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Tax Benefit Sends Northrop Grumman’s Earnings Higher In Opening Quarter

Tax Benefit Sends Northrop Grumman’s Earnings Higher In Opening Quarter
Artist’s rendering of the Air Force’s Long Range Strike Bomber, designated B-21. Northrop Grumman, the prime contractor for the program, doesn’t mention the B-21 in its earnings releases because it is classified. The company said classified manned aircraft contributed to higher sales in 2019 and will do so again in 2020. Image: Air Force.

Northrop Grumman [NOC] on Wednesday reported strong first quarter earnings driven by an accounting change that led to a handsome tax benefit while sales were level with a year ago.Net income jumped 15 percent to $556 million, $3.03 earnings per share (EPS), from $484 million ($2.41 EPS) a year ago, cruising above consensus estimates by 40 cents per share. The company adopted an accounting standard update related to share-based compensation expense that added $80 million (44 cents EPS) to the…

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