January 30, 2014 / 5:40 PM / in 4 years

Northrop vows to return substantial cash to shareholders in 2014

WASHINGTON, Jan 30 (Reuters) - 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.

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