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Income Up At Northrop Grumman In Third Quarter; Earnings Guidance Up For 2021, Down In 2022

Cal Biesecker By
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Income Up At Northrop Grumman In Third Quarter; Earnings Guidance Up For 2021, Down In 2022
Northrop Grumman Chair, President and CEO Kathy Warden. Photo: Northrop Grumman

Northrop Grumman [NOC] on Thursday reported higher earnings in its third quarter despite a drop in sales as the company benefited from an insurance settlement, a pension tailwind and improved operating margin. Sales fell 4 percent to $8.7 billion from $9.1 billion a year ago due to the divestiture in January of the information technology services business, which accounted for $606 million in revenue a year ago. Excluding the IT divestiture, organic sales increased 3 percent. Net income increased 8…

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