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Northrop Grumman tops Q3 sales and profit estimates and raises guidance

Northrop Grumman Corp. shares (NOC) rose 3% in premarket trade Thursday, after the defense company posted better-than-expected third-quarter earnings and raised its guidance. Northrop said it had net income of $986 million, or $5.89 a share, in the quarter, up from $933 million, or $5.49 a share, in the year-earlier period. Sales rose to $9.083 billion from $8.475 billion. The FactSet consensus was for EPS of $5.62 and sales of $8.863 billion. The company's backlog rose to a record $81.3 billion. Sales at the company's aeronautic systems division rose 5% to $2.914 billion, sales at defense systems fell 4% to $1,859 billion, sales at mission systems rose 10% to $2.551 billion and sales at space systems rose 17% to $2.198 billion. The company said it now expects full-year sales to range from $35.7 billion to $36.0 billion, up from July guidance of $35.3 billion to $35.6 billion. Shares have fallen 10.4% in the year to date, while the S&P 500 has gained 6.3%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

 

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10-22-20 0653ET

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