Northrop Grumman (NOC) - Get Northrop Grumman Corporation Report posted stronger-than-expected second quarter earnings Wednesday, and boosted its full-year profit guidance, thanks in part to solid aerospace systems sales.
Northrup Grumman said earnings for the three months ending in June came in at $5.02 per share, up 27.7% from the same period last year and well ahead of the Street consensus forecast of $4.65 per share. Group revenues, the company said, were pegged at $8.5 billion, up 19% from last year and again topping analyst's forecasts of $8.42 billion.
Looking into 2019, Northrop Grumann said it sees adjusted earnings of between $19.30 to $19.55 per share for the full year, compared to a prior forecast of $18.70 to $19.30, noting that it's order backlog had increased by 10% to $63 billion.
"We had a strong second quarter fueled by new business captures, sales growth and operating performance," said CEO Kathy Warden. "Our portfolio is well aligned to our customers' needs and we see continued demand for our products, as evidenced by our growing sales and backlog. Our continued focus on profitable growth, operational efficiency and agility is generating value for our shareholders."
Northrop Grumman shares were marked 2.5% higher in early Wednesday trading following the results to change hands at $332.60 each, a move that extends the stock's year-to-date gain to around 35.8%.