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Sales Higher, Earnings Fall On Pension Headwind At Northrop Grumman In Second Quarter

Cal Biesecker By
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Sales Higher, Earnings Fall On Pension Headwind At Northrop Grumman In Second Quarter
Northrop Grumman Chair, President and CEO Kathy Warden. Photo: Northrop Grumman

Northrop Grumman [NOC] on Thursday posted strong sales in its second quarter but like some of its peers, earnings tumbled. Net income fell 14 percent to $812 million, $5.34 earnings per share (EPS), from $946 million ($6.06 EPS) a year ago, nipping analysts’ expectations by a penny. Sales were strong, up 9 percent to $9.6 billion from $8.8 billion a year ago. Pension headwind knocked $160 million ($1.01 EPS) off the bottom-line and overall segment operating income contracted 2 percent.…

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