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Northrop Grumman Opens Year With Strong Earnings

Cal Biesecker By
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Northrop Grumman Opens Year With Strong Earnings
Northrop Grumman Chairman and CEO Wes Bush. Photo: Northrop Grumman

Benefiting from a favorable tax settlement, pension income, improved operating performance and the repurchase of its stock, Northrop Grumman [NOC] on Wednesday reported a strong financial start to 2014 with a hefty rise in earnings despite a fall in sales. Net income increased 18 percent to $579 million, $2.63 earnings per share (EPS), versus $489 million ($2.03 EPS) a year ago, walloping consensus estimates of $2.15 EPS. The results included a $51 million (23 cents EPS) benefit from a partial…

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