Northrop Grumman Q2 Profit Slumps 27% on Tough Comps, Lower Sales; Forecast Raised (NOC)

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Defense contractor Northrop Grumman Corporation ( NOC ) on Wednesday said its second quarter profits fell 27% from last year, when results were aided by big one-time gains.

The Los Angeles-based company reported second quarter net income of $520 million, or $1.81 per share, compared with $711 million, or $2.34 per share, in the year-ago period.

Revenue fell 10% from last year to $6.56 billion.

On average, Wall Street analysts expected a smaller profit of $1.68 per share, albeit on higher revenue of $6.98 billion.

Looking ahead, the company raised its full-year outlook to a range of $6.75 to $6.90 per share, up from prior guidance of $6.50 to $6.70.

Northrop Grumman shares were slightly lower in premarket trading Wednesday.

The Bottom Line
Shares of Northrop Grumman ( NOC ) have a 3.06% dividend yield, based on last night's closing stock price of $65.40. The stock has technical support in the $62 price area. If the shares can firm up, we see overhead resistance around the $68-$70 price levels.

Northrop Grumman Corporation ( NOC ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: NOC

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