Defense contractor Northrop Grumman Corporation (
) on Wednesday said its first quarter earnings fell 4.5% from last
year, but results still easily beat analysts' expectations.
The Falls Church, VA-based company reported first quarter net
income of $506 million, or $1.96 per share, compared with $530
million, or $1.79 per share, in the year-ago period. Excluding
one-time items, adjusted profit was $1.88 per share.
Revenue fell 8% from last year to $6.2 billion.
On average, Wall Street analysts expected a much smaller profit
of $1.59 per share, albeit on slightly higher revenue of $6.26
Northrop Grumman shares rose $1.50, or +2.4%, in morning trading
The Bottom Line
Shares of Northrop Grumman (
) have a 3.19% dividend yield, based on last night's closing stock
price of $62.73. The stock has technical support in the $55-$60
price area. If the shares can firm up, we see overhead resistance
around the $65-$67 price levels.
Northrop Grumman Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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