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Wednesday, April 22, 2009

Northrop Grumman 1st-qtr profit up nearly 50 pct

Northrop Grumman Corp. said Wednesday that first-quarter earnings were $389 million, or $1.17 a share, compared to $264 million, or 76 cents a share, in the year-ago period. Sales increased 8% to $8.3 billion. Earnings in the first quarter of 2008 were reduced by a pre-tax charge of $326 million, or 61 cents a share, in the company's shipbuilding sector.

Pension-adjusted earnings per share from continuing operations were $1.32 a share in the first quarter of 2009. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.08 and sales of $8 billion. The Los Angeles-based defense contractor raised its 2009 earnings-per-share forecast for continuing operations to a range of $4.65-$4.90 from $4.50-$4.75.

Disclosure I do not own NOC shares.

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