Northrop Grumman Q2 Profit Declines, But Revenue Rises, Raises Outlook

(RTTNews) - Northrop Grumman Corporation (NOC) Thursday reported net earnings of $812 million, or $5.34 per share for the second quarter, lower than $946 million, or $6.06 per share, in the same quarter a year ago, primarily due to a $244 million reduction in the non-operating FAS pension benefit.

The company also raised outlook for the full year.

Sales for the quarter increased 9% to $9.576 billion, from $8.801 billion last year, driven by strong demand.

Analysts on average polled by Thomson-Reuters were expecting earnings of $5.33 per share on revenue of $9.35 billion. Analysts' estimates usually exclude special items.

For the full year, the company now sees revenue in the range of $38.4 billion-$38.8 billion, up from the previous outlook of $38 billion-$38.4 billion. The consensus estimate stands at $38.39 billion.

Adjusted EPS is expected between $22.45-$22.85, compared with $22.25-$22.85 provided earlier. Analysts expect $22.6 per share.