Northrop Grumman Q4 Results Beat Estimates; But Sees FY17 Results Below View

(RTTNews) - Northrop Grumman Corp. (NOC) on Thursday reported a 14 percent increase in profit for the fourth quarter from last year on double-digit growth in sales. Both revenue and earnings per share for the quarter beat analysts' estimates. Looking ahead, the company forecast fiscal 2017 results below the Street expectations.

The company's net income for the fourth quarter increased to $525 million or $2.96 per share from $459 million or $2.49 per share in the year-ago period.

Pension-adjusted earnings per share for the quarter were $2.66, compared to $2.18 in the same period last year.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.49 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 12 percent to $6.40 billion from $5.69 billion in the prior-year quarter. Analysts had a consensus revenue estimate of $5.93 billion.

Looking ahead to fiscal 2017, Northrop Grumman forecast earnings in a range of $11.30 to $11.60 per share and net sales of about $25 billion. The Street expects earnings of $12.23 per share on revenues of $25.03 billion.