Northrop Grumman 1Q Sales Rise 6%, Beat Consensus Forecast
April 29 2021 - 7:19AM
Dow Jones News
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.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 29, 2021 07:04 ET (11:04 GMT)
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