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July 24, 2019, 6:45 a.m. EDT

Northrop Grumman beats profit and sales expectations, lifts outlook

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By Tomi Kilgore

Northrop Grumman Corp. /zigman2/quotes/205518355/composite NOC -0.99% reported Wednesday second-quarter earnings and revenue that beat expectations, and raised its full-year profit outlook. The defense and aerospace company said net income rose to $861 million, or $5.06 a share, from $789 million, or $4.50 a share, in the year-ago period. The FactSet consensus for earnings per share was $4.68. Total sales grew 19% to $8.46 billion, above the FactSet consensus of $8.41 billion. Aerospace systems sales rose 2% to $3.39 billion, but missed expectations of $3.50 billion, while mission systems sales growth of 9% to $3.13 billion topped expectations of $3.04 billion. Elsewhere, innovation systems and technology services sales were also above expectations. For 2019, the company raised its adjusted EPS guidance range to $19.30 to $19.55 from $18.90 to $19.30 and affirmed its sales outlook of about $34 billion. The stock, which was still inactive in premarket trading, has soared 32.3% year to date, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.17% has run up 17.2%.

/zigman2/quotes/205518355/composite
US : U.S.: NYSE
$ 379.97
-3.81 -0.99%
Volume: 1.24M
Jan. 17, 2020 6:30p
P/E Ratio
19.57
Dividend Yield
1.39%
Market Cap
$64.04 billion
Rev. per Employee
$354,059
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,348.10
+50.46 +0.17%
Volume: 336.87M
Jan. 17, 2020 5:07p
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