Northrop 2Q profit rises 7 percent
Diversified industrial conglomerate Northrop Grumman Corp. said Tuesday second-quarter earnings climbed 7 percent, as gains in its information technology unit offset a revenue drop at its aerospace and shipbuilding operations.
Net income rose to $460 million, or $1.31 per share, from $430 million, or $1.23 per share. Earnings from continuing operations rose 4 percent. The result exceeded analyst expectations of $1.24 per share, according to Thomson Financial.
Sales added 4 percent to $7.93 billion from $7.6 billion last year, but missed Wall Street projections for $8.02 billion. Aerospace and shipbuilding revenue dropped, while information and systems revenue had an outsize gain.
Northrop also raised the lower end of its full-year profit from continuing operations target to $4.90 per share from $4.80 per share. The top end remains at $5.05 per share. The company pinpointed its sales forecast at $31.5 billion, the midpoint of its prior range of $31 billion to $32 billion.
Net income rose to $460 million, or $1.31 per share, from $430 million, or $1.23 per share. Earnings from continuing operations rose 4 percent. The result exceeded analyst expectations of $1.24 per share, according to Thomson Financial.
Sales added 4 percent to $7.93 billion from $7.6 billion last year, but missed Wall Street projections for $8.02 billion. Aerospace and shipbuilding revenue dropped, while information and systems revenue had an outsize gain.
Northrop also raised the lower end of its full-year profit from continuing operations target to $4.90 per share from $4.80 per share. The top end remains at $5.05 per share. The company pinpointed its sales forecast at $31.5 billion, the midpoint of its prior range of $31 billion to $32 billion.