Northrop Grumman Q1 Results Top Estimates; Reaffirms FY24 Outlook

(RTTNews) - While reporting financial results for the first quarter on Thursday, Northrop Grumman Corp. (NOC) reaffirmed its adjusted earnings and sales guidance for the full year 2024.

For fiscal 2023, the company continues to project transaction-adjusted earnings in a range of $24.45 to $24.85 per share on sales between $40.80 billion and $41.20 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $24.65 per share on revenues of $41.11 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net earnings of $944 million or $6.32 per share, higher than $842 million or $5.50 per share in the prior-year quarter.

Total sales for the quarter grew 9 percent to $10.13 billion from $9.30 billion in the same quarter last year, due to higher sales volume at all four sectors.

The Street was looking for earnings of $5.79 per share on revenues of $9.77 billion for the quarter.

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