expenses.
– Net pension expense, which includes GAAP pension expense less the CAS pension expense included in Segment Operating Income.
• Management uses segment operating income as an internal measure of financial performance of our
individual business segments. This measure also may be helpful to investors in understanding
period-over-period operating results separate from items that may be influenced by external market
fluctuations.
Operating Margin Rate
• Operating margin rate (OM) represents operating income as a percentage of sales for the relevant
business component (segment, business, total company).
Free Cash Flow
• Free cash flow (FCF) is the cash from operations less capital expenditures and outsourcing contract
& related software costs.
13