Northrop Grumman Raises 2012 Full-Year Earnings Forecast; Reports Lower Third Quarter Profit and Revenue (NOC)

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On Wednesday defense and security equipment producer Northrop Grumman Corporation ( NOC ) reported lower earnings and revenue for the third quarter. The company beat analysts expectation on adjusted earnings, but missed on revenue.

The Falls Church, Virginia based company reported third quarter net income of $459 million, or $1.82 per share, compared to $520 million, or $1.86 per share, in the third quarter a year ago. NOC said that the drop in earnings was due to a $66 million decrease in net pension income for the quarter.

However, on an adjusted basis, EPS went up 6% to $1.73 from $1.63 per share a year ago. Wall Street analysts polled by Thomson Reuters expected adjusted earnings per share to be $1.69 for the quarter.

Quarterly revenue for Northrop Grumman was $6.27 million, down -5% from $6.61 billion a year earlier. Analysts expected revenue to be $6.34 billion.

Looking forward, NOC raised its full-year earnings forecast. Northrop now expects full-year earnings of between $7.35 and $7.40 per share, up from its prior view of between $7.05 and $7.25 per share.

NOC shares were flat in premarket trading on Wednesday.

The Bottom Line
Shares of Northrop Grumman ( NOC ) have a 3.16% dividend yield, based on last night's closing stock price of $69.66. The stock has technical support in the $64-$66 price area. If the shares can firm up, we see overhead resistance around the $73-$74 price levels.

Northrop Grumman Corporation ( NOC ) is not recommended at this time, holding a Dividend.com 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 The NASDAQ OMX Group, Inc.

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