Northrop Grumman has revised its earnings forecast for the year as it reports an increased second quarter profit.
Second quarter income rose 4% to $460m, compared with $442m in the second quarter of last year.
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Northrop Chairman Ronald Sugar now expects year-end earnings at the upper-end of its previous forecast of $4.80 – $5.05 a share on revenue of $31.5bn.
“Sales growth, higher segment operating margin and lower corporate expenses drove this quarter’s earnings increase,” Sugar says.
“Information & Services led the sales growth with a 15% increase, and all four of our businesses contributed to higher segment operating margin,”he added.
“Year-to-date we are back on track to generate higher sales, improved margin, and higher earnings.And based on year-to-date results, we expect both cash from operations and free cash flow to be in the upper end of our 2007 guidance range.”
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By GlobalDataNorthrop is the world’s largest military ship builder and the third largest defence contractor in the US.
It builds nuclear submarines, stealth fighter jets, unmanned spy planes and satellites.
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