Business

October 24, 2012

Northrop Grumman third quarter net income falls 12 percent

Defense contractor Northrop Grumman said Oct. 24 its third-quarter net income fell 12 percent, pulled down by a $66 million drop in net pension income, along with lower revenue.

But the company’s profit beat Wall Street predictions and it boosted its full-year profit outlook.

The Falls Church, Va.,-based company earned $459 million, or $1.82 per share in the three months ended Sept. 30. That was down from $520 million, or $1.86 per share, in the same quarter last year.

The per-share results got a significant boost – about 18 cents – from a nearly 10 percent drop in the number of outstanding shares.

Revenue fell 5 percent to $6.27 billion, from $6.61 billion last year.

Analysts, on average, expected a profit of $1.69 per share on $6.33 billion in revenue, according to FactSet.

Revenue at the company’s aerospace business rose 5 percent to $2.59 billion, as demand for its drone aircraft systems increased. But electronic systems revenue fell 10 percent to $1.71 billion and information systems revenue decreased 9 percent to $1.78 billion, both as a result of lower demand for defense-related products, which the company said reflects force reductions overseas.

Northrop Grumman boosted its full-year profit outlook, and now expects earnings to come in between $7.35 and $7.40 per share. That’s up from its previous range of $7.05 to $7.25 per share. Analysts, on average, expect $7.25 per share, with estimates ranging from $7.13 to $7.55.

The company also said it now expects its sales for the year to total about $25 billion. It previously predicted a range of $24.7 billion to $25.4 billion. Analysts expect $25.19 billion, on average, with estimates from $24.97 billion to $25.59 billion. AP

 




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


 
 

 
NG-people2

Northrop Grumman names VP, mission assurance for Electronic Systems sector

Northrop Grumman has appointed Sonal B. Deshpande vice president of mission assurance for the company’s Linthicum-based Electronic Systems sector. In this position, Deshpande is responsible for mission assurance across th...
 
 
sikorsky-raider

Sikorsky S-97 Raider helicopter achieves successful first flight

Sikorsky Aircraft Corp., a United Technologies Corp. subsidiary, announced May 22 the successful first flight of the S-97 Raider™ helicopter, a rigid coaxial rotor prototype designed to demonstrate a game-changing combination...
 
 
NG-people

Northrop Grumman appoints VP, program manager ISR division

Northrop Grumman announced it has appointed Steve Lunny, vice president and program manager for the intelligence, surveillance and reconnaissance division within the company’s Information Systems sector. Lunny will report...
 

 

HELLADS laser completes development

General Atomics Aeronautical Systems, Inc. announced May 21 that the High-Energy Liquid Laser completed the U.S. government acceptance test procedure and is now being shipped to the White Sands Missile Range, N.M. At WSMR, the laser will undergo an extensive series of live fire tests against a number of military targets.  GAASI is a leading...
 
 
boeing-transaero

Boeing delivers Transaero’s first Next-Generation 737-800

Boeing May 22 delivered Transaero’s first Next-Generation 737-800. The airplane, sporting a new livery, arrived at Moscow’s Domodedovo Airport. Boeing May 22 delivered Transaero’s first Next-Generation 737-800. The airpla...
 
 
Boeing photograph

Boeing-upgraded French AWACS take flight

Boeing photograph A French AWACS aircraft patrols the skies as part of a routine mission. The French AWACS fleet is in the midst of the Mid-Life Upgrade that modernizes the capabilities on board. Initial operating capability of...
 




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>