Northrop hikes full-year outlook as strong Q2 print beats forecasts
The company posted Q2 earnings per share (EPS) of $8.15, surpassing analyst expectations of $6.82. Revenue for the quarter reached $10.4 billion, also above the $10.07 billion consensus estimate.
Northrop reported an operating margin of 13.8% and a segment operating margin of 11.8%.
It returned more than $700 million to shareholders during the quarter through dividends and share buybacks.
'The Northrop Grumman team delivered a strong second quarter, with increased sales and outstanding operating performance,' said Kathy Warden, chair, CEO and president of Northrop.
'With confidence in our team and our ability to deliver for our customers, we are increasing our full-year guidance for segment operating income, EPS and free cash flow.'
The company now expects EPS of $25.00 to $25.40, up from a prior range of $24.95 to $25.35, compared with the $25.20 consensus.
Segment operating income outlook is raised to $4.275 billion to $4.375 billion, and free cash flow is forecast between $3.05 billion and $3.35 billion.
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