By Dave Sebastian
Northrop Grumman Corp. said its sales rose for the first quarter as it booked gains in the space systems, mission systems and aeronautics systems segments, partially offset by lower sales at the defense systems unit due to the effect of a divestiture.
The Falls Church, Va.-based weapons company on Thursday posted net income of $2.19 billion, compared with $868 million in the year-ago period. Earnings were $13.43 a share, compared with $5.15 a share in the same period last year.
Transaction-adjusted earnings -- which include $1.1 billion in a gain on the sale of the company's information-technology service business -- were $6.57 a share. Analysts polled by FactSet were expecting adjusted earnings of $5.48 a share.
Sales rose 6% to $9.2 billion. Analysts were looking for $8.53 billion.
Space systems sales rose 29% to $2.52 billion. Mission systems sales rose 10% to $2.59 billion. Aeronautics systems sales rose 5% to $2.99 billion. Defense systems fell 17% to $1.56 billion.
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(END) Dow Jones Newswires
April 29, 2021 07:04 ET (11:04 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.