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The
No.3 U.S. weapons maker also raised its 2016 earnings forecast
to $10.40-$10.70 per share from $9.90-$10.20.
Northrop's results come a day after larger rival Lockheed Martin
Corp <LMT.N> also raised its 2016 forecast and reported
better-than-expected quarterly sales, benefiting from its
acquisition of helicopter maker Sikorsky Aircraft.
Revenue at Northrop's aerospace systems, which makes manned
aircraft, drones and space craft, increased 3 percent in the
first quarter ended March 31. The business accounted for about
43 percent of total revenue.
Total sales were nearly flat at $5.96 billion, but beat analysts
average estimate of $5.93 billion, according to Thomson Reuters
I/B/E/S.
The company's net income rose nearly 15 percent to $556 million,
or $3.03 per share. Excluding items, it earned $2.59 per share,
comfortably beating analysts estimates of $2.49.
Federal and foreign income tax expense fell 45.5 percent to $120
million.
Up to Tuesday's close, Northrop's stock had risen 7.8 percent in
value this year.
(Reporting by Sweta Singh in Bengaluru; Editing by Savio D'Souza)
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