NOC - Northrop Grumman's stock rises after profit sales beat estimates

2023-04-27 07:42:25 ET

Northrop Grumman ( NYSE: NOC ) rose in premarket trading after the aerospace and defense company reported a Q1 profit and sales that were higher than Wall Street’s average estimates. Shares advanced 1.3% to $455 a share by 7:20 a.m. ET.

The company’s profit fell 12% to $842 million in Q1 from $955 million a year earlier. EPS of $5.50 beat the consensus estimate of $5.12.

Sales increased 5.7% from a year earlier to $9.3 billion, compared with the consensus forecast of $9.19 billion. Northrop Grumman’s ( NOC ) space systems unit boosted sales by 17% to $3.35 billion, while defense systems gained 7% to $1.38 billion and mission systems advanced 3% to $2.56 billion. Aeronautics fell 7% to $2.52 billion.

Its space systems unit boosted operating income by 20% to $313 million, while defense systems rose 3% to $160 million. Aeronautics slumped 23% to $237 million, while mission systems slipped 6% to $360 million.

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