Northrop Grumman Posts 3Q Sales, Profit Growth
October 22 2020 - 7:29AM
Dow Jones News
By Matt Grossman
Northrop Grumman Corp. on Thursday posted a larger profit and
stronger revenue year over year in the latest three-month period,
led by growth in the company's aeronautics division.
The Falls Church, Va.-based aerospace-and-defense company
recorded a third-quarter profit of $986 million, or $5.89 a share,
compared with $933 million, or $5.49 a share, a year earlier.
Analysts surveyed by FactSet had forecast earnings per share of
$5.63.
Northrop Grumman's revenue was $9.08 billion, up from $8.48
billion in last year's third quarter. Analysts had been expecting
revenue of $8.86 billion.
Revenue from the company's largest division, aeronautics
systems, climbed 5% to $2.91 billion. Mission-systems and
space-systems revenue climbed 10% and 17% year over year,
respectively, while defense-systems revenue declined by 4%.
The company's backlog grew to $81.3 billion, which was a record,
Northrop Grumman said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 22, 2020 07:14 ET (11:14 GMT)
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