Defense contractor Northrop Grumman’s net income fell 8 percent in the second quarter as sales softened in most of its business segments, but its adjusted results beat Wall Street’s estimates.
The Falls Church, Va., company also raised its full-year earnings forecast July 25.
Northrop Grumman made $480 million, or $1.88 per share, compared with $520 million, or $1.81 per share, in the same period last year.
The higher per-share earnings were due to fewer outstanding shares in the current quarter.
Taking out pension-related costs, earnings from continuing operations climbed to $1.79 per share from $1.59 per share.
Wall Street, which usually excludes special items, predicted $1.61 per share, according to a FactSet poll.
Revenue for the period ended June 30 fell 4 percent to $6.27 billion from $6.56 billion. Still, it topped analysts’ $6.19 billion forecast.
Sales for the aerospace systems and electronic systems segments both dropped 3 percent, while information systems sales slid 9 percent. Sales for the technical services division edged up 1 percent in the quarter.
Northrop Grumman now expects full-year earnings of $7.05 to $7.25 per share, up from $6.70 to $6.95 per share. It maintained its revenue guidance of $24.7 billion to $25.4 billion.
Analysts foresee earnings of $6.88 per share on revenue of $25.05 billion. AP