Ronald D. Sugar, chairman and chief executive officer of Northrop Grumman, told CNBC’s “Power Lunch” that the company had “some very terrific wins” despite missing first-quarter earnings estimates.
“We had an excellent operating quarter,” Sugar said. “We’re up in sales, profits, earnings per share and strongly up in cash and new order bookings. Overall, we’re pleased with the quarter.”
Northrop Grumman reported first quarter net profit of $387 million, or $1.10 a share, compared with $358 million, or $1.02 a share a year ago. Wall Street analysts expected the company to earn $1.14 a share.