Aerospace and defense giant Northrop Grumman (NOC) - Get Report on Thursday reported third-quarter net earnings that exceeded analysts' forecasts, as all of its key business segments recorded stronger results, and also raised its 2019 guidance.
The Falls Church, Va.-based company said it earned $933 million, or $5.49 a share, compared to $1.2 billion, or $7.11 a share, in the comparable year-earlier quarter. Analysts polled by FactSet had been expecting earnings of $4.77 a share.
Sales rose 5% to $8.5 billion "due to higher sales in all three business areas," the company said, specifically manned aircraft, which recorded higher volumes on the company's E-2 program and a higher rate of F-35 production, which in turn was partially offset by lower B-2 sales."
Space sales including Next Generation Overhead Persistent Infrared (Next Gen OPIR) programs as well as autonomous systems sales also grew due to higher volume on multiple programs, including Global Hawk, the company said.
Nothrop Grumman also raised its full-year 2019 guidance, saying it now expects per-share of earnings of $20.35, up from $20.10, and free cash flow of $3 billion vs. $2.7 billion. Analysts polled by FactSet currently expect full-year per-share earnings of $19.64.
Shares of Northrop Grumman were up 33 cents, or 0.09%, at $353.53 in premarket trading.
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