Northrop Grumman 1Q results beat analysts’ expectations
FALLS CHURCH, Va. (AP) — Northrop Grumman’s first-quarter profit fell as expenses climbed. But its performance topped analysts’ estimates, and the defense contractor boosted its full-year earnings forecast.
The Falls Church, Virginia-based company earned $484 million, or $2.41 per share, for the three months ended March 31. That compares with $579 million, or $2.63 per share, a year ago.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.26 per share.
Northrop Grumman’s general and administrative expenses increased in the quarter, as did its federal and foreign income tax expense.
The maker of aircraft, military radar and information systems said its backlog at March 31 was $38.4 billion, compared with $38.2 billion at Dec. 31.
The company said revenue grew 1.9 percent to $5.96 billion in the period, also surpassing Wall Street forecasts. Analysts expected $5.73 billion.
Northrop Grumman Corp. said Wednesday it now anticipates full-year earnings in a range of $9.40 to $9.60 per share. Its prior outlook was for $9.20 to $9.50 per share. It still expects revenue between $23.4 billion and $23.8 billion. Analysts polled by FactSet predict earnings of $9.48 per share on revenue of $23.64 billion.
In midday trading, the stock fell 34 cents to $160.17.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NOC at http://www.zacks.com/ap/NOC
Keywords: Northrop Grumman, Earnings Report