April 28, 2010 / 12:27 PM / 9 years ago

UPDATE 1-Northrop Grumman beats estimates, boosts outlook

*Q1 EPS $1.53 vs. estimate $1.32

*Full-year forecast raised

ATLANTA, April 28 (Reuters) - Northrop Grumman Corp (NOC.N) posted better-than-expected profit on Wednesday, aided by higher revenue and a lower share count, and the defense contractor raised its full-year forecast.

The maker of unmanned spy planes and ships reported net earnings of $469 million, or $1.53 a share, up about 21 percent from $389 million, or $1.17 a share, a year earlier.

Analysts had expected $1.32 a share, according to Thomson Reuters I/B/E/S.

Quarterly sales rose 8.5 percent to $8.61 billion, compared with analysts’ estimate of $8.07 billion.

Northrop Grumman, which announced this week that it will move its headquarters to Virginia from Los Angeles, said it now expects full-year profit of $5.75 a share to $6.00 a share, up from a prior forecast calling for earnings from continuing operations of $5.70 a share to $5.95 a share. (Reporting by Karen Jacobs, editing by Gerald E. McCormick)

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