Northrop Grumman 3Q profit rises, but shipbuilding profits dropped
By JOSHUA FREED AP Business Writer
Defense contractor Northrop Grumman Corp. says its third-quarter net income edged up on contributions from its aerospace, electronics and technology businesses.
Shipbuilding was the only operating segment where profit dropped. Northrop also raised its earnings guidance for the year.
The Los Angeles company reported net income of $497 million, or $1.67 per share, in the three months ended in September. That's up from $490 million, or $1.53 per share, a year ago. It says revenue rose to $8.7 billion from $8.35 billion a year ago. Analysts were expecting earnings of $1.46 per share on revenue of $8.56 billion.
Northrop Grumman raised its full-year earnings guidance to $6.85 to $7 per share. Previously it expected $6.60 to $6.80 per share. Analysts expected earnings of $6.86 per share for the year.
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