Northrop Grumman Corporation (NYSE:NOC) Q4 2014 Earnings Conference Call - Final Transcript

Feb 19, 2015 • 09:00 am ET


Northrop Grumman Corporation (NYSE:NOC) Q4 2014 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to Northrop Grumman's Fourth Quarter and Year End 2014 Conference Call. Today's call is being recorded. My name is Katelyn and I will be your operator today. At this time, all participants are in listen-only mode. [Operator Instructions].

I would now like to turn the call over to your host, Mr. Steve Movius, Treasurer and Vice President, Investor Relations. Mr. Movius, please proceed.

Steve Movius

Thanks, Katelyn, and welcome to Northrop Grumman's fourth quarter and year end 2014 conference call. We've provided supplemental information in the form of a PowerPoint presentation that you can access at our website.

Before we start, please understand that matters discussed on today's call constitute forward-looking statements pursuant to Safe Harbor Provisions of Federal Securities Laws. Forward-looking statements involve risks and uncertainties, which are detailed in today's press release and our SEC filings. These risk factors may cause actual company results to differ materially.

Matters discussed on today's call may also include non-GAAP financial measures that are reconciled in the supplemental PowerPoint presentation. I would also like to note that in 2015, our earnings releases will be in the fourth week of the month following the quarter-end due to reporting conventions.

On the call today are Wes Bush, our Chairman, CEO and President; Jim Palmer, our CFO; and Ken Bedingfield, our CFO Elect. At this time, I'd like to turn the call over to Wes.

Wes Bush

Thanks Steve. Hello everyone and thanks for joining us.

Before I begin my formal remarks today, I want to note that this is Jim Palmer's last conference call as Northrop Grumman's CFO. On behalf of the Board; our leadership team and all of our employees, I want to thank Jim for his many contributions since joining Northrop Grumman in 2007.

Jim has been an incredible partner in formulating our strategies; executing major strategic actions and driving the performance transformation. This created so much value for our shareholders; our customers and our employees. Jim has also ensured that we have the financial resources and flexibility to take advantage of our opportunities and on honor our commitments, which has been particularly important during the challenging budget environment of the last few years. But perhaps most importantly, Jim has been a steadfast advocate of ensuring we think about the long-term strength of our company and industry as he has a deep conviction about the importance of what we do.

I want to personally thank Jim for his leadership; his dedication; and the energy and integrity he applies to everything he does.

After we file our 2014 10-K, Ken Bedingfield will become Northrop Grumman's CFO. And Jim and Ken are working to ensure we have seamless transition over the next few months.

For those of you who haven't met Ken, prior to joining Northrop Grumman, he spent 17 years at KPMG where he had roles of increasing responsibility. And just prior to joining our team, Ken was the national client leader of KPMG's U.S. aerospace and defense audit practice.