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Jan. 28, 2021, 6:46 a.m. EST

Northrop Grumman reports big profit, sales beats but provides downbeat outlook

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By Tomi Kilgore

Shares of Northrop Grumman Corp. /zigman2/quotes/205518355/composite NOC +1.14% were indicated down nearly 1% in premarket trading Thursday, after the aeronautics and defense company reported big fourth-quarter profit and sales beats but provided a downbeat outlook for 2021. The company swung to net income of $330 million, or $1.97 a share, from a loss of $409 million, or $2.43 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $6.59 from $5.61, above the FactSet consensus of $5.76. Sales rose 17% to $10.21 billion, beating the FactSet consensus of $9.27 billion, as sales from its aeronautics, defense, mission systems and space business segments all rose above forecasts. Based on what the company currently expects from the impact of the COVID-19 pandemic, 2021 adjusted EPS is expected to be $23.15 to $23.65, below the current FactSet consensus of $24.17, and sales are expected to be $35.10 billion to $35.50 billion, compared with forecasts of $37.44 billion. Earlier this week, the company said it increased its stock repurchase program by $3 billion. The stock has slipped 0.5% over the past three months through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.95% has gained 14.7%.

/zigman2/quotes/205518355/composite
US : U.S.: NYSE
$ 300.91
+3.40 +1.14%
Volume: 1.01M
March 5, 2021 4:00p
P/E Ratio
15.82
Dividend Yield
1.93%
Market Cap
$49.60 billion
Rev. per Employee
$379,371
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/zigman2/quotes/210599714/realtime
US : S&P US
3,841.94
+73.47 +1.95%
Volume: 3.33B
March 5, 2021 5:44p
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