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Business/Financial

Improved Performance, Pension Tailwind Bolster Profits At Northrop Grumman Despite Sales Dip

Defense Daily Staff

Thursday, October 24th, 2013

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Northrop Grumman [NOC] yesterday posted strong earnings results in the third quarter due to solid operating performance and an improvement in recovering pension costs under its government contracts, although sales slipped a bit. Net income rose 8 percent to $497 million, $2.14 earnings per share (EPS), from $459 million ($1.82 EPS), crushing consensus estimates by 42 cents EPS. Per share earnings were up 18 percent as the company’s stock repurchase program resulted in fewer shares outstanding from a year ago.…

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