Northrop boosts earnings, sees higher full-year profit
WASHINGTON, Oct 23 (Reuters) - Northrop Grumman Corp , maker of Global Hawk unmanned planes, on Wednesday reported sharply higher than expected earnings despite a slight drop in sales, and raised its forecast for full-year sales, earnings and cash flow.
Northrop, which also builds a range of electronic equipment for the U.S. military, reported an increase in earnings per share to $2.14 for the third quarter, up from $1.82 in the year-earlier period, and well above the $1.82 forecast by analysts polled by Thomson Reuters I/B/E/S.
It raised its forecast for full-year earnings per share to a range of $8.00 to $8.15, up from an earlier forecast of $7.60 to $7.80. Northrop also forecast higher operating margins, after boosting margins sharply in the third quarter.