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Northrop Grumman Posts Higher Earnings, Sales

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By Calvin Biesecker Northrop Grumman [NOC] yesterday reported higher third quarter earnings and sales to go with strong free cash flow and record backlog and the company raised its sales and earnings guidance for 2008. Net income increased 5 percent to $512 million, $1.51 earnings per share (EPS), from $489 million ($1.41 EPS), topping consensus estimates by nine cents. Operating income actually declined, in part due to impacts from Hurricanes Gustav and Ike in September at its Shipbuilding segment, as…

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