Northrop Grumman Tops Estimates, Raises Full-year EPS Outlook

Northrop Grumman Corp. said Wednesday it had net income of $640 million, or $3.63 a share, in its first quarter, up from $556 million, or $3.03 a share, in the year-earlier period. Adjusted per-share earnings came to $3.13. Sales climbed to $6.267 billion from $5.956 billion. The FactSet consensus was for EPS of $2.93 and sales of $6.146 billion. The defense company raised its full-year outlook for EPS to $11.80 to $12.10 from a prior $11.30 to $11.60. The company is expecting full-year sales to total about $25 billion. The current FactSet consensus is for full-year EPS of $11.82 and sales of $25.2 billion. Shares rose 0.8% premarket, but are up 6.7% in 2017, while the S&P 500 has gained the same amount.