Northrop Grumman Q2 Results Rise, Top Estimates; Lifts FY21 Outlook - Quick Facts

(RTTNews) - While reporting higher than expected second-quarter results on Thursday, Northrop Grumman Corp. (NOC) raised again its forecast for fiscal 2021 earnings and revenues.

For fiscal 2021, the company now projects MTM-adjusted earnings in a range of $31.30 to $31.70 per share and transaction-adjusted earnings in a range of $24.40 to $24.80 per share on sales between $35.80 billion and $36.20 billion.

Previously, the company expected MTM-adjusted earnings in a range of $30.90 to $31.40 per share and transaction-adjusted earnings in a range of $24.00 to $24.50 per share on sales between $35.30 billion and $35.70 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $24.58 per share on revenues of $35.81 billion for the year. Analysts' estimates typically exclude special items.

Kathy Warden, chairman, chief executive officer and president, said, "Based on the strength of our growth and performance year-to-date and our enhanced outlook for the year, we have increased our 2021 sales and EPS guidance."

In the second quarter, the company recorded net earnings of $1.04 billion, 3 percent higher than last year's $1.01 billion. Earnings per share grew to $6.42 from $6.01 last year.

Total sales grew 3 percent to $9.15 billion from last year's $8.88 billion.

Analysts expected earnings of $5.83 per share on sales of $8.77 billion for the quarter.