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Tax Credit Fuels Earnings Increase At Northrop Grumman As Sales Dip

Cal Biesecker By
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Tax Credit Fuels Earnings Increase At Northrop Grumman As Sales Dip
Northrop Grumman-built Global Hawk unmanned aerial vehicle (UAV). Sales of unmanned aircraft are expected to increase in 2015. Photo: Northrop Grumman.

Northrop Grumman [NOC] on Wednesday posted a solid increase in net income due to a tax benefit, although sales declined slightly.Net income increased 4 percent to $531 million, $2.74 earnings per share (EPS), from $511 million ($2.37 EPS), beating consensus estimates by 41 cents per share. The tax benefit for research credits from prior year returns contributed $38 million (20 cents EPS) to the bottom line, with per share results also helped by a lower share count.The company’s operating profits…

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