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Northrop Grumman’s First Quarter Profit Tumbles But Beats Estimates

Cal Biesecker By
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Northrop Grumman’s First Quarter Profit Tumbles But Beats Estimates
Northrop Grumman Chairman and CEO Wes Bush. Photo: Northrop Grumman

Northrop Grumman [NOC] on Tuesday posted lower first quarter earnings due to declines in operating profits at two of its business segments, a less favorable pension adjustment versus a year ago, and a higher tax rate, but the results still beat consensus estimates and the company raised its earnings guidance for 2015.Net income slid 16 percent to $484 million, $2.41 earnings per share (EPS), from $579 million ($2.61 EPS), topping analysts’ estimates by 14 cents per share. Operating margins fell…

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