Defense contractor Northrop Grumman Corporation (
) on Wednesday posted better-than-expected fourth quarter profits,
but lowered its full-year forecast below analysts' view.
The Los Angeles-based company reported fourth quarter net income
of $376 million, or $1.27 per share, compared with $413 million, or
$1.31 per share, in the year-ago period.
Revenue fell more than 3% from last year to $8.61 billion.
On average, Wall Street analysts expected a much smaller profit
of $1.01 per share, albeit on higher revenue of $8.80 billion.
Looking ahead, the company forecast full-year 2011 earnings to
range from $6.40 to $6.60 per share, excluding its shipbuilding
business, which will be sold or spun off this year. Analysts
currently expect a higher full-year profit of $6.98 per share.
Northrop Grumman shares were mostly flat in premarket trading
The Bottom Line
Shares of Northrop Grumman (
) have a 2.64% dividend yield, based on last night's closing stock
price of $71.09. The stock has technical support in the $66 price
area. If the shares can firm up, we see overhead resistance around
the $75 price level.
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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