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Tax Benefit, Corporate Items Lead Northrop Grumman’s Income Higher In Third Quarter

Cal Biesecker By
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Tax Benefit, Corporate Items Lead Northrop Grumman’s Income Higher In Third Quarter
Northrop Grumman Chairman and CEO Wes Bush. Photo: Northrop Grumman

Northrop Grumman [NOC] on Wednesday posted a strong increase in third quarter earnings driven by federal tax benefits, state tax refunds, and overhead claim recoveries while sales edged up slightly on gains at its Aerospace segment.Net income jumped 17 percent to $602 million, $3.35 earnings per share (EPS), from $516 million ($2.75 EPS) a year ago, beating consensus estimates by 54 cents per share.The federal tax benefits amounted to a $42 million (23 cents EPS) gain and stem from a…

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