Northrop Grumman Q3 Results Beat Estimates, Tightens FY15 EPS View

(RTTNews) - Northrop Grumman Corp. (NOC) Wednesday announced nine percent increase in net earnings, while total sales were slightly down from the previous year. On a per share basis, earnings beat estimates. Looking ahead, the company tightened its earnings outlook for the full year 2015 and lowered the sales projections.

For the third quarter, the company recorded net earnings of $516 million, up from $473 million last year. On a per share basis, earnings increased to $2.75 on 187.9 million shares outstanding, up from $2.26 on 209.2 million shares outstanding.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $2.19 per share. Analysts estimates usually exclude special items.

Net sales for the quarter edged down to $5.979 billion from $5.984 billion a year ago. Wall Street expected $5.86 billion.

The company now expects full year 2015 earnings guidance in a range of $9.55 to $9.70 per share, while the previous outlook was in a range of $9.70 to $9.80 per share. The Street estimate for the period is $9.74 per share on revenue of $23.69 billion.

Sales expectation for the full year also is revised to a range of $23.400 billion to $23.800 billion, while its prior projection was in a range of $23.600 billion to $23.800 billion.

NOC finished Tuesday's regular trading at $180.60.