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Northrop, maker of the current B-2 bomber and Global Hawk
unmanned planes, reported a 9 percent rise in third-quarter net
profit to $516 million, or $2.75 per diluted share, from $473
million, or $2.26 per share a year earlier. Revenues edged up to
$5.99 billion from $5.98 billion.
Analysts polled by Thomson Reuters I/B/E/S had forecast earnings
per share of $2.19 and revenues of $5.86 billion.
The company's shares rose 5.2 percent in pre-market trade.
Northrop on Tuesday beat out a Boeing Co and Lockheed
Martin Corp team to develop and build a next-generation
long-range strike bomber for the U.S. Air Force, a deal analysts
say could be valued at up to $80 billion.
Northrop raised its outlook for full-year earnings per share to
$9.70 to $9.80, up from $9.55 to $9.70, and said it now expected
2016 revenues of $23.6 billion to $23.8 billion, raising the
lower end of the previous range from $23.4 billion.
The company said its segment operating income fell 13.6 percent
to $726 million from $840 million, with its margin rate dropping
sharply to 12.1 percent from 14 percent. The previous year's
results had included $112 million in benefit from a legal
settlement and lower pension costs.
Overall operating income rose 3 percent and the operating margin
increased to 13.3 percent from 12.9 percent, due to higher
pension adjustments and a $21 million decrease in corporate
expenses.
(Reporting by Andrea Shalal Editing by W Simon)
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