: Northrop Grumman beats profit and revenue estimates

Northrop Grumman Corp. NOC said Thursday its third-quarter profit beat analyst expectations as revenue increased by $800 million from the year-ago period. Northrop Grumman’s third-quarter net income increased by 2% to $937 million, or $6.18 per diluted share, from $915 million, or $5.89 per diluted share, in the year-ago quarter. The FactSet consensus estimate was for earnings of $5.81 a share. Revenue rose 9% to $9.8 billion, ahead of the analyst estimate of $9.581 billion. The company’s profit was reduced by $1 a share, related to lower pension income. It also reported a boost of 44 cents a share from the sale of a minority stake in a business in Australia. Chief Executive Kathy Warden said Northrop Grumman ended the quarter with a record backlog and raised its 2023 sales forecast to about $39 billion, ahead of the analyst estimate of $38.8 billion. Northrop stock was not trading in the premarket. The stock is down 11.4% in 2023, compared to a 9% rise by the S&P 500 SPX.

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