Northrop Grumman Corp., the third- largest U.S. defense contractor, posted quarterly profit from continuing operations that exceeded analysts' estimates and boosted its full-year earnings forecast.
Income from continuing operations was $1.52 a share, including a one-time tax benefit of $75 million, or 23 cents a share, the Los Angeles-based company said in a statement today. Analysts surveyed by Bloomberg had estimated profit excluding some items of $1.18 a share.
Northrop raised its profit forecast for the year to $5 to $5.15 a share from an earlier projection of $4.65 to $4.90. The average estimate of 19 analysts was $4.86.
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Revenue increased at all of Northrop's five units, while operating income declined 18 percent in the electronic systems unit and 4.2 percent in shipbuilding, the company said.
The electronic systems business, maker of airborne radar for the F-35 Joint Strike Fighter, had “lower performance on government systems programs,” the company said in the statement. In the year-ago period, the unit had benefited from a $40 million patent-infringement settlement, Northrop said.
Aerospace Unit
Aerospace sales rose 4.6 percent to $2.53 billion in the quarter. Northrop's contract victories in the period included beating Boeing Co. for a $3.8 billion order to maintain the Air Force's KC-10 refueling tanker-fleet. Northrop will maintain the 59-tanker fleet for nine years.
Operating income at the information-systems business, which provides network communications systems and cyber-security products to defense and civilian government agencies, rose 32 percent to $206 million, the company said.
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