Northrop Grumman, General Dynamics Bolster Full-Year Profit Forecasts
July 24 2019 - 01:00PM
Dow Jones News
By Dave Sebastian
Two of the largest aerospace-and-defense companies raised their
profit outlooks for the year after second-quarter results that beat
expectations.
Northrop Grumman Corp. logged a profit of $861 million, a 9.1%
rise from the same quarter last year. Per-share earnings were
$5.06. Analysts polled by FactSet expected $4.68 a share.
Shares in the company were up 3.8% at midday.
Overall sales at Northrop Grumman increased 19% from a year
earlier to $8.46 billion.
Its aerospace-systems business booked $3.39 billion in sales, up
1.6%, partly driven by increased production of the F-35 fighter
jet. Sales in innovation systems more than tripled from last year
to $1.5 billion, as the company sold more military-aerospace
structures, launch vehicles and tactical missiles.
The company said its backlog rose 10% to $63 billion.
For the full year, Northrop Grumman expects adjusted earnings
per share of $19.30 to $19.55, up from the company's previous
outlook of $18.90 to $19.30.
General Dynamics Corp. reported a profit of $806 million, up
2.5% from a year earlier. Earnings were $2.77 a share. Analysts
expected $2.68 a share. Shares were up less than 1% at midday.
Revenue at General Dynamic rose 4% to $9.56 billion. Its
aerospace segment recorded $2.14 billion in revenue, up 13%. Sales
for its combat-, mission- and marine-systems segments also rose,
though information-technology sales declined.
General Dynamics said its backlog totaled $67.65 billion, up
2.1% from the same quarter last year.
General Dynamics boosted its profit guidance to a range of
$11.85 to $11.90 a share, compared with the previous midpoint of
$11.65 and a consensus of $11.76.
(END) Dow Jones Newswires
July 24, 2019 12:45 ET (16:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
General Dynamics (NYSE:GD)
Historical Stock Chart
From Feb 2024 to Mar 2024
General Dynamics (NYSE:GD)
Historical Stock Chart
From Mar 2023 to Mar 2024