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

Cal Biesecker By
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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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