NEW YORK (TheStreet) -- Shares of Northrop Grumman (NOC) - Get Report were gaining on heavy trading volume late Wednesday afternoon after the global security company posted better-than-anticipated results for the 2016 third quarter and gave an upbeat outlook for the year.
Before today's opening bell, the Falls Church, VA-based company reported adjusted earnings of $3.02 per share, surpassing analysts' estimates of $2.81 per share.
Revenue gained 3% year-over-year to $6.16 billion and topped Wall Street's projections of $6.00 billion.
For the full year, Northrop Grumman sees earnings per share between $11.55 and $11.75, higher than its previous forecast of $10.75 per share to $11.00 per share. The company expects revenue in the range of $23.9 billion to $24.1 billion vs. its prior view of $23.5 billion to $24.0 billion.
Analysts are modeling earnings of $11.05 per share on revenue of $23.8 billion for the year.
"Our third quarter results demonstrate that we continue to build a strong foundation for profitable growth over the long term," CEO Wes Bush said in a company statement.
More than 1.97 million shares of Northrop Grumman have traded hands so far today vs. the 30-day average of about 791,000 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of A-.
The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, notable return on equity and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: NOC