Defense contractor Northrop Grumman Corporation (
) on Wednesday posted better-than-expected fourth quarter earnings,
but its 2012 forecast fell short of Wall Street's expectations.
The Falls Church, VA-based company reported fourth quarter net
income of $550 million, or $2.09 per share, compared with $306
million, or $1.03 per share, in the year-ago period. Last year's
results were hampered by several one-time items.
Revenue fell 5.8% from last year to $6.5 billion.
On average, Wall Street analysts expected a much smaller profit
of $1.67 per share, albeit on higher revenue of $6.7 billion.
Looking ahead, NOC predicted full-year 2012 earnings would range
from $6.40 to $6.70 per share, on $24.7 billion to $25.4 billion in
revenue. Analysts are currently looking for $6.80 per share on
revenue of $26.6 billion for the year.
Northrop Grumman shares were inactive in premarket trading
The Bottom Line
Shares of Northrop Grumman (
) have a 3.45% dividend yield, based on last night's closing stock
price of $58.05. The stock has technical support in the $53-$55
price area. If the shares can firm up, we see overhead resistance
around the $61-$63 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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