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Northrop Grumman 1Q Profit Fell 4.5% On Broad Revenue Decline

DOW JONES NEWSWIRES Northrop Grumman Corp.'s (NOC) first-quarter earnings fell 4.5% as the defense company reported revenue fell across its main businesses. For the year, the company raised its per-share earnings estimate to $6.70 to $6.95 from its February estimate for $6.40 to $6.70 and affirmed its revenue view. Northrop Grumman, which builds pilotless aircraft such as the Global Hawk and is a provider of cybersecurity and logistics services, has been streamlining operations for the past several years to cope with leaner defense budgets. Though the company has viewed the government's increased focus on high-tech weaponry as a potential plus, the Pentagon earlier this year canceled a version of Northrop's Global Hawk unmanned surveillance plane as part of an initial 2013 budget plan. Northrop Grumman reported a profit of $506 million, down from $530 million, a year earlier. On a per-share basis, earnings rose to $1.96 from $1.79 on fewer shares outstanding in the more recent period. Excluding pension impacts and other items, earnings from continuing operations were up at $1.88 from $1.44. Revenue decreased 8% to $6.2 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.59 on revenue of $6.25 billion. Operating margin rose to 12.8% from 12%. Sales declined at the aerospace, electronic, information and technical systems segments. Total backlog at quarter's end was $39.13 billion, down from $39.52 billion at the end of 2011. Shares closed Tuesday at $62.73 and were inactive premarket. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Northrop Grumman (NOC)
DateTimeHeadline
04/23/201519:30:00Northrop Grumman Announces Support for Newest Defense Department...
04/23/201511:00:00Northrop Grumman Signs Long-Term Agreement with Raytheon for...
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04/21/201511:10:00Northrop Grumman Launches 2016 CyberCenturion Competition to...
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04/20/201511:00:00Robert J. Gough Named Vice President of Combat Avionics Systems...
04/20/201510:00:00Space Solar Power Initiative Established by Northrop Grumman...
04/18/201508:31:02273 Drone Aircraft Carriers? New DARPA Contract Could Be a Game...
04/16/201513:00:00Northrop Grumman and bwtech@UMBC Graduate Fifth Cyber Startup...
04/16/201510:00:00Northrop Grumman Names Nicholas G. Paraskevopoulos Vice President...
04/16/201508:00:00Northrop Grumman to Expand North Dakota Presence
04/15/201510:30:00Northrop Grumman Enables Assured Warfighter Communications by...
04/14/201515:00:00Northrop Grumman's Astro Aerospace Delivers James Webb Space...
04/14/201514:00:00Invitation to Northrop Grumman's First Quarter 2015 Financial...
04/14/201509:00:00UMBC Partnership with Northrop Grumman Expands to Include Health...
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04/14/201503:30:00Northrop Grumman Expands Presence in United Kingdom with Opening...
04/14/201503:30:00Northrop Grumman Expands Presence in United Kingdom with Opening...
04/13/201510:00:00Northrop Grumman Names Eric Reinke Chief Technology Officer of...

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