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Business/Financial

Northrop Grumman Opens 2020 With Higher Sales, Earnings; Lowers Guidance Due To Pandemic

By Cal Biesecker

Wednesday, April 29th, 2020

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Northrop Grumman Opens 2020 With Higher Sales, Earnings; Lowers Guidance Due To Pandemic

Northrop Grumman Chairman, President and CEO Kathy Warden. (Photo: Northrop Grumman)

Northrop Grumman [NOC] on Wednesday reported a solid increase in sales in the first quarter on increases across its operating sectors, although net income barely edged up as a pension benefit more than offset lower operating earnings, higher taxes, and the impacts from negative returns on marketable securities due to market volatility. The company lowered its estimates for sales and adjusted earnings for the rest of 2020 due to the ongoing COVID-19 pandemic, with most of the impacts expected to…

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