Northrop Grumman posts lower quarterly earnings

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Defence contractor Northrop Grumman Corp reported a lower second quarter profit from continuing operations, weighed down by pension costs and weaker results in shipbuilding.
The company stood by a prior full-year forecast.
Earnings from continuing operations came to $394 million (R3042 million), or $1.21 a share, compared with $483 million (R3729 million), or $1.40 (about R7) a share, a year earlier.
Sales rose 4 % to $8.96 billion (about R68 billion), compared with analysts’ estimate of $8.7 billion.
The Los Angeles-based maker of warships and military electronics said it still expects per-share profit from continuing operations of $4.65 to $4.90 (about R38) a share for the year on sales of $34.5 billion (R262 billion). It had raised its full-year outlook in April.

Pic: Northrop Grumman Ship