Business

April 25, 2012

Northrop Grumman first quarter profit falls 4.5 percent

Northrop Grumman said April 25 its first-quarter profit fell 4.5 percent, as drops in U.S. defense spending reduced sales at its major businesses.

The Falls Church, Va.,-based defense contractor earned $506 million, or $1.96 per share, down from $530 million, or $1.79 per share, in the same quarter last year.

The year-ago period was boosted by $34 million in earnings from discontinued operations mainly related to the March spinoff of Huntington Ingalls Industries Inc.

Excluding pension-related items, the company said it posted an adjusted profit from continuing operations of $1.88 per share.

The profit beat Wall Street predictions. Analysts, on average, expected a profit of $1.59 per share, according to a FactSet poll.

Sales fell 8 percent to $6.2 billion from $6.73 billion, while analysts expected $6.26 billion in revenue.

Aerospace sales fell 8.1 percent to $2.38 billion on lower demand from military aircraft and space programs, while sales of information systems dropped 8.9 percent to $1.84 billion, as the U.S. military reduced its troop presence overseas.

The company repurchased 4.4 million shares during the quarter and said $1.4 billion remains on its current share buyback authorization.

Northrop Grumman said it now expects to post a full-year profit of between $6.70 and $6.95 per share, up from its previous prediction of $6.40 to $6.70 per share. The company also said it still expects to post sales of between $24.7 billion and $25.4 billion for the year.

Analysts polled by FactSet expect a 2012 profit of $6.57 per share on $25.08 billion in sales. AP

 




All of this week's top headlines to your email every Friday.


 
 

 

Headlines January 23, 2015

News: Yemen chaos threatens U.S. counterterror efforts, including drone programĀ - The White House’s strategy for fighting al-Qaeda in Yemen – repeatedly presented as a model by President Obama – was left in tatters Thursday by the resignation of the man who personally approved U.S. drone strikes in the country and the collapse of its central...
 
 

News Briefs January 23, 2015

NATO detects key Russian military equipment in east Ukraine NATO’s top commander in Europe says the alliance has detected the presence of key Russian military equipment in eastern Ukraine that, in the past, has accompanied large inflows of Russian troops. Gen. Philip Breedlove told a news conference Jan. 22 in Brussels that Russian electronic warfare...
 
 
Boeing photograph

Boeing Maritime Surveillance Aircraft ready for demonstration flights

Boeing photograph The Boeing Maritime Surveillance Aircraft program is ready for customer demonstration flights, having completed the baseline ground and flight testing of the aircraft mission systems. The Boeing Maritime Surve...
 

 
Air Force photograph by Jacqueline Cowan

F135 test demonstrates success of AEDC workshare initiative

Air Force photograph by Jacqueline Cowan Aerospace Testing Alliance Test Engineer Darren Carroll, pictured in front, assists as Pratt & Whitney Test Engineer Ronnie Thomas does a borescope inspection of the fan on the F135 ...
 
 
U.S. Air Force photo by Master Sgt. Kevin J. Gruenwald

40 years of Red Flag at Nellis

U.S. Air Force photo by Master Sgt. Kevin J. Gruenwald A flight of F-15 Eagles and F-16 Fighting Falcons Aggressors fly in formation over the Nevada Test and Training Ranges June 5, 2008. The proposal for Red Flag came in early...
 
 
Lockheed Martin photograph

Navy gears up to order production of 29 aircraft diagnostic systems

Lockheed Martin photograph Petty Officers Third Class Ira Schwartz assigned to Fleet Readiness Center Southeast at Naval Air Station Jacksonville, Fla., left, and Devin Riley from Fleet Readiness Center Mid-Atlantic at Naval Ai...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>