Northrop Grumman posts lower profit, raises forecast
(Reuters) - Defense equipment maker Northrop Grumman Corp (NOC.N) reported a lower quarterly profit on Wednesday, mainly due to a $66 million fall in net pension income, but the company raised its full-year earnings forecast.
Northrop, which builds Global Hawk unmanned surveillance planes, radars and electronic systems, said it now expects full-year earnings of between $7.35 per share and $7.40 per share, up from its prior view of between $7.05 and $7.25 per share.
The company reported earnings per share of $1.82 for the third quarter, down from $1.86 in the year-earlier quarter. Revenue fell to $6.27 billion in the quarter, compared with $6.61 billion a year earlier.
Analysts polled by Thomson Reuters I/B/E/S had expected earnings per share of $1.69 on revenue of $6.33 billion for the quarter ended September 30.
Northrop Chief Executive Wes Bush said the company remained focused on performance, effective cash deployment, and portfolio alignment. "We are working closely with our customers to bring innovative, affordable solutions to support their needs in today's fiscally constrained environment," Bush said in a statement.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Supriya Kurane and Gerald E. McCormick)