Northrop Grumman Q3 Earnings Beat Estimates; Lifts Annual Outlook - Quick Facts

(RTTNews) - Northrop Grumman Corp. (NOC) Wednesday reported third-quarter earnings which declined, after the federal contractor saw a drop in aircraft and information systems volumes. Per-share earnings, however, rose on decreased share count and topped analysts' estimates, as did sales.

The company raised its annual earnings outlook above Street expectations, and projected sales at top end of guidance range.

For the 3-month period, net earnings were $473 million, down from $497 million a year earlier. Per-share earnings, however, increased to $2.26, from $2.14 last year, as the company's average shares outstanding decreased by 10 percent.

On average, analysts polled by Thomson-Reuters estimated earnings to be $2.14. Analysts' estimates typically exclude one-time items.

The company said the quarterly earnings included a $62 million, or $0.30 per share, charge to reflect passage of HATFA, which retroactively reduces recoverable pension costs.

Sales declined to $5.98 billion, from $6.11 billion last year, but were above the $5.89 billion Wall Street expected.

For the full year, the company raised earnings guidance to $9.40 - $9.50 per share, from prior guidance range of $9.15 - $9.35. It now expect annual sales of $23.8 billion.

Analysts expect earnings of $9.35 on revenues of $23.71 billion for 2014.